XAR vs. AAAU
XAR (SPDR S&P Aerospace & Defense ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - XAR is a Aerospace & Defense fund tracking the S&P Aerospace & Defense Select Industry Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, XAR returned 17.68%/yr vs 18.94%/yr for AAAU. At a 0.11 correlation, their price movements are largely independent. XAR charges 0.35%/yr vs 0.18%/yr for AAAU.
Performance
XAR vs. AAAU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XAR achieves a 18.44% return, which is significantly higher than AAAU's -1.86% return.
XAR
- 1D
- 1.34%
- 1M
- 8.50%
- YTD
- 18.44%
- 6M
- 24.86%
- 1Y
- 45.02%
- 3Y*
- 34.11%
- 5Y*
- 17.68%
- 10Y*
- 18.63%
AAAU
- 1D
- -2.25%
- 1M
- -7.08%
- YTD
- -1.86%
- 6M
- -2.57%
- 1Y
- 24.90%
- 3Y*
- 29.15%
- 5Y*
- 18.94%
- 10Y*
- —
XAR vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XAR SPDR S&P Aerospace & Defense ETF | 18.44% | 46.15% | 23.32% | 23.79% | -5.02% | 2.31% | 6.18% | 39.33% | -15.86% |
AAAU Goldman Sachs Physical Gold ETF | -1.86% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between XAR and AAAU is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.11 |
The correlation between XAR and AAAU shifts across timeframes, from 0.11 (all time) to 0.28 (1 year), 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
XAR vs. AAAU — Risk / Return Rank
XAR
AAAU
XAR vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Aerospace & Defense ETF (XAR) 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.
| XAR | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 1.03 | +1.60 |
| Martin ratioReturn relative to average drawdown | 7.36 | 2.87 | +4.49 |
Loading charts...
Drawdowns
XAR vs. AAAU - Drawdown Comparison
The maximum XAR drawdown since its inception was -46.37%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for XAR and AAAU.
Loading charts...
Drawdown Indicators
| XAR | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.37% | -24.38% | -21.99% |
Max Drawdown (1Y)Largest decline over 1 year | -17.22% | -24.38% | +7.16% |
Max Drawdown (3Y)Largest decline over 3 years | -19.73% | -24.38% | +4.65% |
Max Drawdown (5Y)Largest decline over 5 years | -32.40% | -24.38% | -8.02% |
Max Drawdown (10Y)Largest decline over 10 years | -46.37% | — | — |
Current DrawdownCurrent decline from peak | -2.40% | -21.52% | +19.12% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -6.25% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.14% | 8.70% | -2.56% |
Volatility
XAR vs. AAAU - Volatility Comparison
SPDR S&P Aerospace & Defense ETF (XAR) has a higher volatility of 10.67% compared to Goldman Sachs Physical Gold ETF (AAAU) at 8.34%. This indicates that XAR'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.
Loading charts...
Volatility by Period
| XAR | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.67% | 8.34% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 23.45% | 24.09% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.88% | 27.22% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.68% | 18.06% | +5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.75% | 17.16% | +7.59% |
XAR vs. AAAU - Expense Ratio Comparison
XAR has a 0.35% expense ratio, which is higher than AAAU's 0.18% expense ratio.
Dividends
XAR vs. AAAU - Dividend Comparison
XAR's dividend yield for the trailing twelve months is around 0.31%, 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% |
XAR SPDR S&P Aerospace & Defense ETF | 0.31% | 0.40% | 0.66% | 0.54% | 0.50% | 0.83% | 0.63% | 0.75% | 1.19% | 0.76% | 1.09% | 2.31% |
Frequently Asked Questions
XAR and AAAU have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XAR has higher volatility (10.67%) compared to AAAU (8.34%). In terms of maximum drawdown, XAR dropped -46.37% vs AAAU's -24.38%.
On 5-year performance, AAAU leads with 18.94% vs 17.68% for XAR. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 8.34%. 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 18.94% return vs 17.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.35% for XAR.
XAR has the higher dividend yield at 0.31%, compared with 0.00% for AAAU.
XAR is categorized as Aerospace & Defense, while AAAU is Gold. XAR tracks S&P Aerospace & Defense Select Industry Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.35% for XAR and 0.18% for AAAU.
XAR currently has the higher Sharpe Ratio (1.62 vs 0.92), 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.
Find the right allocation for XAR 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