VEU vs. AAAU
VEU (Vanguard FTSE All-World ex-US ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, VEU returned 8.56%/yr vs 17.33%/yr for AAAU. At a 0.25 correlation, their price movements are largely independent. VEU charges 0.04%/yr vs 0.18%/yr for AAAU.
Performance
VEU vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, VEU achieves a 14.08% return, which is significantly higher than AAAU's -2.40% return.
VEU
- 1D
- 0.40%
- 1M
- 3.43%
- YTD
- 14.08%
- 6M
- 15.91%
- 1Y
- 30.59%
- 3Y*
- 18.67%
- 5Y*
- 8.56%
- 10Y*
- 10.41%
AAAU
- 1D
- 0.12%
- 1M
- -7.36%
- YTD
- -2.40%
- 6M
- -2.14%
- 1Y
- 22.47%
- 3Y*
- 29.19%
- 5Y*
- 17.33%
- 10Y*
- —
VEU vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VEU Vanguard FTSE All-World ex-US ETF | 14.08% | 32.35% | 5.56% | 15.84% | -15.58% | 8.27% | 11.10% | 21.83% | -10.18% |
AAAU Goldman Sachs Physical Gold ETF | -2.40% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between VEU and AAAU is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.25 |
The correlation between VEU and AAAU shifts across timeframes, from 0.25 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VEU vs. AAAU — Risk / Return Rank
VEU
AAAU
VEU vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) 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.
| VEU | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.19 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 0.99 | +1.54 |
| Martin ratioReturn relative to average drawdown | 9.70 | 2.86 | +6.84 |
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Drawdowns
VEU vs. AAAU - Drawdown Comparison
The maximum VEU drawdown since its inception was -61.52%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for VEU and AAAU.
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Drawdown Indicators
| VEU | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.52% | -24.38% | -37.14% |
Max Drawdown (1Y)Largest decline over 1 year | -11.43% | -24.38% | +12.95% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -24.38% | +10.69% |
Max Drawdown (5Y)Largest decline over 5 years | -29.14% | -24.38% | -4.76% |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -21.95% | +20.53% |
Average DrawdownAverage peak-to-trough decline | -13.12% | -6.23% | -6.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 8.44% | -5.45% |
Volatility
VEU vs. AAAU - Volatility Comparison
The current volatility for Vanguard FTSE All-World ex-US ETF (VEU) is 6.77%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 7.77%. This indicates that VEU 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.
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Volatility by Period
| VEU | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.77% | 7.77% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.06% | 23.88% | -9.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.18% | 27.10% | -10.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.23% | 18.06% | -1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.25% | 17.13% | +0.12% |
VEU vs. AAAU - Expense Ratio Comparison
VEU has a 0.04% 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
VEU vs. AAAU - Dividend Comparison
VEU's dividend yield for the trailing twelve months is around 2.62%, while AAAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VEU Vanguard FTSE All-World ex-US ETF | 2.62% | 3.09% | 3.24% | 3.32% | 3.12% | 3.08% | 2.00% | 3.10% | 3.27% | 2.66% | 2.96% | 2.95% |
Frequently Asked Questions
VEU and AAAU have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (7.77%) compared to VEU (6.77%). In terms of maximum drawdown, VEU dropped -61.52% vs AAAU's -24.38%.
On 5-year performance, AAAU leads with 17.33% vs 8.56% for VEU. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 17.33% return vs 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEU is cheaper with a 0.04% expense ratio, compared with 0.18% for AAAU.
VEU has the higher dividend yield at 2.62%, compared with 0.00% for AAAU.
VEU is categorized as Foreign Large Cap Equities, while AAAU is Gold. VEU tracks FTSE All-World ex US Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: Vanguard and Goldman Sachs. Their fees differ too: 0.04% for VEU and 0.18% for AAAU.
VEU currently has the higher Sharpe Ratio (1.79 vs 0.89), 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.
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