GSIE vs. AAAU

Last updated Jun 4, 2026

GSIE (Goldman Sachs ActiveBeta International Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GSIE is a Foreign Large Cap Equities fund tracking the Goldman Sachs ActiveBeta International Equity Index, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GSIE returned 8.04%/yr vs 18.39%/yr for AAAU. At a 0.23 correlation, their price movements are largely independent. GSIE charges 0.25%/yr vs 0.18%/yr for AAAU.

Performance

GSIE vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta International Equity ETF (GSIE) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSIE achieves a 6.51% return, which is significantly higher than AAAU's 2.94% return.

GSIE

• 1D: -0.83%
• 1M: 2.22%
• YTD: 6.51%
• 6M: 9.50%
• 1Y: 19.35%
• 3Y*: 16.74%
• 5Y*: 8.04%
• 10Y*: 9.08%

AAAU

• 1D: -1.02%
• 1M: -1.68%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.29%
• 3Y*: 31.37%
• 5Y*: 18.39%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GSIE vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSIE Goldman Sachs ActiveBeta International Equity ETF	6.51%	32.53%	5.23%	16.99%	-15.86%	13.27%	7.45%	22.83%	-10.54%
AAAU Goldman Sachs Physical Gold ETF	2.94%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Correlation

The correlation between GSIE and AAAU is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.23

The correlation between GSIE and AAAU shifts across timeframes, from 0.23 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

GSIE vs. AAAU - Sectors Allocation Comparison

Sectors	GSIE	AAAU
Financial Services	27.1%	-
Industrials	18.0%	-
Technology	9.5%	-
Healthcare	9.1%	-
Consumer Cyclical	9.1%	-
Consumer Defensive	7.2%	-
Basic Materials	5.8%	-
Energy	4.4%	-
Communication Services	3.8%	-
Utilities	3.2%	-
Real Estate	1.2%	100.0%

Return for Risk

GSIE vs. AAAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GSIE

GSIE Risk / Return Rank: 38
GSIE Sharpe Ratio Rank: 38
GSIE Sortino Ratio Rank: 38
GSIE Omega Ratio Rank: 37
GSIE Calmar Ratio Rank: 36
GSIE Martin Ratio Rank: 42

AAAU

AAAU Risk / Return Rank: 32
AAAU Sharpe Ratio Rank: 33
AAAU Sortino Ratio Rank: 29
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 34
AAAU Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GSIE vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) and Goldman Sachs Physical Gold ETF (AAAU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GSIE	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.23	+0.14
Sortino ratio: Return per unit of downside risk	1.99	1.63	+0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.81	1.70	+0.11
Martin ratio: Return relative to average drawdown	6.87	4.21	+2.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSIE vs. AAAU - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.38, which is comparable to the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GSIE and AAAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GSIE	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.23	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.04	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.09	-0.57

Drawdowns

GSIE vs. AAAU - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GSIE and AAAU.

Drawdown Indicators

	GSIE	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-34.63%	-21.63%	-13.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-19.13%	+8.37%
Max Drawdown (3Y) Largest decline over 3 years	-13.07%	-19.13%	+6.06%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-20.94%	-9.03%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	—	—
Current Drawdown Current decline from peak	-2.19%	-17.68%	+15.49%
Average Drawdown Average peak-to-trough decline	-6.06%	-6.18%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	7.69%	-4.87%

Volatility

GSIE vs. AAAU - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta International Equity ETF (GSIE) is 4.38%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 5.50%. This indicates that GSIE experiences smaller price fluctuations and is considered to be less risky than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIE	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	5.50%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	22.94%	-11.34%
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	26.33%	-12.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	17.83%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	16.99%	-0.24%

GSIE vs. AAAU - Expense Ratio Comparison

GSIE has a 0.25% expense ratio, which is higher than AAAU's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSIE vs. AAAU - Dividend Comparison

GSIE's dividend yield for the trailing twelve months is around 2.52%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GSIE Goldman Sachs ActiveBeta International Equity ETF	2.52%	2.65%	3.11%	2.87%	3.01%	2.40%	1.60%	2.80%	2.68%	2.31%	2.15%	0.13%

Frequently Asked Questions

Can I hold both GSIE and AAAU in my portfolio?

GSIE and AAAU have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSIE or AAAU?

AAAU has higher volatility (5.50%) compared to GSIE (4.38%). In terms of maximum drawdown, GSIE dropped -34.63% vs AAAU's -21.63%.

Which ETF is better, GSIE or AAAU?

On 5-year performance, AAAU leads with 18.39% vs 8.04% for GSIE. On fees, AAAU is cheaper at 0.18% per year. On volatility, GSIE has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIE or AAAU?

Over the 5-year period, AAAU has performed better with a 18.39% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIE or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for GSIE.

Which ETF pays a higher dividend yield, GSIE or AAAU?

GSIE has the higher dividend yield at 2.52%, compared with 0.00% for AAAU.

What is the main difference between GSIE and AAAU?

GSIE is categorized as Foreign Large Cap Equities, while AAAU is Precious Metals. GSIE tracks Goldman Sachs ActiveBeta International Equity Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.25% for GSIE and 0.18% for AAAU.

Which has better risk-adjusted returns?

GSIE currently has the higher Sharpe Ratio (1.38 vs 1.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.