Compare/Updated Oct 26, 2026, refreshed every trading day
AAAU vs GLD
Goldman Sachs Physical Gold ETF against SPDR Gold Shares: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
AAAU did slightly better over the period: $1,000 invested on October 28, 2022 would be worth $2,413 versus $2,394 for GLD, a total-return advantage of 1.9 percentage points. AAAU also led over three years, 103.9% versus 102.7%, while outperforming GLD in 28 of the last 48 months. The difference matters because AAAU delivered essentially the same gold exposure with a lower 0.18% expense ratio than GLD’s 0.40%, likely supporting its modest long-term edge. Risk was nearly identical: AAAU’s 12-month volatility was 28.2% versus GLD’s 28.5%, and maximum drawdown was -26.3% versus -26.4%. GLD remains the much larger fund, with $136B in assets versus AAAU’s $3B, while daily moves were 99.9% correlated.
- Price is below its 200-day average ($44); 50-day at $42.
- RSI 34, neutral. Supertrend says sell. ADX 17, so the trend is weak.
- Price is below its 200-day average ($414); 50-day at $395.
- RSI 34, neutral. Supertrend says sell. ADX 22, so the trend is developing.
Head to head
Which has returned more, AAAU or GLD?
AAAU beat GLD in 28 of the last 48 months; GLD won the other 20. The typical monthly gap was 0.04 points.
Total return by period
Which is riskier?
Both: Jan 29, 2026 to Jul 16, 2026
- 0.999
- correlation of daily moves, 4 years
- 0.99
- AAAU move per 1% in GLD
- 1.000
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 0.04 points.
When did they diverge?
| Month | AAAU | GLD | Gap |
|---|---|---|---|
| February 2026 | +8.5% | +8.7% | -0.23 pts |
| January 2026 | +12.5% | +12.3% | +0.21 pts |
| December 2025 | +2.3% | +2.1% | +0.17 pts |
| April 2024 | +3.1% | +3.0% | +0.15 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with AAAU and GLD?
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