PPFB.DE vs. AAAU
PPFB.DE (iShares Physical Gold ETC) and AAAU (Goldman Sachs Physical Gold ETF) are both Gold funds - PPFB.DE tracks the Gold while AAAU tracks the LBMA Gold PM Price. Both are passively managed. Over the past 3 years, PPFB.DE returned 25.83%/yr vs 25.94%/yr for AAAU. Their correlation of 0.80 suggests significant overlap in exposure. PPFB.DE charges 0.12%/yr vs 0.18%/yr for AAAU.
Performance
PPFB.DE vs. AAAU - Performance Comparison
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Different Trading Currencies
PPFB.DE is traded in EUR, while AAAU is traded in USD. To make them comparable, the AAAU values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, PPFB.DE achieves a -5.76% return, which is significantly lower than AAAU's -3.62% return.
PPFB.DE
- 1D
- 0.00%
- 1M
- -8.95%
- YTD
- -5.76%
- 6M
- -6.89%
- 1Y
- 23.29%
- 3Y*
- 25.83%
- 5Y*
- —
- 10Y*
- —
AAAU
- 1D
- 0.90%
- 1M
- -8.70%
- YTD
- -3.62%
- 6M
- -6.97%
- 1Y
- 23.57%
- 3Y*
- 25.94%
- 5Y*
- 18.66%
- 10Y*
- —
PPFB.DE vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PPFB.DE iShares Physical Gold ETC | -5.76% | 49.11% | 34.17% | 9.42% | 7.03% | 2.86% |
AAAU Goldman Sachs Physical Gold ETF | -3.62% | 44.59% | 35.29% | 9.58% | 5.67% | 3.78% |
Correlation
The correlation between PPFB.DE and AAAU is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2021 | 0.80 |
The correlation between PPFB.DE and AAAU has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.
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Return for Risk
PPFB.DE vs. AAAU — Risk / Return Rank
PPFB.DE
AAAU
PPFB.DE vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (PPFB.DE) 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.
| PPFB.DE | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.02 | +0.04 |
| Martin ratioReturn relative to average drawdown | 2.94 | 2.80 | +0.14 |
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Drawdowns
PPFB.DE vs. AAAU - Drawdown Comparison
The maximum PPFB.DE drawdown since its inception was -22.04%, roughly equal to the maximum AAAU drawdown of -23.12%. Use the drawdown chart below to compare losses from any high point for PPFB.DE and AAAU.
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Drawdown Indicators
| PPFB.DE | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.04% | -23.12% | +1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -22.04% | -23.12% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -22.04% | -23.12% | +1.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.12% | — |
Current DrawdownCurrent decline from peak | -22.04% | -22.43% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -4.59% | -5.38% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.95% | 8.43% | -0.48% |
Volatility
PPFB.DE vs. AAAU - Volatility Comparison
iShares Physical Gold ETC (PPFB.DE) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 8.03% and 7.76%, 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
| PPFB.DE | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 7.76% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 21.40% | 22.70% | -1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.22% | 25.79% | -1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.40% | 16.85% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.40% | 15.98% | +0.42% |
PPFB.DE vs. AAAU - Expense Ratio Comparison
PPFB.DE has a 0.12% expense ratio, which is lower than AAAU's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PPFB.DE vs. AAAU - Dividend Comparison
Neither PPFB.DE nor AAAU has paid dividends to shareholders.
Frequently Asked Questions
PPFB.DE and AAAU have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PPFB.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PPFB.DE is cheaper with a 0.12% expense ratio, compared with 0.18% for AAAU.
PPFB.DE tracks Gold, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.12% for PPFB.DE and 0.18% for AAAU.
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