ECNS vs. IAU
ECNS (iShares MSCI China Small-Cap ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - ECNS is a China Equities fund tracking the MSCI China Small Cap Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, ECNS returned 0.73%/yr vs 11.37%/yr for IAU. At a 0.12 correlation, their price movements are largely independent. ECNS charges 0.59%/yr vs 0.25%/yr for IAU.
Performance
ECNS vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, ECNS achieves a -13.41% return, which is significantly lower than IAU's -7.29% return. Over the past 10 years, ECNS has underperformed IAU with an annualized return of 0.73%, while IAU has yielded a comparatively higher 11.37% annualized return.
ECNS
- 1D
- -2.61%
- 1M
- -7.53%
- 6M
- -18.85%
- YTD
- -13.41%
- 1Y
- -8.94%
- 3Y*
- 3.56%
- 5Y*
- -8.73%
- 10Y*
- 0.73%
IAU
- 1D
- -2.60%
- 1M
- -4.98%
- 6M
- -13.00%
- YTD
- -7.29%
- 1Y
- 18.88%
- 3Y*
- 26.67%
- 5Y*
- 16.68%
- 10Y*
- 11.37%
ECNS vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | -13.41% | 36.49% | 5.64% | -23.05% | -24.58% | 2.11% | 25.42% | 7.84% | -18.27% | 27.55% |
IAU iShares Gold Trust | -7.29% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between ECNS and IAU is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | 0.12 |
Over the past year, ECNS and IAU have become more correlated (0.41) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
ECNS vs. IAU — Risk / Return Rank
ECNS
IAU
ECNS vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) 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.
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.
| ECNS | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.15 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 0.72 | -1.07 |
| Martin ratioReturn relative to average drawdown | -0.77 | 1.77 | -2.54 |
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Drawdowns
ECNS vs. IAU - Drawdown Comparison
The maximum ECNS drawdown since its inception was -63.43%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ECNS and IAU.
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Drawdown Indicators
| ECNS | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.43% | -45.14% | -18.29% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -26.17% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -31.72% | -26.17% | -5.55% |
Max Drawdown (5Y)Largest decline over 5 years | -58.38% | -26.17% | -32.21% |
Max Drawdown (10Y)Largest decline over 10 years | -63.43% | -26.17% | -37.26% |
Current DrawdownCurrent decline from peak | -44.26% | -25.91% | -18.35% |
Average DrawdownAverage peak-to-trough decline | -29.46% | -16.00% | -13.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.64% | 10.66% | +0.98% |
Volatility
ECNS vs. IAU - Volatility Comparison
The current volatility for iShares MSCI China Small-Cap ETF (ECNS) is 6.17%, while iShares Gold Trust (IAU) has a volatility of 7.54%. This indicates that ECNS 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.
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Volatility by Period
| ECNS | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 7.54% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 24.02% | -10.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.99% | 27.75% | -6.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.47% | 18.33% | +11.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.80% | 16.04% | +9.76% |
ECNS vs. IAU - Expense Ratio Comparison
ECNS has a 0.59% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
ECNS vs. IAU - Dividend Comparison
ECNS's dividend yield for the trailing twelve months is around 6.79%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | 6.79% | 6.20% | 5.98% | 4.89% | 3.54% | 4.87% | 3.59% | 3.23% | 6.16% | 3.18% | 4.29% | 3.58% |
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
ECNS and IAU have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (7.54%) compared to ECNS (6.17%). In terms of maximum drawdown, ECNS dropped -63.43% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.37% vs 0.73% for ECNS. On fees, IAU is cheaper at 0.25% per year. On volatility, ECNS has been the lower-risk option at 6.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.37% return vs 0.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.59% for ECNS.
ECNS has the higher dividend yield at 6.79%, compared with 0.00% for IAU.
ECNS is categorized as China Equities, while IAU is Gold. ECNS tracks MSCI China Small Cap Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.59% for ECNS and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.68 vs -0.43), 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.
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