GSSC vs. AAAU

Last updated Jun 4, 2026

GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GSSC is a Small Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Small Cap Equity Index, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GSSC returned 7.20%/yr vs 18.39%/yr for AAAU. At a 0.08 correlation, their price movements are largely independent. GSSC charges 0.20%/yr vs 0.18%/yr for AAAU.

Performance

GSSC vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) 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, GSSC achieves a 13.55% return, which is significantly higher than AAAU's 2.94% return.

GSSC

• 1D: -1.21%
• 1M: 3.24%
• YTD: 13.55%
• 6M: 13.10%
• 1Y: 30.39%
• 3Y*: 16.72%
• 5Y*: 7.20%
• 10Y*: —

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)

GSSC vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	13.55%	10.76%	11.14%	17.27%	-16.81%	24.13%	16.02%	23.14%	-17.89%
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 GSSC and AAAU is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.08

The correlation between GSSC and AAAU shifts across timeframes, from 0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

GSSC vs. AAAU - Sectors Allocation Comparison

Sectors	GSSC	AAAU
Industrials	17.7%	-
Financial Services	16.9%	-
Healthcare	16.8%	-
Technology	16.1%	-
Consumer Cyclical	10.6%	-
Energy	4.8%	-
Real Estate	4.3%	100.0%
Consumer Defensive	4.0%	-
Basic Materials	3.9%	-
Communication Services	2.7%	-
Utilities	2.2%	-

Return for Risk

GSSC vs. AAAU — Risk / Return Rank

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

GSSC

GSSC Risk / Return Rank: 51
GSSC Sharpe Ratio Rank: 47
GSSC Sortino Ratio Rank: 48
GSSC Omega Ratio Rank: 44
GSSC Calmar Ratio Rank: 59
GSSC Martin Ratio Rank: 56

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.

GSSC vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) 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.

	GSSC	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.23	+0.41
Sortino ratio: Return per unit of downside risk	2.37	1.63	+0.74
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.89	1.70	+1.19
Martin ratio: Return relative to average drawdown	9.64	4.21	+5.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSSC vs. AAAU - Sharpe Ratio Comparison

The current GSSC Sharpe Ratio is 1.65, which is higher than the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GSSC 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

	GSSC	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.23	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	1.04	-0.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.09	-0.64

Drawdowns

GSSC vs. AAAU - Drawdown Comparison

The maximum GSSC drawdown since its inception was -41.38%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GSSC and AAAU.

Drawdown Indicators

	GSSC	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-41.38%	-21.63%	-19.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-19.13%	+8.57%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-19.13%	-6.92%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	-20.94%	-6.87%
Current Drawdown Current decline from peak	-1.21%	-17.68%	+16.47%
Average Drawdown Average peak-to-trough decline	-9.02%	-6.18%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	7.69%	-4.53%

Volatility

GSSC vs. AAAU - Volatility Comparison

Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 5.31% and 5.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSSC	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	5.50%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	22.94%	-10.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.58%	26.33%	-7.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	17.83%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.02%	16.99%	+6.03%

GSSC vs. AAAU - Expense Ratio Comparison

GSSC has a 0.20% 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

GSSC vs. AAAU - Dividend Comparison

GSSC's dividend yield for the trailing twelve months is around 1.07%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	1.07%	1.17%	1.42%	1.33%	1.31%	1.00%	0.94%	1.24%	1.21%	0.73%

Frequently Asked Questions

Can I hold both GSSC and AAAU in my portfolio?

GSSC and AAAU have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSSC or AAAU?

AAAU has higher volatility (5.50%) compared to GSSC (5.31%). In terms of maximum drawdown, GSSC dropped -41.38% vs AAAU's -21.63%.

Which ETF is better, GSSC or AAAU?

On 5-year performance, AAAU leads with 18.39% vs 7.20% for GSSC. On fees, AAAU is cheaper at 0.18% per year. On volatility, GSSC has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSSC or AAAU?

Over the 5-year period, AAAU has performed better with a 18.39% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSSC or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.20% for GSSC.

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

GSSC has the higher dividend yield at 1.07%, compared with 0.00% for AAAU.

What is the main difference between GSSC and AAAU?

GSSC is categorized as Small Cap Growth Equities, while AAAU is Precious Metals. GSSC tracks Goldman Sachs ActiveBeta U.S. Small Cap Equity Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.20% for GSSC and 0.18% for AAAU.

Which has better risk-adjusted returns?

GSSC currently has the higher Sharpe Ratio (1.65 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.