GOLD and QAU overlap by about 100%: owning both mostly doubles up. GOLD is cheaper (0.40% vs 0.59% a year), about $190 a year less on $100,000. GOLD is the bigger fund ($5.8b vs $1.2b). Both give you the gold price, backed by physical gold. GOLD is unhedged, so the Australian dollar affects your return; QAU hedges the currency, for a higher fee.
📅 As at 30 September 2026: fees, size, flows and returns from the TMX Australia funds report; overlap from published holdings as at 30 October 2026.
GOLD
Global X Physical GOLD StructuredGOLD is backed by physical gold bullion held in a vault. It is unhedged, so its price moves with gold and the Australian dollar.
QAU
Betashares Gold Bullion Currency Hedged ETFQAU is backed by physical gold and hedges the currency, so its returns follow the gold price in US dollars.
GOLD vs QAU side by side
Green marks the cheaper, bigger or better-performing fund on each line. Past returns are not a reliable guide to the future.
| GOLD | QAU | |
|---|---|---|
| Issuer | Global X | Betashares |
| Index | Gold price in A$ (physically backed) | Gold price, hedged to A$ |
| Fee (a year) | 0.40% | 0.59% |
| Size | $5.8b | $1.2b |
| Net money in, September | +$33m | +$2m |
| 1-year return | +1.7% | +6.3% |
| 5-year return | +144% | +117% |
| Listed | 2003 | 2011 |
| Top 10 holdings | 100% of fund | 100% of fund |
| Trend now | Downtrend | Downtrend |
How much do GOLD and QAU overlap?
About 100% of their holdings are the same, by weight: high overlap, so owning both mostly doubles up.
Only in GOLD
- No holdings above 0.5%: the differences are all small positions.
Only in QAU
- No holdings above 0.5%: the differences are all small positions.
Sectors and countries
Sectors
Countries
Trend: base, uptrend or downtrend?
Past year of prices, shaded by trend stage. The dashed line is the 200-day exponential average. As at 4 November 2026. How base and trend works.
GOLD or QAU: which suits who?
Where either fits depends on the rest of your portfolio: whether it’s your core or a satellite. See core and satellite investing.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
GOLD vs QAU FAQs
Is GOLD or QAU better?
Neither is better for everyone. Both give you the gold price, backed by physical gold. GOLD is unhedged, so the Australian dollar affects your return; QAU hedges the currency, for a higher fee. Choose GOLD if you want unhedged gold at a lower fee. A falling Australian dollar then adds to your return. Choose QAU if you want the gold price without the effect of the Australian dollar.
What is the difference between GOLD and QAU?
GOLD and QAU overlap by about 100%: owning both mostly doubles up. GOLD is cheaper (0.40% vs 0.59% a year), about $190 a year less on $100,000. GOLD is the bigger fund ($5.8b vs $1.2b). Both give you the gold price, backed by physical gold. GOLD is unhedged, so the Australian dollar affects your return; QAU hedges the currency, for a higher fee.
Should I own both GOLD and QAU?
Usually there’s little point. With 100% overlap, owning both mostly doubles up on the same companies. Pick one.
Which is cheaper, GOLD or QAU?
GOLD is cheaper (0.40% vs 0.59% a year), about $190 a year less on $100,000. Fees are taken from the fund’s returns, not charged separately.
Fees, size, flows and returns: TMX Australia Funds Report to 30 September 2026; returns are total returns and the 5-year figure is cumulative. Overlap, sectors and countries are based on each fund’s published holdings, scaled to the part of each fund we can see. Trend stages are a technical indicator based on 10, 20, 50 and 200-day exponential moving averages; they describe the past, not the future. General information only, not a recommendation to buy or sell GOLD or QAU. Consider the PDS and TMD, and your own circumstances, before investing.