RING vs. AQST

Last updated Jun 13, 2026

RING (iShares MSCI Global Gold Miners ETF) is Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, while AQST (Aquestive Therapeutics, Inc.) is a stock. Over the past 5 years, RING returned 18.76%/yr vs -0.29%/yr for AQST. At a 0.11 correlation, their price movements are largely independent.

Performance

RING vs. AQST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Gold Miners ETF (RING) and Aquestive Therapeutics, Inc. (AQST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RING achieves a -5.54% return, which is significantly higher than AQST's -35.45% return.

RING

• 1D: 3.20%
• 1M: -16.79%
• YTD: -5.54%
• 6M: -4.18%
• 1Y: 56.55%
• 3Y*: 44.87%
• 5Y*: 18.76%
• 10Y*: 13.85%

AQST

• 1D: -0.95%
• 1M: 0.97%
• YTD: -35.45%
• 6M: -32.85%
• 1Y: 25.98%
• 3Y*: 22.65%
• 5Y*: -0.29%
• 10Y*: —

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

RING vs. AQST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RING iShares MSCI Global Gold Miners ETF	-5.54%	164.72%	15.98%	12.29%	-15.40%	-7.46%	24.98%	49.92%	-3.82%
AQST Aquestive Therapeutics, Inc.	-35.45%	81.46%	76.24%	123.92%	-76.81%	-27.29%	-8.08%	-7.62%	-58.14%

Correlation

The correlation between RING and AQST is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.11

Return for Risk

RING vs. AQST — Risk / Return Rank

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

RING

RING Risk / Return Rank: 36
RING Sharpe Ratio Rank: 38
RING Sortino Ratio Rank: 34
RING Omega Ratio Rank: 39
RING Calmar Ratio Rank: 36
RING Martin Ratio Rank: 33

AQST

AQST Risk / Return Rank: 56
AQST Sharpe Ratio Rank: 54
AQST Sortino Ratio Rank: 59
AQST Omega Ratio Rank: 62
AQST Calmar Ratio Rank: 53
AQST Martin Ratio Rank: 52

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.

RING vs. AQST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) and Aquestive Therapeutics, Inc. (AQST). 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.

	RING	AQST	Difference
Sharpe ratio: Return per unit of total volatility	1.20	0.31	+0.90
Sortino ratio: Return per unit of downside risk	1.62	1.11	+0.51
Omega ratio: Gain probability vs. loss probability	1.23	1.16	+0.06
Calmar ratio: Return relative to maximum drawdown	1.59	0.43	+1.16
Martin ratio: Return relative to average drawdown	4.45	0.81	+3.64

RING vs. AQST - Sharpe Ratio Comparison

The current RING Sharpe Ratio is 1.20, which is higher than the AQST Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of RING and AQST, 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

RING vs. AQST - Drawdown Comparison

The maximum RING drawdown since its inception was -79.47%, smaller than the maximum AQST drawdown of -96.68%. Use the drawdown chart below to compare losses from any high point for RING and AQST.

Drawdown Indicators

	RING	AQST	Difference
Max Drawdown Largest peak-to-trough decline	-79.47%	-96.68%	+17.21%
Max Drawdown (1Y) Largest decline over 1 year	-35.72%	-60.61%	+24.89%
Max Drawdown (3Y) Largest decline over 3 years	-35.72%	-63.55%	+27.83%
Max Drawdown (5Y) Largest decline over 5 years	-47.94%	-90.11%	+42.17%
Max Drawdown (10Y) Largest decline over 10 years	-52.04%	—	—
Current Drawdown Current decline from peak	-30.03%	-78.01%	+47.98%
Average Drawdown Average peak-to-trough decline	-47.36%	-76.92%	+29.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.74%	32.01%	-19.27%

Volatility

RING vs. AQST - Volatility Comparison

The current volatility for iShares MSCI Global Gold Miners ETF (RING) is 16.83%, while Aquestive Therapeutics, Inc. (AQST) has a volatility of 21.51%. This indicates that RING experiences smaller price fluctuations and is considered to be less risky than AQST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RING	AQST	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.83%	21.51%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	39.11%	68.41%	-29.30%
Volatility (1Y) Calculated over the trailing 1-year period	47.31%	85.07%	-37.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.81%	82.62%	-45.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.70%	87.69%	-50.99%

Dividends

RING vs. AQST - Dividend Comparison

RING's dividend yield for the trailing twelve months is around 0.89%, while AQST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQST Aquestive Therapeutics, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RING iShares MSCI Global Gold Miners ETF	0.89%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%

Frequently Asked Questions

Can I hold both RING and AQST in my portfolio?

RING and AQST have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RING or AQST?

AQST has higher volatility (21.51%) compared to RING (16.83%). In terms of maximum drawdown, RING dropped -79.47% vs AQST's -96.68%.

Which has better risk-adjusted returns?

RING currently has the higher Sharpe Ratio (1.20 vs 0.31), 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.