Goldman Sachs Physical Gold ETF (AAAU) Performance
AAAU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.4% since Dec 31, 2025
- 1 year
- −3.1% total return
- 5 years
- +17.2% a year
- Since first price
- +15.9% a year since 2018
AAAU trailing returns vs SPY, QQQ, AGG
| Period | AAAU total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −6.7% | −6.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.3% | −1.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −14.9% | −14.9% | +7.8% | +8.4% | −1.5% |
| YTD | −7.4% | −7.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −3.1% | −3.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +101.5%+26.3%/yr | +101.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +120.7%+17.2%/yr | +120.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionAug 15, 2018 | +235.6%+15.9%/yr | +235.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: AAAU vs SPY
From Aug 15, 2018: AAAU grew to $33,560, SPY to $30,538.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
AAAU returns by calendar year
5 of 7 full years positive. Best 2025 (+64.0%), worst 2021 (−4.0%). 2026 is year to date.
AAAU annual returns table
| Year | AAAU | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −7.4% | −26.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +64.0% | −10.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +27.0% | −8.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +12.9% | −11.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −0.5% | −20.9% | −18.2% | −32.6% | −13.0% |
| 2021 | −4.0% | −13.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +25.0% | −14.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +18.2% | −6.5% | +31.2% | +39.0% | +8.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
AAAU largest drawdowns
Now 26.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 29, 2026 | −26.3% | Jul 16, 2026 | not yet | 6 months | 9 months so far |
| Aug 6, 2020 | −21.6% | Sep 26, 2022 | Dec 27, 2023 | 2.1 years | 3.4 years |
| Mar 9, 2020 | −12.4% | Mar 19, 2020 | Apr 9, 2020 | 10 days | 31 days |
| Oct 20, 2025 | −10.1% | Nov 4, 2025 | Dec 22, 2025 | 15 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
AAAU risk statistics
| Statistic | 3 years | 5 years | Since 2018 |
|---|---|---|---|
| Annualized return | +30.8% | +18.6% | +16.4% |
| Volatility (annualized) | 18.9% | 17.2% | 16.2% |
| Sharpe ratio | 1.30 | 0.88 | 0.86 |
| Sortino ratio | 2.28 | 1.55 | 1.55 |
| Best month | +12.5% | +12.5% | +12.5% |
| Worst month | −11.7% | −11.7% | −11.7% |
| Best 12 months | +83.9% | +83.9% | +83.9% |
| Worst 12 months | +7.5% | −8.6% | −8.6% |
| Positive months | 69% | 58% | 55% |
| Beta vs S&P 500 | -0.03 | 0.18 | — |
| Correlation with S&P 500 | -0.02 | 0.16 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
AAAU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 87 | −8.6% | +19.7% | +83.9% | 80% |
| 3-year (a year) | 63 | −0.9% | +13.0% | +42.0% | 95% |
| 5-year (a year) | 39 | +8.8% | +12.5% | +24.7% | 100% |
Every holding period starting at a month-end since 2018. Returns for 3 years and longer are annualized.
AAAU performance overview
Goldman Sachs Physical Gold ETF (AAAU) returned −3.1% over the past year and +17.2% a year over five years, with distributions reinvested. Since its first recorded price in 2018 it has returned +15.9% a year, turning $10,000 into about $33,560. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −26.3%, from Jan 29, 2026 to Jul 16, 2026; the fund has not yet regained that high. AAAU finished 5 of its 7 full calendar years with a gain; the best year was 2025 (+64.0%) and the worst 2021 (−4.0%). Volatility has been 16.2% a year.
Related: AAAU chart. See the AAAU overview for the latest quote and fund facts.
AAAU performance FAQ
What is the AAAU return over the past year?
AAAU returned −3.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.1%.
What is the average annual return of AAAU?
AAAU has returned +17.2% a year over 5 years, +15.9% a year since August 15, 2018 (total return, distributions reinvested).
How much would $10,000 invested in AAAU be worth?
$10,000 invested in AAAU at its first recorded close on August 15, 2018 would be worth about $33,560 on October 23, 2026 with distributions reinvested.
What was the worst year for AAAU?
The worst calendar year was 2021, with a total return of −4.0%. The best was 2025 at +64.0%.
What is the biggest drawdown of AAAU?
The largest peak-to-trough decline was −26.3% between January 29, 2026 and July 16, 2026. It has not yet recovered to that high; it is 26.0% below its peak.
How volatile is AAAU?
Over the past 3 years AAAU had an annualized volatility of 18.9% and a Sharpe ratio of 1.30 (excess return over 1–3 month T-bills per unit of risk).