JUST vs. AAAU
JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - JUST is a Large Cap Growth Equities fund tracking the JUST US Large Cap Diversified Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, JUST returned 13.36%/yr vs 18.60%/yr for AAAU. At a 0.08 correlation, their price movements are largely independent. JUST charges 0.20%/yr vs 0.18%/yr for AAAU.
Performance
JUST vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, JUST achieves a 12.23% return, which is significantly higher than AAAU's 3.83% return.
JUST
- 1D
- 0.53%
- 1M
- 4.51%
- YTD
- 12.23%
- 6M
- 12.64%
- 1Y
- 29.54%
- 3Y*
- 22.47%
- 5Y*
- 13.36%
- 10Y*
- —
AAAU
- 1D
- 0.87%
- 1M
- -1.63%
- YTD
- 3.83%
- 6M
- 6.34%
- 1Y
- 32.55%
- 3Y*
- 31.47%
- 5Y*
- 18.60%
- 10Y*
- —
JUST vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF | 12.23% | 17.60% | 23.73% | 24.86% | -17.88% | 26.89% | 19.59% | 31.54% | -11.04% |
AAAU Goldman Sachs Physical Gold ETF | 3.83% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
Correlation
The correlation between JUST 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 | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.08 |
The correlation between JUST and AAAU shifts across timeframes, from 0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JUST vs. AAAU — Risk / Return Rank
JUST
AAAU
JUST vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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.
| JUST | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.25 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 1.71 | +1.68 |
| Martin ratioReturn relative to average drawdown | 15.75 | 4.21 | +11.54 |
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
| JUST | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 1.24 | +1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | 1.05 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 1.09 | -0.31 |
Drawdowns
JUST vs. AAAU - Drawdown Comparison
The maximum JUST drawdown since its inception was -33.83%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for JUST and AAAU.
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Drawdown Indicators
| JUST | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.83% | -21.63% | -12.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.76% | -19.13% | +10.37% |
Max Drawdown (3Y)Largest decline over 3 years | -19.34% | -19.13% | -0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -24.72% | -20.94% | -3.78% |
Current DrawdownCurrent decline from peak | -0.22% | -16.97% | +16.75% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -6.19% | +1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 7.76% | -5.88% |
Volatility
JUST vs. AAAU - Volatility Comparison
The current volatility for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) is 2.87%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 5.51%. This indicates that JUST 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
| JUST | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 5.51% | -2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 9.09% | 22.94% | -13.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.88% | 26.33% | -14.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.78% | 17.83% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.11% | 16.99% | +2.12% |
JUST vs. AAAU - Expense Ratio Comparison
JUST 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
JUST vs. AAAU - Dividend Comparison
JUST's dividend yield for the trailing twelve months is around 0.93%, while AAAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF | 0.93% | 1.02% | 1.11% | 1.37% | 1.51% | 1.07% | 1.36% | 1.86% | 1.11% |
Frequently Asked Questions
JUST 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.
AAAU has higher volatility (5.51%) compared to JUST (2.87%). In terms of maximum drawdown, JUST dropped -33.83% vs AAAU's -21.63%.
On 5-year performance, AAAU leads with 18.60% vs 13.36% for JUST. On fees, AAAU is cheaper at 0.18% per year. On volatility, JUST has been the lower-risk option at 2.87%. 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 13.36%. 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 0.20% for JUST.
JUST has the higher dividend yield at 0.93%, compared with 0.00% for AAAU.
JUST is categorized as Large Cap Growth Equities, while AAAU is Gold. JUST tracks JUST US Large Cap Diversified Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.20% for JUST and 0.18% for AAAU.
JUST currently has the higher Sharpe Ratio (2.50 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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