PHYS vs. AAAU
PHYS (Sprott Physical Gold Trust) is a stock, while AAAU (Goldman Sachs Physical Gold ETF) is Gold fund tracking the LBMA Gold PM Price. Over the past 5 years, PHYS returned 17.59%/yr vs 18.60%/yr for AAAU. With a 0.95 correlation, they move nearly in lockstep.
Performance
PHYS vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, PHYS achieves a 2.39% return, which is significantly lower than AAAU's 3.83% return.
PHYS
- 1D
- 0.74%
- 1M
- -1.86%
- YTD
- 2.39%
- 6M
- 5.07%
- 1Y
- 31.45%
- 3Y*
- 30.03%
- 5Y*
- 17.59%
- 10Y*
- 12.48%
AAAU
- 1D
- 0.87%
- 1M
- -1.63%
- YTD
- 3.83%
- 6M
- 6.34%
- 1Y
- 32.55%
- 3Y*
- 31.47%
- 5Y*
- 18.60%
- 10Y*
- —
PHYS vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PHYS Sprott Physical Gold Trust | 2.39% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | 9.22% |
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 PHYS and AAAU is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.95 |
The correlation between PHYS and AAAU has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
PHYS vs. AAAU — Risk / Return Rank
PHYS
AAAU
PHYS vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold Trust (PHYS) 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.
| PHYS | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.71 | -0.08 |
| Martin ratioReturn relative to average drawdown | 3.99 | 4.21 | -0.21 |
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
| PHYS | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.24 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 1.05 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.09 | -0.64 |
Drawdowns
PHYS vs. AAAU - Drawdown Comparison
The maximum PHYS drawdown since its inception was -48.16%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for PHYS and AAAU.
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Drawdown Indicators
| PHYS | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.16% | -21.63% | -26.53% |
Max Drawdown (1Y)Largest decline over 1 year | -19.35% | -19.13% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -19.35% | -19.13% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -21.80% | -20.94% | -0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -23.75% | — | — |
Current DrawdownCurrent decline from peak | -17.40% | -16.97% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -21.00% | -6.19% | -14.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.90% | 7.76% | +0.14% |
Volatility
PHYS vs. AAAU - Volatility Comparison
Sprott Physical Gold Trust (PHYS) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 5.64% and 5.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHYS | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 5.51% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 23.86% | 22.94% | +0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.43% | 26.33% | +1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.31% | 17.83% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.30% | 16.99% | -0.69% |
Dividends
PHYS vs. AAAU - Dividend Comparison
Neither PHYS nor AAAU has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, PHYS and AAAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PHYS has higher volatility (5.64%) compared to AAAU (5.51%). In terms of maximum drawdown, PHYS dropped -48.16% vs AAAU's -21.63%.
AAAU currently has the higher Sharpe Ratio (1.24 vs 1.15), 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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