GLD vs. IAU
GLD (SPDR Gold Shares) and IAU (iShares Gold Trust) are both Gold funds - GLD tracks the LBMA Gold Price PM while IAU tracks the LBMA Gold Price. Both are passively managed. Over the past 10 years, GLD returned 13.21%/yr vs 13.38%/yr for IAU. With a 1.00 correlation, they move nearly in lockstep. GLD charges 0.40%/yr vs 0.25%/yr for IAU.
Performance
GLD vs. IAU - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with GLD having a 3.77% return and IAU slightly higher at 3.83%. Both investments have delivered pretty close results over the past 10 years, with GLD having a 13.21% annualized return and IAU not far ahead at 13.38%.
GLD
- 1D
- 0.83%
- 1M
- -1.67%
- YTD
- 3.77%
- 6M
- 6.24%
- 1Y
- 32.28%
- 3Y*
- 31.19%
- 5Y*
- 18.35%
- 10Y*
- 13.21%
IAU
- 1D
- 0.83%
- 1M
- -1.65%
- YTD
- 3.83%
- 6M
- 6.31%
- 1Y
- 32.47%
- 3Y*
- 31.39%
- 5Y*
- 18.52%
- 10Y*
- 13.38%
GLD vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 3.77% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
IAU iShares Gold Trust | 3.83% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between GLD and IAU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2005 | 1.00 |
The correlation between GLD and IAU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
GLD vs. IAU - Sectors Allocation Comparison
Sectors
GLD
IAU
Basic Materials
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
Technology
-
-
Utilities
-
-
Basic Materials
GLD
IAU
-
Communication Services
GLD
-
IAU
-
Consumer Cyclical
GLD
-
IAU
-
Consumer Defensive
GLD
-
IAU
-
Energy
GLD
-
IAU
-
Financial Services
GLD
-
IAU
-
Healthcare
GLD
-
IAU
-
Industrials
GLD
-
IAU
-
Real Estate
GLD
-
IAU
Technology
GLD
-
IAU
-
Utilities
GLD
-
IAU
-
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
GLD vs. IAU — Risk / Return Rank
GLD
IAU
GLD vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares Gold Trust (IAU). 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.
| GLD | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.70 | -0.01 |
| Martin ratioReturn relative to average drawdown | 4.15 | 4.18 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GLD | IAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 1.24 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 1.04 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | 0.84 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.63 | -0.02 |
Drawdowns
GLD vs. IAU - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, roughly equal to the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GLD and IAU.
Loading charts...
Drawdown Indicators
| GLD | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -45.14% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -19.21% | -19.18% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -19.21% | -19.18% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -21.03% | -20.93% | -0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -21.82% | -0.18% |
Current DrawdownCurrent decline from peak | -17.07% | -17.02% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -15.96% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.81% | 7.79% | +0.02% |
Volatility
GLD vs. IAU - Volatility Comparison
SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have volatilities of 5.50% and 5.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLD | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 5.50% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 23.16% | 23.03% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.60% | 26.41% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 17.94% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 15.90% | +0.05% |
GLD vs. IAU - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
GLD vs. IAU - Dividend Comparison
Neither GLD nor IAU has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, GLD and IAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IAU has higher volatility (5.50%) compared to GLD (5.50%). In terms of maximum drawdown, GLD dropped -45.56% vs IAU's -45.14%.
On 10-year performance, IAU leads with 13.38% vs 13.21% for GLD. On fees, IAU is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 13.38% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.40% for GLD.
GLD and IAU have nearly identical dividend yields, around 0.00%.
GLD tracks LBMA Gold Price PM, while IAU tracks LBMA Gold Price. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GLD and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (1.24 vs 1.22), 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 GLD and IAU
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