AUMF.AX vs. GLDN.AX

Last updated Jul 16, 2026

AUMF.AX (iShares Edge MSCI Australia Multifactor ETF) and GLDN.AX (Ishares Physical Gold ETF) are both exchange-traded funds - AUMF.AX is a Multi-factor fund tracking the MSCI Australia IMI Diversified Multiple-Factor (AUD) GROSS Index, while GLDN.AX is a Gold fund tracking the LBMA Gold Price PM AUD Index. Both are passively managed. Over the past year, AUMF.AX returned 3.42% vs 12.58% for GLDN.AX. At a 0.12 correlation, their price movements are largely independent. AUMF.AX charges 0.30%/yr vs 0.18%/yr for GLDN.AX.

Performance

AUMF.AX vs. GLDN.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Edge MSCI Australia Multifactor ETF (AUMF.AX) and Ishares Physical Gold ETF (GLDN.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUMF.AX achieves a -1.94% return, which is significantly higher than GLDN.AX's -11.15% return.

AUMF.AX

• 1D: 0.18%
• 1M: -1.89%
• 6M: -1.57%
• YTD: -1.94%
• 1Y: 3.42%
• 3Y*: 11.71%
• 5Y*: 7.36%
• 10Y*: —

GLDN.AX

• 1D: 0.24%
• 1M: -4.83%
• 6M: -16.42%
• YTD: -11.15%
• 1Y: 12.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AUMF.AX vs. GLDN.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AUMF.AX iShares Edge MSCI Australia Multifactor ETF	-1.94%	17.56%	14.19%	12.11%
GLDN.AX Ishares Physical Gold ETF	-11.15%	55.11%	38.15%	-3.32%

Correlation

The correlation between AUMF.AX and GLDN.AX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.12

The correlation between AUMF.AX and GLDN.AX shifts across timeframes, from 0.12 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AUMF.AX vs. GLDN.AX — Risk / Return Rank

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

AUMF.AX

AUMF.AX Risk / Return Rank: 12
AUMF.AX Sharpe Ratio Rank: 13
AUMF.AX Sortino Ratio Rank: 12
AUMF.AX Omega Ratio Rank: 12
AUMF.AX Calmar Ratio Rank: 13
AUMF.AX Martin Ratio Rank: 13

GLDN.AX

GLDN.AX Risk / Return Rank: 17
GLDN.AX Sharpe Ratio Rank: 18
GLDN.AX Sortino Ratio Rank: 18
GLDN.AX Omega Ratio Rank: 20
GLDN.AX Calmar Ratio Rank: 15
GLDN.AX Martin Ratio Rank: 15

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.

AUMF.AX vs. GLDN.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Australia Multifactor ETF (AUMF.AX) and Ishares Physical Gold ETF (GLDN.AX). 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.

	AUMF.AX	GLDN.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.49	-0.27
Sortino ratio: Return per unit of downside risk	0.40	0.81	-0.41
Omega ratio: Gain probability vs. loss probability	1.05	1.12	-0.07
Calmar ratio: Return relative to maximum drawdown	0.28	0.46	-0.18
Martin ratio: Return relative to average drawdown	0.66	1.00	-0.35

AUMF.AX vs. GLDN.AX - Sharpe Ratio Comparison

The current AUMF.AX Sharpe Ratio is 0.22, which is lower than the GLDN.AX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of AUMF.AX and GLDN.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AUMF.AX vs. GLDN.AX - Drawdown Comparison

The maximum AUMF.AX drawdown since its inception was -36.93%, which is greater than GLDN.AX's maximum drawdown of -26.62%. Use the drawdown chart below to compare losses from any high point for AUMF.AX and GLDN.AX.

Drawdown Indicators

	AUMF.AX	GLDN.AX	Difference
Max Drawdown Largest peak-to-trough decline	-36.93%	-26.62%	-10.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-26.62%	+16.15%
Max Drawdown (3Y) Largest decline over 3 years	-10.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.05%	—	—
Current Drawdown Current decline from peak	-5.01%	-26.28%	+21.27%
Average Drawdown Average peak-to-trough decline	-3.86%	-5.16%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	12.44%	-7.96%

Volatility

AUMF.AX vs. GLDN.AX - Volatility Comparison

The current volatility for iShares Edge MSCI Australia Multifactor ETF (AUMF.AX) is 2.80%, while Ishares Physical Gold ETF (GLDN.AX) has a volatility of 6.35%. This indicates that AUMF.AX experiences smaller price fluctuations and is considered to be less risky than GLDN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUMF.AX	GLDN.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	6.35%	-3.55%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	21.71%	-10.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.35%	25.11%	-11.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	19.55%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.11%	19.55%	-5.44%

AUMF.AX vs. GLDN.AX - Expense Ratio Comparison

AUMF.AX has a 0.30% expense ratio, which is higher than GLDN.AX's 0.18% expense ratio.

Dividends

AUMF.AX vs. GLDN.AX - Dividend Comparison

AUMF.AX's dividend yield for the trailing twelve months is around 1.44%, while GLDN.AX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AUMF.AX iShares Edge MSCI Australia Multifactor ETF	1.44%	2.80%	3.34%	4.69%	6.09%	2.52%	2.71%	4.45%	8.24%
GLDN.AX Ishares Physical Gold ETF	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AUMF.AX and GLDN.AX in my portfolio?

AUMF.AX and GLDN.AX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AUMF.AX or GLDN.AX?

On fees, GLDN.AX is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AUMF.AX or GLDN.AX?

GLDN.AX is cheaper with a 0.18% expense ratio, compared with 0.30% for AUMF.AX.

What is the main difference between AUMF.AX and GLDN.AX?

AUMF.AX is categorized as Multi-factor, while GLDN.AX is Gold. AUMF.AX tracks MSCI Australia IMI Diversified Multiple-Factor (AUD) GROSS Index, while GLDN.AX tracks LBMA Gold Price PM AUD Index. Their fees differ too: 0.30% for AUMF.AX and 0.18% for GLDN.AX.