GSST vs. AAAU
GSST (Goldman Sachs Ultra Short Bond ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GSST is a Ultrashort Bond fund actively managed by Goldman Sachs, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. GSST is actively managed, while AAAU is passively managed. Over the past 5 years, GSST returned 3.75%/yr vs 18.60%/yr for AAAU. At a 0.14 correlation, their price movements are largely independent. GSST charges 0.16%/yr vs 0.18%/yr for AAAU.
Performance
GSST vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, GSST achieves a 1.56% return, which is significantly lower than AAAU's 3.83% return.
GSST
- 1D
- 0.01%
- 1M
- 0.31%
- YTD
- 1.56%
- 6M
- 1.89%
- 1Y
- 4.58%
- 3Y*
- 5.52%
- 5Y*
- 3.75%
- 10Y*
- —
AAAU
- 1D
- 0.87%
- 1M
- -1.63%
- YTD
- 3.83%
- 6M
- 6.34%
- 1Y
- 32.55%
- 3Y*
- 31.47%
- 5Y*
- 18.60%
- 10Y*
- —
GSST vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GSST Goldman Sachs Ultra Short Bond ETF | 1.56% | 5.20% | 6.01% | 6.08% | 0.13% | 0.05% | 1.74% | 2.65% |
AAAU Goldman Sachs Physical Gold ETF | 3.83% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 19.10% |
Correlation
The correlation between GSST and AAAU is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2019 | 0.14 |
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Return for Risk
GSST vs. AAAU — Risk / Return Rank
GSST
AAAU
GSST vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Ultra Short Bond ETF (GSST) 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.
| GSST | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.68 | ||
| Sortino ratioReturn per unit of downside risk | +14.83 | ||
| Omega ratioGain probability vs. loss probability | 3.93 | 1.25 | +2.68 |
| Calmar ratioReturn relative to maximum drawdown | 29.79 | 1.71 | +28.08 |
| Martin ratioReturn relative to average drawdown | 184.28 | 4.21 | +180.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSST | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.93 | 1.24 | +6.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 5.99 | 1.05 | +4.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.79 | 1.09 | +2.69 |
Drawdowns
GSST vs. AAAU - Drawdown Comparison
The maximum GSST drawdown since its inception was -3.51%, smaller than the maximum AAAU drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GSST and AAAU.
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Drawdown Indicators
| GSST | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.51% | -21.63% | +18.12% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -19.13% | +18.98% |
Max Drawdown (3Y)Largest decline over 3 years | -0.25% | -19.13% | +18.88% |
Max Drawdown (5Y)Largest decline over 5 years | -1.19% | -20.94% | +19.75% |
Current DrawdownCurrent decline from peak | 0.00% | -16.97% | +16.97% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -6.19% | +6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 7.76% | -7.74% |
Volatility
GSST vs. AAAU - Volatility Comparison
The current volatility for Goldman Sachs Ultra Short Bond ETF (GSST) is 0.13%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 5.51%. This indicates that GSST 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.
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Volatility by Period
| GSST | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 5.51% | -5.38% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 22.94% | -22.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.58% | 26.33% | -25.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.63% | 17.83% | -17.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.86% | 16.99% | -16.13% |
GSST vs. AAAU - Expense Ratio Comparison
GSST has a 0.16% expense ratio, which is lower than AAAU's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GSST vs. AAAU - Dividend Comparison
GSST's dividend yield for the trailing twelve months is around 4.32%, while AAAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GSST Goldman Sachs Ultra Short Bond ETF | 4.32% | 4.56% | 5.45% | 4.98% | 1.97% | 0.71% | 1.12% | 1.66% |
Frequently Asked Questions
GSST and AAAU have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (5.51%) compared to GSST (0.13%). In terms of maximum drawdown, GSST dropped -3.51% vs AAAU's -21.63%.
On 5-year performance, AAAU leads with 18.60% vs 3.75% for GSST. On fees, GSST is cheaper at 0.16% per year. On volatility, GSST has been the lower-risk option at 0.13%. 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 18.60% return vs 3.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSST is cheaper with a 0.16% expense ratio, compared with 0.18% for AAAU.
GSST has the higher dividend yield at 4.32%, compared with 0.00% for AAAU.
GSST is categorized as Ultrashort Bond, while AAAU is Precious Metals. Their fees differ too: 0.16% for GSST and 0.18% for AAAU.
GSST currently has the higher Sharpe Ratio (7.93 vs 1.24), 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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