SLVR vs. AAAU

Last updated Apr 1, 2026

Compare and contrast key facts about Sprott Silver Miners & Physical Silver ETF (SLVR) and Goldman Sachs Physical Gold ETF (AAAU).

SLVR and AAAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SLVR is a passively managed fund by Sprott that tracks the performance of the Nasdaq Sprott Silver Miners™ Index. It was launched on Jan 14, 2025. 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. Both SLVR and AAAU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SLVR vs. AAAU - Performance Comparison

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

SLVR vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025
SLVR Sprott Silver Miners & Physical Silver ETF	6.06%	170.44%
AAAU Goldman Sachs Physical Gold ETF	8.55%	59.54%

Returns By Period

In the year-to-date period, SLVR achieves a 6.06% return, which is significantly lower than AAAU's 8.55% return.

SLVR

• 1D: 8.91%
• 1M: -29.01%
• YTD: 6.06%
• 6M: 38.57%
• 1Y: 156.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: 3.76%
• 1M: -11.04%
• YTD: 8.55%
• 6M: 21.17%
• 1Y: 49.58%
• 3Y*: 33.19%
• 5Y*: 21.84%
• 10Y*: —

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

SLVR vs. AAAU - Expense Ratio Comparison

SLVR has a 0.65% expense ratio, which is higher than AAAU's 0.18% expense ratio.

SLVR

Sprott Silver Miners & Physical Silver ETF

AAAU

Goldman Sachs Physical Gold ETF

Return for Risk

SLVR vs. AAAU — Risk / Return Rank

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

SLVR

SLVR Risk / Return Rank: 93
SLVR Sharpe Ratio Rank: 96
SLVR Sortino Ratio Rank: 91
SLVR Omega Ratio Rank: 90
SLVR Calmar Ratio Rank: 95
SLVR Martin Ratio Rank: 93

AAAU

AAAU Risk / Return Rank: 87
AAAU Sharpe Ratio Rank: 88
AAAU Sortino Ratio Rank: 86
AAAU Omega Ratio Rank: 86
AAAU Calmar Ratio Rank: 89
AAAU Martin Ratio Rank: 88

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.

SLVR vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Silver Miners & Physical Silver ETF (SLVR) 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.

	SLVR	AAAU	Difference
Sharpe ratio Return per unit of total volatility	2.57	1.81	+0.76
Sortino ratio Return per unit of downside risk	2.67	2.25	+0.42
Omega ratio Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio Return relative to maximum drawdown	4.00	2.70	+1.30
Martin ratio Return relative to average drawdown	13.77	10.02	+3.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLVR vs. AAAU - Sharpe Ratio Comparison

The current SLVR Sharpe Ratio is 2.57, which is higher than the AAAU Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SLVR 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

	SLVR	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	1.81	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.42	1.17	+1.25

Correlation

The correlation between SLVR and AAAU is 0.68, 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

SLVR vs. AAAU - Dividend Comparison

SLVR's dividend yield for the trailing twelve months is around 3.47%, while AAAU has not paid dividends to shareholders.

	TTM	2025
SLVR Sprott Silver Miners & Physical Silver ETF	3.47%	3.68%
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%

Drawdowns

SLVR vs. AAAU - Drawdown Comparison

The maximum SLVR drawdown since its inception was -38.60%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SLVR and AAAU.

Drawdown Indicators

	SLVR	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-38.60%	-21.63%	-16.97%
Max Drawdown (1Y) Largest decline over 1 year	-38.60%	-19.13%	-19.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Current Drawdown Current decline from peak	-29.01%	-13.19%	-15.82%
Average Drawdown Average peak-to-trough decline	-6.83%	-6.00%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.21%	5.16%	+6.05%

Volatility

SLVR vs. AAAU - Volatility Comparison

Sprott Silver Miners & Physical Silver ETF (SLVR) has a higher volatility of 23.19% compared to Goldman Sachs Physical Gold ETF (AAAU) at 11.00%. This indicates that SLVR'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

	SLVR	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.19%	11.00%	+12.19%
Volatility (6M) Calculated over the trailing 6-month period	53.62%	24.01%	+29.61%
Volatility (1Y) Calculated over the trailing 1-year period	61.25%	27.49%	+33.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.32%	17.58%	+40.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.32%	16.92%	+41.40%