GUSE vs. AAAU

Last updated Jun 5, 2026

GUSE (Goldman Sachs Enhanced U.S. Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GUSE is a Large Cap Blend Equities fund actively managed by Goldman Sachs, while AAAU is a Gold fund tracking the LBMA Gold PM Price. GUSE is actively managed, while AAAU is passively managed. At a 0.34 correlation, their price movements are largely independent. GUSE charges 0.30%/yr vs 0.18%/yr for AAAU.

Performance

GUSE vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Enhanced U.S. Equity ETF (GUSE) 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, GUSE achieves a 11.96% return, which is significantly higher than AAAU's 3.83% return.

GUSE

• 1D: 0.30%
• 1M: 5.04%
• YTD: 11.96%
• 6M: 11.94%
• 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)

GUSE vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025
GUSE Goldman Sachs Enhanced U.S. Equity ETF	11.96%	2.91%
AAAU Goldman Sachs Physical Gold ETF	3.83%	6.70%

Correlation

The correlation between GUSE and AAAU is 0.34, 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 Nov 18, 2025	0.34

Return for Risk

GUSE 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.

GUSE vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Enhanced U.S. Equity ETF (GUSE) 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

	GUSE	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	2.20	1.09	+1.11

Drawdowns

GUSE vs. AAAU - Drawdown Comparison

The maximum GUSE drawdown since its inception was -8.54%, smaller than the maximum AAAU drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GUSE and AAAU.

Drawdown Indicators

	GUSE	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-21.63%	+13.09%
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	-1.33%	-6.19%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.76%	—

Volatility

Volatility by Period

	GUSE	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	13.68%	26.33%	-12.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.68%	17.83%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	16.99%	-3.31%

GUSE vs. AAAU - Expense Ratio Comparison

GUSE has a 0.30% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GUSE vs. AAAU - Dividend Comparison

GUSE's dividend yield for the trailing twelve months is around 0.65%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%
GUSE Goldman Sachs Enhanced U.S. Equity ETF	0.65%	0.73%

Frequently Asked Questions

Can I hold both GUSE and AAAU in my portfolio?

GUSE and AAAU have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GUSE 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, GUSE or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.30% for GUSE.

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

GUSE has the higher dividend yield at 0.65%, compared with 0.00% for AAAU.

What is the main difference between GUSE and AAAU?

GUSE is categorized as Large Cap Blend Equities, while AAAU is Gold. Their fees differ too: 0.30% for GUSE and 0.18% for AAAU.