QQQ vs. AAAU

Last updated Jun 13, 2026

QQQ (Invesco QQQ ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, QQQ returned 16.85%/yr vs 17.33%/yr for AAAU. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

QQQ vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) 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, QQQ achieves a 17.57% return, which is significantly higher than AAAU's -2.40% return.

QQQ

• 1D: 0.59%
• 1M: 0.93%
• YTD: 17.57%
• 6M: 17.85%
• 1Y: 35.82%
• 3Y*: 26.43%
• 5Y*: 16.85%
• 10Y*: 21.79%

AAAU

• 1D: 0.12%
• 1M: -10.17%
• YTD: -2.40%
• 6M: -2.14%
• 1Y: 24.10%
• 3Y*: 29.19%
• 5Y*: 17.33%
• 10Y*: —

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

QQQ vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QQQ Invesco QQQ ETF	17.57%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-14.59%
AAAU Goldman Sachs Physical Gold ETF	-2.40%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	8.28%

Correlation

The correlation between QQQ and AAAU is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018	0.08

The correlation between QQQ and AAAU shifts across timeframes, from 0.08 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

QQQ vs. AAAU - Sectors Allocation Comparison

Sectors	QQQ	AAAU
Technology	53.8%	-
Communication Services	15.8%	-
Consumer Cyclical	12.3%	-
Consumer Defensive	7.7%	-
Healthcare	4.2%	-
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.1%	-
Energy	0.6%	-
Financial Services	0.2%	-
Real Estate	0.1%	100.0%

Return for Risk

QQQ vs. AAAU — Risk / Return Rank

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

QQQ

QQQ Risk / Return Rank: 71
QQQ Sharpe Ratio Rank: 75
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 73
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 70

AAAU

AAAU Risk / Return Rank: 26
AAAU Sharpe Ratio Rank: 28
AAAU Sortino Ratio Rank: 25
AAAU Omega Ratio Rank: 31
AAAU Calmar Ratio Rank: 24
AAAU Martin Ratio Rank: 24

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.

QQQ vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

	QQQ	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	2.09	0.89	+1.20
Sortino ratio: Return per unit of downside risk	2.73	1.26	+1.47
Omega ratio: Gain probability vs. loss probability	1.37	1.19	+0.18
Calmar ratio: Return relative to maximum drawdown	3.01	0.99	+2.01
Martin ratio: Return relative to average drawdown	11.22	2.86	+8.36

QQQ vs. AAAU - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.09, which is higher than the AAAU Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of QQQ 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.

Drawdowns

QQQ vs. AAAU - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for QQQ and AAAU.

Drawdown Indicators

	QQQ	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-82.97%	-24.38%	-58.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-24.38%	+12.42%
Max Drawdown (3Y) Largest decline over 3 years	-22.77%	-24.38%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-35.12%	-24.38%	-10.74%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	—	—
Current Drawdown Current decline from peak	-3.33%	-21.95%	+18.62%
Average Drawdown Average peak-to-trough decline	-32.75%	-6.23%	-26.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	8.44%	-5.24%

Volatility

QQQ vs. AAAU - Volatility Comparison

Invesco QQQ ETF (QQQ) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 7.56% and 7.77%, 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.

Volatility by Period

	QQQ	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	7.77%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	23.88%	-10.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	27.10%	-9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.55%	18.06%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	17.13%	+5.25%

QQQ vs. AAAU - Expense Ratio Comparison

Both QQQ and AAAU have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

QQQ vs. AAAU - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
QQQ Invesco QQQ ETF	0.39%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both QQQ and AAAU in my portfolio?

QQQ and AAAU have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQ or AAAU?

AAAU has higher volatility (7.77%) compared to QQQ (7.56%). In terms of maximum drawdown, QQQ dropped -82.97% vs AAAU's -24.38%.

Which ETF is better, QQQ or AAAU?

On 5-year performance, AAAU leads with 17.33% vs 16.85% for QQQ. Both ETFs have the same 0.18% expense ratio. On volatility, QQQ has been the lower-risk option at 7.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQ or AAAU?

Over the 5-year period, AAAU has performed better with a 17.33% return vs 16.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQ or AAAU?

QQQ and AAAU have the same expense ratio: 0.18% per year.

Which ETF pays a higher dividend yield, QQQ or AAAU?

QQQ has the higher dividend yield at 0.39%, compared with 0.00% for AAAU.

What is the main difference between QQQ and AAAU?

QQQ is categorized as Nasdaq-100, while AAAU is Gold. QQQ tracks NASDAQ-100 Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: Invesco and Goldman Sachs.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.09 vs 0.89), 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.