TGS vs. AAAU

Last updated Jul 11, 2026

TGS (Transportadora de Gas del Sur S.A.) is a stock, while AAAU (Goldman Sachs Physical Gold ETF) is Gold fund tracking the LBMA Gold PM Price. Over the past 5 years, TGS returned 45.98%/yr vs 17.63%/yr for AAAU. At a 0.08 correlation, their price movements are largely independent.

Performance

TGS vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transportadora de Gas del Sur S.A. (TGS) 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, TGS achieves a -1.29% return, which is significantly higher than AAAU's -4.82% return.

TGS

• 1D: 4.82%
• 1M: -7.17%
• 6M: 2.81%
• YTD: -1.29%
• 1Y: 24.05%
• 3Y*: 32.28%
• 5Y*: 45.98%
• 10Y*: 18.97%

AAAU

• 1D: -0.34%
• 1M: -2.48%
• 6M: -8.95%
• YTD: -4.82%
• 1Y: 22.17%
• 3Y*: 28.35%
• 5Y*: 17.63%
• 10Y*: —

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

TGS vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TGS Transportadora de Gas del Sur S.A.	-1.29%	6.22%	93.97%	27.88%	165.77%	-14.62%	-27.48%	-45.44%	11.50%
AAAU Goldman Sachs Physical Gold ETF	-4.82%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	8.28%

Correlation

The correlation between TGS and AAAU is 0.01, 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 (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018	0.08

Return for Risk

TGS vs. AAAU — Risk / Return Rank

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

TGS

TGS Risk / Return Rank: 57
TGS Sharpe Ratio Rank: 55
TGS Sortino Ratio Rank: 58
TGS Omega Ratio Rank: 57
TGS Calmar Ratio Rank: 58
TGS Martin Ratio Rank: 59

AAAU

AAAU Risk / Return Rank: 26
AAAU Sharpe Ratio Rank: 28
AAAU Sortino Ratio Rank: 26
AAAU Omega Ratio Rank: 31
AAAU Calmar Ratio Rank: 23
AAAU Martin Ratio Rank: 22

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.

TGS vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transportadora de Gas del Sur S.A. (TGS) 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.

	TGS	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	0.28	0.85	-0.58
Sortino ratio: Return per unit of downside risk	0.94	1.21	-0.28
Omega ratio: Gain probability vs. loss probability	1.12	1.18	-0.06
Calmar ratio: Return relative to maximum drawdown	0.51	0.90	-0.39
Martin ratio: Return relative to average drawdown	1.24	2.23	-0.99

TGS vs. AAAU - Sharpe Ratio Comparison

The current TGS Sharpe Ratio is 0.28, which is lower than the AAAU Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of TGS 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.

Drawdowns

TGS vs. AAAU - Drawdown Comparison

The maximum TGS drawdown since its inception was -95.49%, which is greater than AAAU's maximum drawdown of -26.14%. Use the drawdown chart below to compare losses from any high point for TGS and AAAU.

Drawdown Indicators

	TGS	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-95.49%	-26.14%	-69.35%
Max Drawdown (1Y) Largest decline over 1 year	-32.96%	-26.14%	-6.82%
Max Drawdown (3Y) Largest decline over 3 years	-39.49%	-26.14%	-13.35%
Max Drawdown (5Y) Largest decline over 5 years	-39.49%	-26.14%	-13.35%
Max Drawdown (10Y) Largest decline over 10 years	-80.55%	—	—
Current Drawdown Current decline from peak	-13.11%	-23.89%	+10.78%
Average Drawdown Average peak-to-trough decline	-46.96%	-6.39%	-40.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	10.51%	+2.94%

Volatility

TGS vs. AAAU - Volatility Comparison

Transportadora de Gas del Sur S.A. (TGS) has a higher volatility of 13.34% compared to Goldman Sachs Physical Gold ETF (AAAU) at 8.26%. This indicates that TGS'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

	TGS	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.34%	8.26%	+5.08%
Volatility (6M) Calculated over the trailing 6-month period	28.11%	23.83%	+4.28%
Volatility (1Y) Calculated over the trailing 1-year period	60.47%	27.51%	+32.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.50%	18.18%	+37.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.46%	17.19%	+37.27%

Dividends

TGS vs. AAAU - Dividend Comparison

Neither TGS nor AAAU has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TGS Transportadora de Gas del Sur S.A.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.46%	5.04%	0.00%	0.34%

Frequently Asked Questions

Can I hold both TGS and AAAU in my portfolio?

TGS and AAAU have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGS or AAAU?

TGS has higher volatility (13.34%) compared to AAAU (8.26%). In terms of maximum drawdown, TGS dropped -95.49% vs AAAU's -26.14%.

Which has better risk-adjusted returns?

AAAU currently has the higher Sharpe Ratio (0.85 vs 0.28), 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.