EPOL vs. IAU

Last updated Jun 4, 2026

EPOL (iShares MSCI Poland ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - EPOL is a Europe Equities fund tracking the MSCI Poland Investable Market Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, EPOL returned 11.45%/yr vs 13.31%/yr for IAU. At a 0.22 correlation, their price movements are largely independent. EPOL charges 0.61%/yr vs 0.25%/yr for IAU.

Performance

EPOL vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Poland ETF (EPOL) 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, EPOL achieves a 13.58% return, which is significantly higher than IAU's 2.98% return. Over the past 10 years, EPOL has underperformed IAU with an annualized return of 11.45%, while IAU has yielded a comparatively higher 13.31% annualized return.

EPOL

• 1D: -0.52%
• 1M: 5.18%
• YTD: 13.58%
• 6M: 22.93%
• 1Y: 40.50%
• 3Y*: 35.67%
• 5Y*: 15.78%
• 10Y*: 11.45%

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)

EPOL vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPOL iShares MSCI Poland ETF	13.58%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%
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 EPOL and IAU is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 27, 2010	0.22

EPOL vs. IAU - Sectors Allocation Comparison

Sectors	EPOL	IAU
Financial Services	45.6%	-
Energy	14.6%	-
Consumer Cyclical	12.4%	-
Basic Materials	6.6%	-
Communication Services	6.3%	-
Consumer Defensive	5.5%	-
Utilities	5.1%	-
Technology	1.9%	-
Industrials	1.7%	-
Healthcare	0.3%	-
Real Estate	-	100.0%

Return for Risk

EPOL vs. IAU — Risk / Return Rank

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

EPOL

EPOL Risk / Return Rank: 55
EPOL Sharpe Ratio Rank: 50
EPOL Sortino Ratio Rank: 50
EPOL Omega Ratio Rank: 45
EPOL Calmar Ratio Rank: 73
EPOL Martin Ratio Rank: 57

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.

EPOL vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland ETF (EPOL) 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.

	EPOL	IAU	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.23	+0.54
Sortino ratio Return per unit of downside risk	2.49	1.62	+0.87
Omega ratio Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio Return relative to maximum drawdown	3.68	1.69	+2.00
Martin ratio Return relative to average drawdown	10.07	4.19	+5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPOL vs. IAU - Sharpe Ratio Comparison

The current EPOL Sharpe Ratio is 1.76, which is higher than the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of EPOL 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

	EPOL	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.23	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	1.03	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.84	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.62	-0.41

Drawdowns

EPOL vs. IAU - Drawdown Comparison

The maximum EPOL drawdown since its inception was -63.72%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for EPOL and IAU.

Drawdown Indicators

	EPOL	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-63.72%	-45.14%	-18.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-19.18%	+8.14%
Max Drawdown (3Y) Largest decline over 3 years	-21.81%	-19.18%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-54.21%	-20.93%	-33.28%
Max Drawdown (10Y) Largest decline over 10 years	-61.41%	-21.82%	-39.59%
Current Drawdown Current decline from peak	-1.65%	-17.70%	+16.05%
Average Drawdown Average peak-to-trough decline	-26.89%	-15.96%	-10.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	7.71%	-3.68%

Volatility

EPOL vs. IAU - Volatility Comparison

iShares MSCI Poland ETF (EPOL) has a higher volatility of 7.84% compared to iShares Gold Trust (IAU) at 5.50%. This indicates that EPOL'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

	EPOL	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	5.50%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	23.02%	-5.67%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	26.42%	-3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.06%	17.95%	+11.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.65%	15.90%	+11.75%

EPOL vs. IAU - Expense Ratio Comparison

EPOL has a 0.61% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

EPOL vs. IAU - Dividend Comparison

EPOL's dividend yield for the trailing twelve months is around 4.21%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	4.21%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
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 EPOL and IAU in my portfolio?

EPOL and IAU have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPOL or IAU?

EPOL has higher volatility (7.84%) compared to IAU (5.50%). In terms of maximum drawdown, EPOL dropped -63.72% vs IAU's -45.14%.

Which ETF is better, EPOL or IAU?

On 10-year performance, IAU leads with 13.31% vs 11.45% for EPOL. 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, EPOL or IAU?

Over the 10-year period, IAU has performed better with a 13.31% return vs 11.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPOL or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.61% for EPOL.

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

EPOL has the higher dividend yield at 4.21%, compared with 0.00% for IAU.

What is the main difference between EPOL and IAU?

EPOL is categorized as Europe Equities, while IAU is Gold. EPOL tracks MSCI Poland Investable Market Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.61% for EPOL and 0.25% for IAU.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.76 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.