GVIP vs. AAAU
GVIP (Goldman Sachs Hedge Industry VIP ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GVIP returned 12.53%/yr vs 18.07%/yr for AAAU. At a 0.10 correlation, their price movements are largely independent. GVIP charges 0.45%/yr vs 0.18%/yr for AAAU.
Performance
GVIP vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, GVIP achieves a 16.34% return, which is significantly higher than AAAU's -4.75% return.
GVIP
- 1D
- -6.01%
- 1M
- 3.42%
- YTD
- 16.34%
- 6M
- 15.67%
- 1Y
- 35.53%
- 3Y*
- 29.99%
- 5Y*
- 12.53%
- 10Y*
- —
AAAU
- 1D
- -1.86%
- 1M
- -8.80%
- YTD
- -4.75%
- 6M
- -8.61%
- 1Y
- 21.51%
- 3Y*
- 28.67%
- 5Y*
- 18.07%
- 10Y*
- —
GVIP vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 16.34% | 25.27% | 29.82% | 39.15% | -31.95% | 11.86% | 44.12% | 30.21% | -13.31% |
AAAU Goldman Sachs Physical Gold ETF | -4.75% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between GVIP and AAAU is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.10 |
The correlation between GVIP and AAAU shifts across timeframes, from 0.10 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GVIP vs. AAAU — Risk / Return Rank
GVIP
AAAU
GVIP vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) 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.
| GVIP | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.17 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 0.89 | +1.72 |
| Martin ratioReturn relative to average drawdown | 11.04 | 2.39 | +8.66 |
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Drawdowns
GVIP vs. AAAU - Drawdown Comparison
The maximum GVIP drawdown since its inception was -37.09%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for GVIP and AAAU.
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Drawdown Indicators
| GVIP | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.09% | -24.38% | -12.71% |
Max Drawdown (1Y)Largest decline over 1 year | -13.67% | -24.38% | +10.71% |
Max Drawdown (3Y)Largest decline over 3 years | -23.29% | -24.38% | +1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -37.09% | -24.38% | -12.71% |
Current DrawdownCurrent decline from peak | -6.01% | -23.83% | +17.82% |
Average DrawdownAverage peak-to-trough decline | -7.56% | -6.28% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 9.05% | -5.82% |
Volatility
GVIP vs. AAAU - Volatility Comparison
Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 11.43% compared to Goldman Sachs Physical Gold ETF (AAAU) at 8.16%. This indicates that GVIP'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
| GVIP | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.43% | 8.16% | +3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 17.87% | 24.16% | -6.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.01% | 27.30% | -6.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.83% | 18.08% | +3.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.87% | 17.16% | +4.71% |
GVIP vs. AAAU - Expense Ratio Comparison
GVIP has a 0.45% expense ratio, which is higher than AAAU's 0.18% expense ratio.
Dividends
GVIP vs. AAAU - Dividend Comparison
GVIP's dividend yield for the trailing twelve months is around 0.29%, 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% |
GVIP Goldman Sachs Hedge Industry VIP ETF | 0.29% | 0.34% | 0.29% | 0.77% | 0.02% | 0.00% | 0.12% | 0.77% | 0.44% | 0.45% | 0.08% |
Frequently Asked Questions
GVIP and AAAU have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVIP has higher volatility (11.43%) compared to AAAU (8.16%). In terms of maximum drawdown, GVIP dropped -37.09% vs AAAU's -24.38%.
On 5-year performance, AAAU leads with 18.07% vs 12.53% for GVIP. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 8.16%. 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 18.07% return vs 12.53%. 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 0.45% for GVIP.
GVIP has the higher dividend yield at 0.29%, compared with 0.00% for AAAU.
GVIP is categorized as Large Cap Growth Equities, while AAAU is Gold. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.45% for GVIP and 0.18% for AAAU.
GVIP currently has the higher Sharpe Ratio (1.70 vs 0.79), 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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