SA vs. AAAU

Last updated Apr 2, 2026

Compare and contrast key facts about Seabridge Gold Inc. (SA) and Goldman Sachs Physical Gold ETF (AAAU).

AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018.

Performance

SA vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Seabridge Gold Inc. (SA) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

SA vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SA Seabridge Gold Inc.	2.40%	159.33%	-5.94%	-3.58%	-23.71%	-21.74%	52.46%	4.46%	12.12%
AAAU Goldman Sachs Physical Gold ETF	10.48%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Returns By Period

In the year-to-date period, SA achieves a 2.40% return, which is significantly lower than AAAU's 10.48% return.

SA

• 1D: 6.92%
• 1M: -22.90%
• YTD: 2.40%
• 6M: 21.30%
• 1Y: 164.63%
• 3Y*: 32.76%
• 5Y*: 12.27%
• 10Y*: 10.09%

AAAU

• 1D: 1.78%
• 1M: -10.64%
• YTD: 10.48%
• 6M: 23.10%
• 1Y: 52.53%
• 3Y*: 33.97%
• 5Y*: 22.27%
• 10Y*: —

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

Return for Risk

SA vs. AAAU — Risk / Return Rank

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

SA

SA Risk / Return Rank: 92
SA Sharpe Ratio Rank: 95
SA Sortino Ratio Rank: 90
SA Omega Ratio Rank: 90
SA Calmar Ratio Rank: 91
SA Martin Ratio Rank: 93

AAAU

AAAU Risk / Return Rank: 86
AAAU Sharpe Ratio Rank: 88
AAAU Sortino Ratio Rank: 85
AAAU Omega Ratio Rank: 85
AAAU Calmar Ratio Rank: 86
AAAU Martin Ratio Rank: 84

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.

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.

	SA	AAAU	Difference
Sharpe ratio Return per unit of total volatility	2.74	1.92	+0.82
Sortino ratio Return per unit of downside risk	2.86	2.35	+0.51
Omega ratio Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio Return relative to maximum drawdown	4.21	2.73	+1.48
Martin ratio Return relative to average drawdown	14.31	10.02	+4.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SA vs. AAAU - Sharpe Ratio Comparison

The current SA Sharpe Ratio is 2.74, which is higher than the AAAU Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SA and AAAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SA	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	1.92	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	1.27	-1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	1.18	-1.01

Correlation

The correlation between SA and AAAU is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SA vs. AAAU - Dividend Comparison

Neither SA nor AAAU has paid dividends to shareholders.

Tickers have no history of dividend payments

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 -21.63%. Use the drawdown chart below to compare losses from any high point for SA and AAAU.

Drawdown Indicators

	SA	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-90.99%	-21.63%	-69.36%
Max Drawdown (1Y) Largest decline over 1 year	-37.92%	-19.13%	-18.79%
Max Drawdown (5Y) Largest decline over 5 years	-56.12%	-20.94%	-35.18%
Max Drawdown (10Y) Largest decline over 10 years	-61.10%	—	—
Current Drawdown Current decline from peak	-23.00%	-11.65%	-11.35%
Average Drawdown Average peak-to-trough decline	-51.55%	-6.01%	-45.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.16%	5.21%	+5.95%

Volatility

SA vs. AAAU - Volatility Comparison

Seabridge Gold Inc. (SA) has a higher volatility of 23.35% compared to Goldman Sachs Physical Gold ETF (AAAU) at 10.43%. 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.

Volatility by Period

	SA	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.35%	10.43%	+12.92%
Volatility (6M) Calculated over the trailing 6-month period	50.67%	24.06%	+26.61%
Volatility (1Y) Calculated over the trailing 1-year period	60.58%	27.50%	+33.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.79%	17.58%	+32.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.15%	16.92%	+34.23%