KGC vs. AAAU

Last updated Jun 4, 2026

KGC (Kinross Gold Corporation) is a stock, while AAAU (Goldman Sachs Physical Gold ETF) is Precious Metals fund tracking the LBMA Gold PM Price. Over the past 5 years, KGC returned 31.03%/yr vs 18.39%/yr for AAAU. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

KGC vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinross Gold Corporation (KGC) 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, KGC achieves a 0.30% return, which is significantly lower than AAAU's 2.94% return.

KGC

• 1D: -2.83%
• 1M: -2.36%
• YTD: 0.30%
• 6M: 4.11%
• 1Y: 82.52%
• 3Y*: 82.00%
• 5Y*: 31.03%
• 10Y*: 20.27%

AAAU

• 1D: -1.02%
• 1M: -1.68%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.29%
• 3Y*: 31.37%
• 5Y*: 18.39%
• 10Y*: —

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

KGC vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KGC Kinross Gold Corporation	0.30%	206.11%	55.63%	51.83%	-27.59%	-19.00%	56.04%	46.30%	13.29%
AAAU Goldman Sachs Physical Gold ETF	2.94%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Correlation

The correlation between KGC and AAAU is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.68

The correlation between KGC and AAAU has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

Return for Risk

KGC vs. AAAU — Risk / Return Rank

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

KGC

KGC Risk / Return Rank: 79
KGC Sharpe Ratio Rank: 83
KGC Sortino Ratio Rank: 75
KGC Omega Ratio Rank: 77
KGC Calmar Ratio Rank: 80
KGC Martin Ratio Rank: 81

AAAU

AAAU Risk / Return Rank: 32
AAAU Sharpe Ratio Rank: 33
AAAU Sortino Ratio Rank: 29
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 34
AAAU Martin Ratio Rank: 29

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.

KGC vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinross Gold Corporation (KGC) 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.

	KGC	AAAU	Difference
Sharpe ratio Return per unit of total volatility	1.66	1.23	+0.43
Sortino ratio Return per unit of downside risk	2.04	1.63	+0.42
Omega ratio Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio Return relative to maximum drawdown	2.75	1.70	+1.05
Martin ratio Return relative to average drawdown	7.23	4.21	+3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGC vs. AAAU - Sharpe Ratio Comparison

The current KGC Sharpe Ratio is 1.66, which is higher than the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of KGC and AAAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KGC	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.23	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	1.04	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.09	-1.01

Drawdowns

KGC vs. AAAU - Drawdown Comparison

The maximum KGC drawdown since its inception was -96.00%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for KGC and AAAU.

Drawdown Indicators

	KGC	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-96.00%	-21.63%	-74.37%
Max Drawdown (1Y) Largest decline over 1 year	-30.20%	-19.13%	-11.07%
Max Drawdown (3Y) Largest decline over 3 years	-30.20%	-19.13%	-11.07%
Max Drawdown (5Y) Largest decline over 5 years	-60.46%	-20.94%	-39.52%
Max Drawdown (10Y) Largest decline over 10 years	-67.75%	—	—
Current Drawdown Current decline from peak	-25.81%	-17.68%	-8.13%
Average Drawdown Average peak-to-trough decline	-57.63%	-6.18%	-51.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.45%	7.69%	+3.76%

Volatility

KGC vs. AAAU - Volatility Comparison

Kinross Gold Corporation (KGC) has a higher volatility of 15.68% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.50%. This indicates that KGC'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.

Volatility by Period

	KGC	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.68%	5.50%	+10.18%
Volatility (6M) Calculated over the trailing 6-month period	38.88%	22.94%	+15.94%
Volatility (1Y) Calculated over the trailing 1-year period	49.99%	26.33%	+23.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.92%	17.83%	+26.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.90%	16.99%	+29.91%

Dividends

KGC vs. AAAU - Dividend Comparison

KGC's dividend yield for the trailing twelve months is around 0.51%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KGC Kinross Gold Corporation	0.51%	0.44%	1.29%	1.98%	2.93%	2.69%	0.82%

Frequently Asked Questions

Can I hold both KGC and AAAU in my portfolio?

KGC and AAAU have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGC or AAAU?

KGC has higher volatility (15.68%) compared to AAAU (5.50%). In terms of maximum drawdown, KGC dropped -96.00% vs AAAU's -21.63%.

Which has better risk-adjusted returns?

KGC currently has the higher Sharpe Ratio (1.66 vs 1.23), 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.