PPLT Delivers Bigger Gains Than AAAU but Swings More Widely

Both the Goldman Sachs Physical Gold ETF (NYSEMKT:AAAU) and the abrdn Physical Platinum Shares ETF (NYSEMKT:PPLT) give investors direct exposure to precious metals, but AAAU tracks gold while PPLT targets platinum. This comparison highlights how their distinct metal exposures, fees, and risk characteristics may appeal to investors with different goals or risk tolerances.

Snapshot (cost & size)

Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.

AAAU is more affordable to own, charging a 0.18% expense ratio versus PPLT’s 0.60%. This difference could add up over time, especially for long-term holders, but recent performance and volatility may weigh more heavily for some investors.

Performance & risk comparison

What's inside

PPLT is a physically backed ETF targeting platinum, with a 16-year track record and $2.0 billion in assets under management as of Jan. 2026. While sector breakdown and top holdings are not reported, the fund’s design centers on providing direct platinum exposure with minimal credit risk and no reported quirks or leverage resets.

AAAU, in contrast, provides exposure to gold and is classified under real estate 100%, though this classification may reflect how commodity ETFs are bucketed rather than actual holdings. While AAAU’s top holdings are not disclosed, it is also physically backed and carries no unique structural quirks.

For more guidance on ETF investing, check out the full guide at this link.

What this means for investors

PPLT stands in a unique position as the growing interest in precious metals reaches a fever pitch. Investors have turned to precious metals ETFs like AAAU in recent years, as it makes it easy for investors to benefit from the rising price of gold without having to own the physical metal.

Over the last five years, AAAU delivered higher returns than PPLT. However, as gold continues to set record highs, it has brought increased attention to other precious metals such as platinum.

Despite platinum’s lower price, it is actually rarer than gold. That plays into the hands of PPLT shareholders as more investors seek to capitalize on this price differential. For most of the last year, both ETFs earned similar returns, but in recent weeks, PPLT has experienced a significant breakout.

That move higher indicates that more investors seem to be questioning why a rarer metal would have a lower price than gold, and so the prices may be moving closer to reflecting that differential. For that reason, PPLT may continue to outperform AAAU for the foreseeable future as this perspective continues to evolve.

Glossary

ETF: Exchange-traded fund that trades on stock exchanges and typically holds a basket of assets.
Physically backed ETF: Fund that holds the actual underlying commodity, like gold or platinum, rather than derivatives contracts.
Expense ratio: Annual fund operating costs expressed as a percentage of the assets you have invested.
AUM: Assets under management – the total market value of all assets held by the fund.
Beta: Measure of an investment’s volatility compared with the overall stock market, often the S&P 500.
Max drawdown: Largest peak-to-trough decline in value over a specific period, showing worst historical loss.
Total return: Investment performance including price changes plus any income or distributions, assuming reinvestment.
Volatility: Degree of variation in an investment’s price over time, indicating how much it tends to fluctuate.
Leverage: Use of borrowed money or financial instruments to amplify exposure to an asset’s price movements.

Will Healy has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.