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 7.97%/yr vs 17.26%/yr for AAAU. Their 0.65 correlation means they have sometimes moved together and sometimes differently.
Performance
SA vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, SA achieves a -10.68% return, which is significantly lower than AAAU's -6.11% return.
SA
- 1D
- 2.40%
- 1M
- -4.31%
- 6M
- -4.96%
- YTD
- -10.68%
- 1Y
- 72.63%
- 3Y*
- 29.93%
- 5Y*
- 7.97%
- 10Y*
- 7.17%
- ALL TIME*
- 9.57%
AAAU
- 1D
- 0.05%
- 1M
- -1.67%
- 6M
- -13.02%
- YTD
- -6.11%
- 1Y
- 20.51%
- 3Y*
- 27.59%
- 5Y*
- 17.26%
- 10Y*
- —
- ALL TIME*
- 16.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.09M | $43.05M | $64.28M | |
| $11.84M | $12.84M | $23.34M |
SA vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SA Seabridge Gold Inc. | -10.68% | 159.33% | -5.94% | -3.58% | -23.71% | -21.74% | 52.46% | 4.46% | 3.36% |
AAAU Goldman Sachs Physical Gold ETF | -6.11% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between SA and AAAU is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.65 |
The correlation between SA and AAAU has been stable across timeframes, ranging from 0.65 to 0.70 - 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 | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 0.78 | +1.14 |
| Martin ratioReturn relative to average drawdown | 3.81 | 1.68 | +2.13 |
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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 -26.29%. 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% | -26.29% | -64.70% |
Max Drawdown (1Y)Largest decline over 1 year | -37.92% | -26.29% | -11.63% |
Max Drawdown (3Y)Largest decline over 3 years | -52.51% | -26.29% | -26.22% |
Max Drawdown (5Y)Largest decline over 5 years | -56.12% | -26.29% | -29.83% |
Max Drawdown (10Y)Largest decline over 10 years | -61.10% | — | — |
Current DrawdownCurrent decline from peak | -32.83% | -24.92% | -7.91% |
Average DrawdownAverage peak-to-trough decline | -51.17% | -6.54% | -44.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.11% | 12.23% | +6.88% |
Volatility
SA vs. AAAU - Volatility Comparison
Seabridge Gold Inc. (SA) has a higher volatility of 17.16% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.94%. 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 | 17.16% | 5.94% | +11.22% |
Volatility (6M)Calculated over the trailing 6-month period | 52.50% | 20.80% | +31.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.05% | 27.83% | +40.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.32% | 18.33% | +33.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.68% | 17.23% | +34.45% |
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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SA has higher volatility (17.16%) compared to AAAU (5.94%). In terms of maximum drawdown, SA dropped -90.99% vs AAAU's -26.29%.
SA currently has the higher Sharpe Ratio (1.08 vs 0.74), 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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