SA vs. AAAU
SA (Seabridge Gold Inc.) is a stock, while AAAU (Goldman Sachs Physical Gold ETF) is Gold fund tracking the LBMA Gold PM Price. Over the past 5 years, SA returned 8.41%/yr vs 18.07%/yr for AAAU. A 0.64 correlation means they provide meaningful diversification when combined.
Performance
SA vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, SA achieves a -8.55% return, which is significantly lower than AAAU's -4.75% return.
SA
- 1D
- -7.80%
- 1M
- -9.59%
- YTD
- -8.55%
- 6M
- -14.61%
- 1Y
- 85.85%
- 3Y*
- 30.95%
- 5Y*
- 8.41%
- 10Y*
- 6.51%
AAAU
- 1D
- -1.86%
- 1M
- -8.80%
- YTD
- -4.75%
- 6M
- -8.61%
- 1Y
- 21.51%
- 3Y*
- 28.67%
- 5Y*
- 18.07%
- 10Y*
- —
SA vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SA Seabridge Gold Inc. | -8.55% | 159.33% | -5.94% | -3.58% | -23.71% | -21.74% | 52.46% | 4.46% | 3.36% |
AAAU Goldman Sachs Physical Gold ETF | -4.75% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between SA and AAAU is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.64 |
The correlation between SA and AAAU has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.
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Return for Risk
SA vs. AAAU — Risk / Return Rank
SA
AAAU
SA vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Seabridge Gold Inc. (SA) 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.
| SA | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.17 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 0.89 | +1.39 |
| Martin ratioReturn relative to average drawdown | 5.60 | 2.39 | +3.22 |
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Drawdowns
SA vs. AAAU - Drawdown Comparison
The maximum SA drawdown since its inception was -90.99%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for SA and AAAU.
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Drawdown Indicators
| SA | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.99% | -24.38% | -66.61% |
Max Drawdown (1Y)Largest decline over 1 year | -37.92% | -24.38% | -13.54% |
Max Drawdown (3Y)Largest decline over 3 years | -52.51% | -24.38% | -28.13% |
Max Drawdown (5Y)Largest decline over 5 years | -56.12% | -24.38% | -31.74% |
Max Drawdown (10Y)Largest decline over 10 years | -61.10% | — | — |
Current DrawdownCurrent decline from peak | -31.23% | -23.83% | -7.40% |
Average DrawdownAverage peak-to-trough decline | -51.25% | -6.28% | -44.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.38% | 9.05% | +6.33% |
Volatility
SA vs. AAAU - Volatility Comparison
Seabridge Gold Inc. (SA) has a higher volatility of 27.24% compared to Goldman Sachs Physical Gold ETF (AAAU) at 8.16%. This indicates that SA'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.
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Volatility by Period
| SA | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.24% | 8.16% | +19.08% |
Volatility (6M)Calculated over the trailing 6-month period | 54.83% | 24.16% | +30.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.83% | 27.30% | +38.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 18.08% | +33.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.56% | 17.16% | +34.40% |
Dividends
SA vs. AAAU - Dividend Comparison
Neither SA nor AAAU has paid dividends to shareholders.
Frequently Asked Questions
SA and AAAU have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SA has higher volatility (27.24%) compared to AAAU (8.16%). In terms of maximum drawdown, SA dropped -90.99% vs AAAU's -24.38%.
SA currently has the higher Sharpe Ratio (1.31 vs 0.79), 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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