GSJY vs. AAAU
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 Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GSJY returned 9.38%/yr vs 17.26%/yr for AAAU. Their 0.20 correlation means their historical movements had little consistent relationship. GSJY charges 0.25%/yr vs 0.18%/yr for AAAU.
Performance
GSJY vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, GSJY achieves a 14.32% return, which is significantly higher than AAAU's -6.11% return.
GSJY
- 1D
- 0.04%
- 1M
- 0.76%
- 6M
- 7.61%
- YTD
- 14.32%
- 1Y
- 29.56%
- 3Y*
- 17.96%
- 5Y*
- 9.38%
- 10Y*
- 9.05%
- ALL TIME*
- 9.18%
AAAU
- 1D
- 0.05%
- 1M
- -1.67%
- 6M
- -13.02%
- YTD
- -6.11%
- 1Y
- 20.51%
- 3Y*
- 27.59%
- 5Y*
- 17.26%
- 10Y*
- —
- ALL TIME*
- 16.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.09M | $43.05M | $64.28M | |
| $176.08K | $192.71K | $274.31K |
GSJY vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GSJY Goldman Sachs ActiveBeta Japan Equity ETF | 14.32% | 26.22% | 8.89% | 19.18% | -16.15% | 0.41% | 13.81% | 18.29% | -9.04% |
AAAU Goldman Sachs Physical Gold ETF | -6.11% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between GSJY and AAAU is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.20 |
Over the past year, GSJY and AAAU have become more correlated (0.41) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
GSJY vs. AAAU — Risk / Return Rank
GSJY
AAAU
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GSJY | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.16 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 0.78 | +1.33 |
| Martin ratioReturn relative to average drawdown | 6.76 | 1.68 | +5.08 |
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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 -26.29%. Use the drawdown chart below to compare losses from any high point for GSJY and AAAU.
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Drawdown Indicators
| GSJY | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.53% | -26.29% | -6.24% |
Max Drawdown (1Y)Largest decline over 1 year | -14.08% | -26.29% | +12.21% |
Max Drawdown (3Y)Largest decline over 3 years | -14.96% | -26.29% | +11.33% |
Max Drawdown (5Y)Largest decline over 5 years | -32.53% | -26.29% | -6.24% |
Max Drawdown (10Y)Largest decline over 10 years | -32.53% | — | — |
Current DrawdownCurrent decline from peak | -2.46% | -24.92% | +22.46% |
Average DrawdownAverage peak-to-trough decline | -7.52% | -6.54% | -0.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.39% | 12.23% | -7.84% |
Volatility
GSJY vs. AAAU - Volatility Comparison
Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) has a higher volatility of 6.92% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.94%. This indicates that GSJY's price experiences larger fluctuations and is considered to be riskier than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSJY | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.92% | 5.94% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 17.21% | 20.80% | -3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.50% | 27.83% | -7.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.41% | 18.33% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 17.23% | -0.07% |
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 2.03%, 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 | 2.03% | 1.99% | 1.64% | 2.11% | 2.13% | 1.73% | 1.22% | 2.79% | 3.28% | 1.70% | 2.09% |
Frequently Asked Questions
GSJY and AAAU have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSJY has higher volatility (6.92%) compared to AAAU (5.94%). In terms of maximum drawdown, GSJY dropped -32.53% vs AAAU's -26.29%.
On 5-year performance, AAAU leads with 17.26% vs 9.38% for GSJY. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 17.26% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for GSJY.
GSJY has the higher dividend yield at 2.03%, compared with 0.00% for AAAU.
GSJY is categorized as Japan Equities, while AAAU is Gold. 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.
GSJY currently has the higher Sharpe Ratio (1.45 vs 0.74), 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.
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