DVYE vs. IAU

Last updated Jun 5, 2026

DVYE (iShares Emerging Markets Dividend ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - DVYE is a Emerging Markets Equities fund tracking the Dow Jones Emerging Markets Select Dividend Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, DVYE returned 7.81%/yr vs 13.38%/yr for IAU. At a 0.22 correlation, their price movements are largely independent. DVYE charges 0.49%/yr vs 0.25%/yr for IAU.

Performance

DVYE vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Dividend ETF (DVYE) 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, DVYE achieves a 10.74% return, which is significantly higher than IAU's 3.83% return. Over the past 10 years, DVYE has underperformed IAU with an annualized return of 7.81%, while IAU has yielded a comparatively higher 13.38% annualized return.

DVYE

• 1D: 0.23%
• 1M: -2.08%
• YTD: 10.74%
• 6M: 11.14%
• 1Y: 28.60%
• 3Y*: 22.07%
• 5Y*: 4.84%
• 10Y*: 7.81%

IAU

• 1D: 0.83%
• 1M: -1.65%
• YTD: 3.83%
• 6M: 6.31%
• 1Y: 32.47%
• 3Y*: 31.39%
• 5Y*: 18.52%
• 10Y*: 13.38%

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

DVYE vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVYE iShares Emerging Markets Dividend ETF	10.74%	28.36%	8.89%	20.88%	-31.38%	11.02%	-2.51%	15.41%	-5.56%	27.04%
IAU iShares Gold Trust	3.83%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between DVYE and IAU is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012	0.22

The correlation between DVYE and IAU shifts across timeframes, from 0.22 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

DVYE vs. IAU - Sectors Allocation Comparison

Sectors	DVYE	IAU
Financial Services	28.4%	-
Energy	19.1%	-
Industrials	16.8%	-
Basic Materials	8.6%	-
Utilities	7.4%	-
Technology	7.3%	-
Consumer Cyclical	4.3%	-
Real Estate	3.7%	100.0%
Consumer Defensive	2.4%	-
Communication Services	1.9%	-
Healthcare	-	-

Return for Risk

DVYE vs. IAU — Risk / Return Rank

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

DVYE

DVYE Risk / Return Rank: 66
DVYE Sharpe Ratio Rank: 61
DVYE Sortino Ratio Rank: 58
DVYE Omega Ratio Rank: 58
DVYE Calmar Ratio Rank: 83
DVYE Martin Ratio Rank: 69

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 32
IAU Omega Ratio Rank: 39
IAU Calmar Ratio Rank: 35
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.

DVYE vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Dividend ETF (DVYE) 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.

	DVYE	IAU	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.24	+0.77
Sortino ratio: Return per unit of downside risk	2.71	1.63	+1.08
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	4.42	1.70	+2.72
Martin ratio: Return relative to average drawdown	12.61	4.18	+8.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVYE vs. IAU - Sharpe Ratio Comparison

The current DVYE Sharpe Ratio is 2.01, which is higher than the IAU Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of DVYE 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

	DVYE	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.24	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	1.04	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.84	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.63	-0.46

Drawdowns

DVYE vs. IAU - Drawdown Comparison

The maximum DVYE drawdown since its inception was -47.42%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for DVYE and IAU.

Drawdown Indicators

	DVYE	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-47.42%	-45.14%	-2.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-19.18%	+12.69%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-19.18%	+4.55%
Max Drawdown (5Y) Largest decline over 5 years	-40.89%	-20.93%	-19.96%
Max Drawdown (10Y) Largest decline over 10 years	-40.89%	-21.82%	-19.07%
Current Drawdown Current decline from peak	-3.83%	-17.02%	+13.19%
Average Drawdown Average peak-to-trough decline	-15.37%	-15.96%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	7.79%	-5.52%

Volatility

DVYE vs. IAU - Volatility Comparison

iShares Emerging Markets Dividend ETF (DVYE) and iShares Gold Trust (IAU) have volatilities of 5.48% and 5.50%, 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.

Volatility by Period

	DVYE	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	5.50%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	23.03%	-11.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	26.41%	-12.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	17.94%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	15.90%	+2.49%

DVYE vs. IAU - Expense Ratio Comparison

DVYE has a 0.49% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

DVYE vs. IAU - Dividend Comparison

DVYE's dividend yield for the trailing twelve months is around 5.11%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVYE iShares Emerging Markets Dividend ETF	5.11%	5.88%	11.81%	9.05%	9.89%	7.31%	5.27%	5.97%	5.69%	4.81%	4.56%	6.53%
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 DVYE and IAU in my portfolio?

DVYE and IAU have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVYE or IAU?

IAU has higher volatility (5.50%) compared to DVYE (5.48%). In terms of maximum drawdown, DVYE dropped -47.42% vs IAU's -45.14%.

Which ETF is better, DVYE or IAU?

On 10-year performance, IAU leads with 13.38% vs 7.81% for DVYE. On fees, IAU is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVYE or IAU?

Over the 10-year period, IAU has performed better with a 13.38% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVYE or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.49% for DVYE.

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

DVYE has the higher dividend yield at 5.11%, compared with 0.00% for IAU.

What is the main difference between DVYE and IAU?

DVYE is categorized as Emerging Markets Equities, while IAU is Gold. DVYE tracks Dow Jones Emerging Markets Select Dividend Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.49% for DVYE and 0.25% for IAU.

Which has better risk-adjusted returns?

DVYE currently has the higher Sharpe Ratio (2.01 vs 1.24), 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.