SLVR vs. AAAU

Last updated Jun 4, 2026

SLVR (Sprott Silver Miners & Physical Silver ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - SLVR is a Silver fund tracking the Nasdaq Sprott Silver Miners™ Index, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past year, SLVR returned 118.11% vs 32.29% for AAAU. A 0.70 correlation means they provide meaningful diversification when combined. SLVR charges 0.65%/yr vs 0.18%/yr for AAAU.

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.

Returns By Period

In the year-to-date period, SLVR achieves a 6.80% return, which is significantly higher than AAAU's 2.94% return.

SLVR

• 1D: -5.47%
• 1M: 1.96%
• YTD: 6.80%
• 6M: 18.93%
• 1Y: 118.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: -1.02%
• 1M: -1.68%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.29%
• 3Y*: 31.37%
• 5Y*: 18.39%
• 10Y*: —

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

SLVR vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025
SLVR Sprott Silver Miners & Physical Silver ETF	6.80%	170.44%
AAAU Goldman Sachs Physical Gold ETF	2.94%	59.54%

Correlation

The correlation between SLVR and AAAU is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.70

The correlation between SLVR and AAAU has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

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: 51
SLVR Sharpe Ratio Rank: 56
SLVR Sortino Ratio Rank: 45
SLVR Omega Ratio Rank: 48
SLVR Calmar Ratio Rank: 62
SLVR Martin Ratio Rank: 46

AAAU

AAAU Risk / Return Rank: 32
AAAU Sharpe Ratio Rank: 33
AAAU Sortino Ratio Rank: 29
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 34
AAAU Martin Ratio Rank: 29

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	1.93	1.23	+0.70
Sortino ratio Return per unit of downside risk	2.25	1.63	+0.62
Omega ratio Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio Return relative to maximum drawdown	3.08	1.70	+1.38
Martin ratio Return relative to average drawdown	7.66	4.21	+3.45
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 1.93, which is higher than the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of SLVR and AAAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SLVR	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.23	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	1.09	+0.93

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 (3Y) Largest decline over 3 years	—	-19.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Current Drawdown Current decline from peak	-28.51%	-17.68%	-10.83%
Average Drawdown Average peak-to-trough decline	-9.24%	-6.18%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.47%	7.69%	+7.78%

Volatility

SLVR vs. AAAU - Volatility Comparison

Sprott Silver Miners & Physical Silver ETF (SLVR) has a higher volatility of 19.31% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.50%. 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	19.31%	5.50%	+13.81%
Volatility (6M) Calculated over the trailing 6-month period	51.02%	22.94%	+28.08%
Volatility (1Y) Calculated over the trailing 1-year period	61.64%	26.33%	+35.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.85%	17.83%	+40.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.85%	16.99%	+40.86%

SLVR vs. AAAU - Expense Ratio Comparison

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

Dividends

SLVR vs. AAAU - Dividend Comparison

SLVR's dividend yield for the trailing twelve months is around 3.45%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%
SLVR Sprott Silver Miners & Physical Silver ETF	3.45%	3.68%

Frequently Asked Questions

Can I hold both SLVR and AAAU in my portfolio?

SLVR and AAAU have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVR or AAAU?

SLVR has higher volatility (19.31%) compared to AAAU (5.50%). In terms of maximum drawdown, SLVR dropped -38.60% vs AAAU's -21.63%.

Which ETF is better, SLVR or AAAU?

On 1-year performance, SLVR leads with 118.11% vs 32.29% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVR or AAAU?

Over the 1-year period, SLVR has performed better with a 118.11% return vs 32.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVR or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.65% for SLVR.

Which ETF pays a higher dividend yield, SLVR or AAAU?

SLVR has the higher dividend yield at 3.45%, compared with 0.00% for AAAU.

What is the main difference between SLVR and AAAU?

SLVR is categorized as Silver, while AAAU is Precious Metals. SLVR tracks Nasdaq Sprott Silver Miners™ Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: Sprott and Goldman Sachs. Their fees differ too: 0.65% for SLVR and 0.18% for AAAU.

Which has better risk-adjusted returns?

SLVR currently has the higher Sharpe Ratio (1.93 vs 1.23), 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.