GTPE vs. AAAU

Last updated Jun 5, 2026

GTPE (Goldman Sachs MSCI World Private Equity Return Tracker ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GTPE is a Global Equities fund tracking the MSCI World Private Equity Return Tracker Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. At a 0.41 correlation, their price movements are largely independent. GTPE charges 0.50%/yr vs 0.18%/yr for AAAU.

Performance

GTPE vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MSCI World Private Equity Return Tracker ETF (GTPE) 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, GTPE achieves a 19.04% return, which is significantly higher than AAAU's 3.83% return.

GTPE

• 1D: -0.33%
• 1M: 7.59%
• YTD: 19.04%
• 6M: 20.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: 0.87%
• 1M: -1.63%
• YTD: 3.83%
• 6M: 6.34%
• 1Y: 32.55%
• 3Y*: 31.47%
• 5Y*: 18.60%
• 10Y*: —

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

GTPE vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025
GTPE Goldman Sachs MSCI World Private Equity Return Tracker ETF	19.04%	2.66%
AAAU Goldman Sachs Physical Gold ETF	3.83%	4.70%

Correlation

The correlation between GTPE and AAAU is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.41

Return for Risk

GTPE vs. AAAU — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 34
AAAU Sharpe Ratio Rank: 36
AAAU Sortino Ratio Rank: 31
AAAU Omega Ratio Rank: 39
AAAU Calmar Ratio Rank: 35
AAAU Martin Ratio Rank: 30

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.

GTPE vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MSCI World Private Equity Return Tracker ETF (GTPE) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GTPE	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.24	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.29	1.09	+1.19

Drawdowns

GTPE vs. AAAU - Drawdown Comparison

The maximum GTPE drawdown since its inception was -8.91%, smaller than the maximum AAAU drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GTPE and AAAU.

Drawdown Indicators

	GTPE	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-8.91%	-21.63%	+12.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-19.13%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Current Drawdown Current decline from peak	-0.42%	-16.97%	+16.55%
Average Drawdown Average peak-to-trough decline	-1.65%	-6.19%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.76%	—

Volatility

Volatility by Period

	GTPE	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	26.33%	-9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.17%	17.83%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	16.99%	+0.18%

GTPE vs. AAAU - Expense Ratio Comparison

GTPE has a 0.50% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GTPE vs. AAAU - Dividend Comparison

Neither GTPE nor AAAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GTPE and AAAU in my portfolio?

GTPE 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.

Which ETF is better, GTPE or AAAU?

On fees, AAAU is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GTPE or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.50% for GTPE.

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

GTPE and AAAU have nearly identical dividend yields, around 0.00%.

What is the main difference between GTPE and AAAU?

GTPE is categorized as Global Equities, while AAAU is Gold. GTPE tracks MSCI World Private Equity Return Tracker Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.50% for GTPE and 0.18% for AAAU.