GSJY vs. AAAU

Last updated Jun 4, 2026

GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GSJY is a Japan Equities fund tracking the Goldman Sachs ActiveBeta Japan Equity Index, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GSJY returned 8.80%/yr vs 18.39%/yr for AAAU. At a 0.18 correlation, their price movements are largely independent. GSJY charges 0.25%/yr vs 0.18%/yr for AAAU.

Performance

GSJY vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) 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, GSJY achieves a 13.29% return, which is significantly higher than AAAU's 2.94% return.

GSJY

• 1D: 0.75%
• 1M: 4.99%
• YTD: 13.29%
• 6M: 15.13%
• 1Y: 29.76%
• 3Y*: 18.00%
• 5Y*: 8.80%
• 10Y*: 9.28%

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)

GSJY vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	13.29%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-7.99%
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 GSJY and AAAU is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.18

The correlation between GSJY and AAAU shifts across timeframes, from 0.18 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

GSJY vs. AAAU - Sectors Allocation Comparison

Sectors	GSJY	AAAU
Industrials	26.3%	-
Financial Services	18.1%	-
Technology	17.5%	-
Consumer Cyclical	13.4%	-
Communication Services	6.0%	-
Healthcare	5.8%	-
Energy	3.4%	-
Basic Materials	3.4%	-
Consumer Defensive	3.3%	-
Real Estate	1.5%	100.0%
Utilities	1.4%	-

Return for Risk

GSJY vs. AAAU — Risk / Return Rank

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

GSJY

GSJY Risk / Return Rank: 44
GSJY Sharpe Ratio Rank: 43
GSJY Sortino Ratio Rank: 44
GSJY Omega Ratio Rank: 45
GSJY Calmar Ratio Rank: 43
GSJY Martin Ratio Rank: 44

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.

GSJY vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) 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.

	GSJY	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.23	+0.31
Sortino ratio: Return per unit of downside risk	2.24	1.63	+0.61
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	2.12	1.70	+0.43
Martin ratio: Return relative to average drawdown	7.09	4.21	+2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSJY vs. AAAU - Sharpe Ratio Comparison

The current GSJY Sharpe Ratio is 1.54, which is comparable to the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GSJY 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

	GSJY	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.23	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	1.04	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.09	-0.54

Drawdowns

GSJY vs. AAAU - Drawdown Comparison

The maximum GSJY drawdown since its inception was -32.53%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GSJY and AAAU.

Drawdown Indicators

	GSJY	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-32.53%	-21.63%	-10.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-19.13%	+5.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.96%	-19.13%	+4.17%
Max Drawdown (5Y) Largest decline over 5 years	-32.53%	-20.94%	-11.59%
Max Drawdown (10Y) Largest decline over 10 years	-32.53%	—	—
Current Drawdown Current decline from peak	-2.62%	-17.68%	+15.06%
Average Drawdown Average peak-to-trough decline	-7.58%	-6.18%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	7.69%	-3.48%

Volatility

GSJY vs. AAAU - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) is 4.21%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 5.50%. This indicates that GSJY 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

	GSJY	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	5.50%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	15.17%	22.94%	-7.77%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	26.33%	-6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	17.83%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.99%	+0.05%

GSJY vs. AAAU - Expense Ratio Comparison

GSJY 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

GSJY vs. AAAU - Dividend Comparison

GSJY's dividend yield for the trailing twelve months is around 1.75%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.75%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%

Frequently Asked Questions

Can I hold both GSJY and AAAU in my portfolio?

GSJY and AAAU have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSJY or AAAU?

AAAU has higher volatility (5.50%) compared to GSJY (4.21%). In terms of maximum drawdown, GSJY dropped -32.53% vs AAAU's -21.63%.

Which ETF is better, GSJY or AAAU?

On 5-year performance, AAAU leads with 18.39% vs 8.80% for GSJY. On fees, AAAU is cheaper at 0.18% per year. On volatility, GSJY has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSJY or AAAU?

Over the 5-year period, AAAU has performed better with a 18.39% return vs 8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSJY or AAAU?

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

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

GSJY has the higher dividend yield at 1.75%, compared with 0.00% for AAAU.

What is the main difference between GSJY and AAAU?

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

Which has better risk-adjusted returns?

GSJY currently has the higher Sharpe Ratio (1.54 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.