CNYA vs. IAU

Last updated Jun 4, 2026

CNYA (iShares MSCI China A ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - CNYA is a China Equities fund tracking the MSCI China A Inclusion Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, CNYA returned -1.06%/yr vs 18.32%/yr for IAU. At a 0.17 correlation, their price movements are largely independent. CNYA charges 0.60%/yr vs 0.25%/yr for IAU.

Performance

CNYA vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China A ETF (CNYA) 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, CNYA achieves a 9.30% return, which is significantly higher than IAU's 2.98% return.

CNYA

• 1D: 0.04%
• 1M: 2.34%
• YTD: 9.30%
• 6M: 13.79%
• 1Y: 37.95%
• 3Y*: 11.00%
• 5Y*: -1.06%
• 10Y*: —

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)

CNYA vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNYA iShares MSCI China A ETF	9.30%	26.48%	10.78%	-13.76%	-26.51%	3.53%	41.54%	35.95%	-26.56%	30.99%
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 CNYA and IAU is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jun 16, 2016	0.17

The correlation between CNYA and IAU shifts across timeframes, from 0.17 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

CNYA vs. IAU - Sectors Allocation Comparison

Sectors	CNYA	IAU
Technology	30.0%	-
Industrials	18.3%	-
Financial Services	17.0%	-
Basic Materials	10.6%	-
Consumer Defensive	6.7%	-
Consumer Cyclical	5.7%	-
Healthcare	3.8%	-
Energy	3.2%	-
Utilities	3.2%	-
Real Estate	0.7%	100.0%
Communication Services	0.6%	-

Return for Risk

CNYA vs. IAU — Risk / Return Rank

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

CNYA

CNYA Risk / Return Rank: 71
CNYA Sharpe Ratio Rank: 65
CNYA Sortino Ratio Rank: 64
CNYA Omega Ratio Rank: 64
CNYA Calmar Ratio Rank: 87
CNYA Martin Ratio Rank: 76

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.

CNYA vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) 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.

	CNYA	IAU	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.23	+0.98
Sortino ratio: Return per unit of downside risk	3.02	1.62	+1.40
Omega ratio: Gain probability vs. loss probability	1.40	1.24	+0.15
Calmar ratio: Return relative to maximum drawdown	5.02	1.69	+3.34
Martin ratio: Return relative to average drawdown	14.84	4.19	+10.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNYA vs. IAU - Sharpe Ratio Comparison

The current CNYA Sharpe Ratio is 2.20, which is higher than the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of CNYA 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

	CNYA	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	1.23	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	1.03	-1.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.62	-0.35

Drawdowns

CNYA vs. IAU - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for CNYA and IAU.

Drawdown Indicators

	CNYA	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-49.49%	-45.14%	-4.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-19.18%	+11.59%
Max Drawdown (3Y) Largest decline over 3 years	-33.35%	-19.18%	-14.17%
Max Drawdown (5Y) Largest decline over 5 years	-44.70%	-20.93%	-23.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.82%	—
Current Drawdown Current decline from peak	-13.42%	-17.70%	+4.28%
Average Drawdown Average peak-to-trough decline	-20.69%	-15.96%	-4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	7.71%	-5.15%

Volatility

CNYA vs. IAU - Volatility Comparison

iShares MSCI China A ETF (CNYA) has a higher volatility of 6.42% compared to iShares Gold Trust (IAU) at 5.50%. This indicates that CNYA'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.

Volatility by Period

	CNYA	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	5.50%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	23.02%	-10.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	26.42%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.81%	17.95%	+5.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	15.90%	+7.66%

CNYA vs. IAU - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

CNYA vs. IAU - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.75%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CNYA iShares MSCI China A ETF	1.75%	1.92%	2.51%	4.23%	2.69%	1.11%	1.06%	1.21%	3.92%	0.97%	1.38%
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%

Frequently Asked Questions

Can I hold both CNYA and IAU in my portfolio?

CNYA and IAU have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNYA or IAU?

CNYA has higher volatility (6.42%) compared to IAU (5.50%). In terms of maximum drawdown, CNYA dropped -49.49% vs IAU's -45.14%.

Which ETF is better, CNYA or IAU?

On 5-year performance, IAU leads with 18.32% vs -1.06% for CNYA. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNYA or IAU?

Over the 5-year period, IAU has performed better with a 18.32% return vs -1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNYA or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.60% for CNYA.

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

CNYA has the higher dividend yield at 1.75%, compared with 0.00% for IAU.

What is the main difference between CNYA and IAU?

CNYA is categorized as China Equities, while IAU is Gold. CNYA tracks MSCI China A Inclusion Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.60% for CNYA and 0.25% for IAU.

Which has better risk-adjusted returns?

CNYA currently has the higher Sharpe Ratio (2.20 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.