AOK vs. IAU

Last updated Jun 4, 2026

AOK (iShares Core Conservative Allocation ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, AOK returned 5.14%/yr vs 13.31%/yr for IAU. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

AOK vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Conservative Allocation ETF (AOK) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOK achieves a 4.26% return, which is significantly higher than IAU's 2.98% return. Over the past 10 years, AOK has underperformed IAU with an annualized return of 5.14%, while IAU has yielded a comparatively higher 13.31% annualized return.

AOK

• 1D: -0.41%
• 1M: 1.66%
• YTD: 4.26%
• 6M: 4.14%
• 1Y: 12.11%
• 3Y*: 9.28%
• 5Y*: 3.71%
• 10Y*: 5.14%

IAU

• 1D: -0.98%
• 1M: -1.62%
• YTD: 2.98%
• 6M: 5.50%
• 1Y: 32.20%
• 3Y*: 31.29%
• 5Y*: 18.32%
• 10Y*: 13.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AOK vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOK iShares Core Conservative Allocation ETF	4.26%	11.26%	6.58%	10.85%	-14.16%	4.87%	9.33%	13.90%	-3.09%	9.70%
IAU iShares Gold Trust	2.98%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between AOK and IAU is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008	0.23

The correlation between AOK and IAU shifts across timeframes, from 0.23 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

AOK vs. IAU - Sectors Allocation Comparison

Sectors	AOK	IAU
Technology	13.0%	-
Financial Services	6.0%	-
Industrials	3.6%	-
Communication Services	3.4%	-
Consumer Cyclical	3.2%	-
Healthcare	3.0%	-
Consumer Defensive	1.7%	-
Energy	1.5%	-
Basic Materials	1.1%	-
Utilities	0.9%	-
Real Estate	0.5%	100.0%

Return for Risk

AOK vs. IAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AOK

AOK Risk / Return Rank: 61
AOK Sharpe Ratio Rank: 61
AOK Sortino Ratio Rank: 64
AOK Omega Ratio Rank: 65
AOK Calmar Ratio Rank: 54
AOK Martin Ratio Rank: 62

IAU

IAU Risk / Return Rank: 32
IAU Sharpe Ratio Rank: 33
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 36
IAU Calmar Ratio Rank: 33
IAU Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AOK vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Conservative Allocation ETF (AOK) 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.

	AOK	IAU	Difference
Sharpe ratio Return per unit of total volatility	2.11	1.23	+0.88
Sortino ratio Return per unit of downside risk	3.01	1.62	+1.39
Omega ratio Gain probability vs. loss probability	1.41	1.24	+0.16
Calmar ratio Return relative to maximum drawdown	2.70	1.69	+1.02
Martin ratio Return relative to average drawdown	11.50	4.19	+7.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOK vs. IAU - Sharpe Ratio Comparison

The current AOK Sharpe Ratio is 2.11, which is higher than the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of AOK and IAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AOK	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.23	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	1.03	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.84	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.62	+0.09

Drawdowns

AOK vs. IAU - Drawdown Comparison

The maximum AOK drawdown since its inception was -18.94%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for AOK and IAU.

Drawdown Indicators

	AOK	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-45.14%	+26.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-19.18%	+14.68%
Max Drawdown (3Y) Largest decline over 3 years	-6.37%	-19.18%	+12.81%
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	-20.93%	+1.99%
Max Drawdown (10Y) Largest decline over 10 years	-18.94%	-21.82%	+2.88%
Current Drawdown Current decline from peak	-0.41%	-17.70%	+17.29%
Average Drawdown Average peak-to-trough decline	-2.37%	-15.96%	+13.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	7.71%	-6.65%

Volatility

AOK vs. IAU - Volatility Comparison

The current volatility for iShares Core Conservative Allocation ETF (AOK) is 1.97%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that AOK experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOK	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	5.50%	-3.53%
Volatility (6M) Calculated over the trailing 6-month period	4.47%	23.02%	-18.55%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	26.42%	-20.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	17.95%	-10.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.71%	15.90%	-9.19%

AOK vs. IAU - Expense Ratio Comparison

Both AOK and IAU have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

AOK vs. IAU - Dividend Comparison

AOK's dividend yield for the trailing twelve months is around 3.28%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOK iShares Core Conservative Allocation ETF	3.28%	3.28%	3.23%	2.93%	2.25%	1.55%	2.10%	2.71%	2.68%	2.91%	2.14%	2.02%
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

Can I hold both AOK and IAU in my portfolio?

AOK and IAU have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOK or IAU?

IAU has higher volatility (5.50%) compared to AOK (1.97%). In terms of maximum drawdown, AOK dropped -18.94% vs IAU's -45.14%.

Which ETF is better, AOK or IAU?

On 10-year performance, IAU leads with 13.31% vs 5.14% for AOK. Both ETFs have the same 0.25% expense ratio. On volatility, AOK has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOK or IAU?

Over the 10-year period, IAU has performed better with a 13.31% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOK or IAU?

AOK and IAU have the same expense ratio: 0.25% per year.

Which ETF pays a higher dividend yield, AOK or IAU?

AOK has the higher dividend yield at 3.28%, compared with 0.00% for IAU.

What is the main difference between AOK and IAU?

AOK is categorized as Diversified Portfolio, while IAU is Gold. AOK tracks S&P Target Risk Conservative Index, while IAU tracks LBMA Gold Price.

Which has better risk-adjusted returns?

AOK currently has the higher Sharpe Ratio (2.11 vs 1.23), 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.