AEM vs. IAU
AEM (Agnico Eagle Mines Limited) is a stock, while IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price. Over the past 10 years, AEM returned 14.70%/yr vs 12.31%/yr for IAU. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
AEM vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, AEM achieves a -3.66% return, which is significantly lower than IAU's -2.44% return. Over the past 10 years, AEM has outperformed IAU with an annualized return of 14.70%, while IAU has yielded a comparatively lower 12.31% annualized return.
AEM
- 1D
- 3.09%
- 1M
- -16.80%
- YTD
- -3.66%
- 6M
- -2.93%
- 1Y
- 34.46%
- 3Y*
- 50.92%
- 5Y*
- 20.78%
- 10Y*
- 14.70%
IAU
- 1D
- 0.08%
- 1M
- -10.21%
- YTD
- -2.44%
- 6M
- -2.22%
- 1Y
- 23.95%
- 3Y*
- 29.07%
- 5Y*
- 17.23%
- 10Y*
- 12.31%
AEM vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AEM Agnico Eagle Mines Limited | -3.66% | 119.53% | 46.04% | 8.98% | 1.08% | -22.81% | 17.39% | 54.18% | -11.51% | 10.92% |
IAU iShares Gold Trust | -2.44% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between AEM and IAU is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.69 |
The correlation between AEM and IAU has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.
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Return for Risk
AEM vs. IAU — Risk / Return Rank
AEM
IAU
AEM vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Agnico Eagle Mines Limited (AEM) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AEM | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.99 | -0.11 |
| Martin ratioReturn relative to average drawdown | 2.48 | 2.83 | -0.35 |
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Drawdowns
AEM vs. IAU - Drawdown Comparison
The maximum AEM drawdown since its inception was -90.49%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for AEM and IAU.
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Drawdown Indicators
| AEM | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.49% | -45.14% | -45.35% |
Max Drawdown (1Y)Largest decline over 1 year | -39.39% | -24.40% | -14.99% |
Max Drawdown (3Y)Largest decline over 3 years | -39.39% | -24.40% | -14.99% |
Max Drawdown (5Y)Largest decline over 5 years | -45.03% | -24.40% | -20.63% |
Max Drawdown (10Y)Largest decline over 10 years | -53.86% | -24.40% | -29.46% |
Current DrawdownCurrent decline from peak | -35.35% | -22.03% | -13.32% |
Average DrawdownAverage peak-to-trough decline | -46.65% | -15.97% | -30.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.93% | 8.47% | +5.46% |
Volatility
AEM vs. IAU - Volatility Comparison
Agnico Eagle Mines Limited (AEM) has a higher volatility of 15.31% compared to iShares Gold Trust (IAU) at 7.70%. This indicates that AEM's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AEM | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.31% | 7.70% | +7.61% |
Volatility (6M)Calculated over the trailing 6-month period | 36.02% | 23.94% | +12.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.06% | 27.17% | +16.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.06% | 18.16% | +18.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.35% | 16.02% | +21.33% |
Dividends
AEM vs. IAU - Dividend Comparison
AEM's dividend yield for the trailing twelve months is around 1.05%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AEM Agnico Eagle Mines Limited | 1.05% | 0.94% | 2.05% | 2.92% | 3.08% | 2.63% | 2.36% | 0.89% | 1.09% | 0.89% | 0.86% | 1.22% |
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AEM and IAU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AEM has higher volatility (15.31%) compared to IAU (7.70%). In terms of maximum drawdown, AEM dropped -90.49% vs IAU's -45.14%.
IAU currently has the higher Sharpe Ratio (0.89 vs 0.79), 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.
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