SGOL vs. AMUN
SGOL (abrdn Physical Gold Shares ETF) and AMUN (abrdn Ultra Short Municipal Income Active ETF) are both exchange-traded funds - SGOL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while AMUN is a Municipal Bonds fund actively managed by abrdn. SGOL is passively managed, while AMUN is actively managed. At a correlation of -0.04, they often move in opposite directions. SGOL charges 0.17%/yr vs 0.25%/yr for AMUN.
Performance
SGOL vs. AMUN - Performance Comparison
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Returns By Period
In the year-to-date period, SGOL achieves a 2.97% return, which is significantly higher than AMUN's 1.11% return.
SGOL
- 1D
- -0.98%
- 1M
- -1.67%
- YTD
- 2.97%
- 6M
- 5.51%
- 1Y
- 32.27%
- 3Y*
- 31.36%
- 5Y*
- 18.40%
- 10Y*
- 13.32%
AMUN
- 1D
- -0.02%
- 1M
- 0.32%
- YTD
- 1.11%
- 6M
- 1.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SGOL vs. AMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SGOL abrdn Physical Gold Shares ETF | 2.97% | -1.58% |
AMUN abrdn Ultra Short Municipal Income Active ETF | 1.11% | 0.14% |
Correlation
The correlation between SGOL and AMUN is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 21, 2025 | -0.04 |
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Return for Risk
SGOL vs. AMUN — Risk / Return Rank
SGOL
AMUN
SGOL vs. AMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.
| SGOL | AMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.25 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | — | — |
| Martin ratioReturn relative to average drawdown | 4.20 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGOL | AMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 2.05 | -1.50 |
Drawdowns
SGOL vs. AMUN - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for SGOL and AMUN.
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Drawdown Indicators
| SGOL | AMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -0.61% | -44.90% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.56% | — | — |
Current DrawdownCurrent decline from peak | -17.72% | -0.02% | -17.70% |
Average DrawdownAverage peak-to-trough decline | -18.41% | -0.09% | -18.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | — | — |
Volatility
SGOL vs. AMUN - Volatility Comparison
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Volatility by Period
| SGOL | AMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 22.93% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 1.01% | +25.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.89% | 1.01% | +16.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 1.01% | +14.90% |
SGOL vs. AMUN - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than AMUN's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SGOL vs. AMUN - Dividend Comparison
SGOL has not paid dividends to shareholders, while AMUN's dividend yield for the trailing twelve months is around 1.89%.
| Position | TTM | 2025 |
|---|---|---|
AMUN abrdn Ultra Short Municipal Income Active ETF | 1.89% | 0.66% |
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% |
Frequently Asked Questions
SGOL and AMUN have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGOL is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.25% for AMUN.
AMUN has the higher dividend yield at 1.89%, compared with 0.00% for SGOL.
SGOL is categorized as Precious Metals, while AMUN is Municipal Bonds. Their fees differ too: 0.17% for SGOL and 0.25% for AMUN.
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