TPSA.AS vs. AAAU
TPSA.AS (iShares $ TIPS UCITS ETF USD (Acc)) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - TPSA.AS is a Inflation-Protected Bonds fund tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, TPSA.AS returned 1.90%/yr vs 19.70%/yr for AAAU. At a 0.20 correlation, their price movements are largely independent. TPSA.AS charges 0.12%/yr vs 0.18%/yr for AAAU.
Performance
TPSA.AS vs. AAAU - Performance Comparison
Loading charts...
Different Trading Currencies
TPSA.AS is traded in EUR, while AAAU is traded in USD. To make them comparable, the AAAU values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, TPSA.AS achieves a 2.53% return, which is significantly lower than AAAU's 5.01% return.
TPSA.AS
- 1D
- -0.13%
- 1M
- 0.70%
- YTD
- 2.53%
- 6M
- 1.56%
- 1Y
- 3.01%
- 3Y*
- 1.06%
- 5Y*
- 1.90%
- 10Y*
- 2.38%
AAAU
- 1D
- 0.73%
- 1M
- -0.97%
- YTD
- 5.01%
- 6M
- 6.63%
- 1Y
- 30.33%
- 3Y*
- 27.98%
- 5Y*
- 19.70%
- 10Y*
- —
TPSA.AS vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TPSA.AS iShares $ TIPS UCITS ETF USD (Acc) | 2.53% | -5.59% | 8.47% | 0.33% | -7.67% | 15.08% | 1.51% | 11.11% | -2.72% |
AAAU Goldman Sachs Physical Gold ETF | 5.01% | 44.59% | 35.29% | 9.58% | 5.67% | 3.17% | 14.71% | 20.84% | 8.07% |
Correlation
The correlation between TPSA.AS and AAAU is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.20 |
The correlation between TPSA.AS and AAAU shifts across timeframes, from -0.13 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TPSA.AS vs. AAAU — Risk / Return Rank
TPSA.AS
AAAU
TPSA.AS vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ TIPS UCITS ETF USD (Acc) (TPSA.AS) 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.
| TPSA.AS | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.25 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.78 | -1.01 |
| Martin ratioReturn relative to average drawdown | 1.95 | 4.26 | -2.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TPSA.AS | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 1.22 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 1.19 | -0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 1.15 | -0.69 |
Drawdowns
TPSA.AS vs. AAAU - Drawdown Comparison
The maximum TPSA.AS drawdown since its inception was -19.92%, which is greater than AAAU's maximum drawdown of -18.54%. Use the drawdown chart below to compare losses from any high point for TPSA.AS and AAAU.
Loading charts...
Drawdown Indicators
| TPSA.AS | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.92% | -18.54% | -1.38% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -17.11% | +13.14% |
Max Drawdown (3Y)Largest decline over 3 years | -10.93% | -17.11% | +6.18% |
Max Drawdown (5Y)Largest decline over 5 years | -15.19% | -17.11% | +1.92% |
Max Drawdown (10Y)Largest decline over 10 years | -15.80% | — | — |
Current DrawdownCurrent decline from peak | -8.08% | -15.47% | +7.39% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -5.27% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 7.14% | -5.56% |
Volatility
TPSA.AS vs. AAAU - Volatility Comparison
The current volatility for iShares $ TIPS UCITS ETF USD (Acc) (TPSA.AS) is 0.89%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 4.61%. This indicates that TPSA.AS experiences smaller price fluctuations and is considered to be less risky than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TPSA.AS | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 4.61% | -3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.83% | 21.58% | -17.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.86% | 24.92% | -19.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.38% | 16.57% | -8.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.15% | 15.81% | -7.66% |
TPSA.AS vs. AAAU - Expense Ratio Comparison
TPSA.AS has a 0.12% expense ratio, which is lower than AAAU's 0.18% 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
TPSA.AS vs. AAAU - Dividend Comparison
Neither TPSA.AS nor AAAU has paid dividends to shareholders.
Frequently Asked Questions
TPSA.AS and AAAU have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TPSA.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPSA.AS is cheaper with a 0.12% expense ratio, compared with 0.18% for AAAU.
TPSA.AS is categorized as Inflation-Protected Bonds, while AAAU is Gold. TPSA.AS tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.12% for TPSA.AS and 0.18% for AAAU.
Find the right allocation for TPSA.AS and AAAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer