AUCP.L vs. IAUP.L
AUCP.L (L&G Gold Mining UCITS ETF) and IAUP.L (iShares Gold Producers UCITS ETF USD Acc) are both Gold funds - AUCP.L tracks the STOXX Global Gold Miners while IAUP.L tracks the S&P Commodity Producers Gold Index. Both are passively managed. Over the past 10 years, AUCP.L returned 13.49%/yr vs 12.06%/yr for IAUP.L. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.
Performance
AUCP.L vs. IAUP.L - Performance Comparison
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Different Trading Currencies
AUCP.L is traded in GBp, while IAUP.L is traded in USD. To make them comparable, the IAUP.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, AUCP.L achieves a -10.22% return, which is significantly lower than IAUP.L's -8.59% return. Over the past 10 years, AUCP.L has outperformed IAUP.L with an annualized return of 13.49%, while IAUP.L has yielded a comparatively lower 12.06% annualized return.
AUCP.L
- 1D
- 1.39%
- 1M
- -11.29%
- YTD
- -10.22%
- 6M
- -14.31%
- 1Y
- 55.82%
- 3Y*
- 45.12%
- 5Y*
- 23.87%
- 10Y*
- 13.49%
IAUP.L
- 1D
- 1.16%
- 1M
- -11.06%
- YTD
- -8.59%
- 6M
- -12.82%
- 1Y
- 54.69%
- 3Y*
- 36.74%
- 5Y*
- 19.65%
- 10Y*
- 12.06%
AUCP.L vs. IAUP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AUCP.L L&G Gold Mining UCITS ETF | -10.22% | 161.99% | 20.20% | 8.69% | -4.04% | -8.91% | 17.60% | 39.53% | -5.63% | 0.57% |
IAUP.L iShares Gold Producers UCITS ETF USD Acc | -8.59% | 135.89% | 13.44% | 3.96% | -0.48% | -9.46% | 19.97% | 40.06% | -4.18% | -2.54% |
Correlation
The correlation between AUCP.L and IAUP.L is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.94 |
The correlation between AUCP.L and IAUP.L has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
AUCP.L vs. IAUP.L — Risk / Return Rank
AUCP.L
IAUP.L
AUCP.L vs. IAUP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Gold Mining UCITS ETF (AUCP.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.L). 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.
| AUCP.L | IAUP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.62 | -0.06 |
| Martin ratioReturn relative to average drawdown | 4.09 | 4.27 | -0.17 |
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Drawdowns
AUCP.L vs. IAUP.L - Drawdown Comparison
The maximum AUCP.L drawdown since its inception was -81.66%, roughly equal to the maximum IAUP.L drawdown of -79.77%. Use the drawdown chart below to compare losses from any high point for AUCP.L and IAUP.L.
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Drawdown Indicators
| AUCP.L | IAUP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.66% | -79.77% | -1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -35.61% | -33.53% | -2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -35.61% | -33.53% | -2.08% |
Max Drawdown (5Y)Largest decline over 5 years | -39.38% | -34.46% | -4.92% |
Max Drawdown (10Y)Largest decline over 10 years | -45.72% | -43.97% | -1.75% |
Current DrawdownCurrent decline from peak | -32.88% | -31.63% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -45.85% | -42.73% | -3.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.60% | 12.78% | +0.82% |
Volatility
AUCP.L vs. IAUP.L - Volatility Comparison
L&G Gold Mining UCITS ETF (AUCP.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.L) have volatilities of 17.90% and 17.37%, 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.
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Volatility by Period
| AUCP.L | IAUP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.90% | 17.37% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 37.14% | 36.63% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.44% | 44.38% | +2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.29% | 33.56% | +5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.09% | 33.34% | +2.75% |
AUCP.L vs. IAUP.L - Expense Ratio Comparison
Both AUCP.L and IAUP.L have an expense ratio of 0.55%.
Dividends
AUCP.L vs. IAUP.L - Dividend Comparison
Neither AUCP.L nor IAUP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, AUCP.L and IAUP.L 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.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AUCP.L and IAUP.L have the same expense ratio: 0.55% per year.
AUCP.L tracks STOXX Global Gold Miners, while IAUP.L tracks S&P Commodity Producers Gold Index. They also come from different issuers: Legal & General and iShares.
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