EWG vs. IAU
EWG (iShares MSCI Germany ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - EWG is a Europe Equities fund tracking the MSCI Germany Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, EWG returned 7.74%/yr vs 11.37%/yr for IAU. At a 0.18 correlation, their price movements are largely independent. EWG charges 0.49%/yr vs 0.25%/yr for IAU.
Performance
EWG vs. IAU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWG achieves a -1.04% return, which is significantly higher than IAU's -7.29% return. Over the past 10 years, EWG has underperformed IAU with an annualized return of 7.74%, while IAU has yielded a comparatively higher 11.37% annualized return.
EWG
- 1D
- -0.63%
- 1M
- -0.60%
- 6M
- -4.05%
- YTD
- -1.04%
- 1Y
- -0.93%
- 3Y*
- 14.46%
- 5Y*
- 5.96%
- 10Y*
- 7.74%
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%
EWG vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | -1.04% | 35.79% | 9.79% | 23.35% | -22.27% | 5.84% | 10.09% | 19.15% | -21.40% | 27.42% |
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 EWG 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 | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.18 |
Over the past year, EWG and IAU have become more correlated (0.40) than their long-term average of 0.18, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EWG vs. IAU — Risk / Return Rank
EWG
IAU
EWG vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Germany ETF (EWG) 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.
| EWG | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.15 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 0.72 | -0.79 |
| Martin ratioReturn relative to average drawdown | -0.18 | 1.77 | -1.96 |
Loading charts...
Drawdowns
EWG vs. IAU - Drawdown Comparison
The maximum EWG drawdown since its inception was -67.57%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for EWG and IAU.
Loading charts...
Drawdown Indicators
| EWG | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.57% | -45.14% | -22.43% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -26.17% | +11.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.81% | -26.17% | +10.36% |
Max Drawdown (5Y)Largest decline over 5 years | -42.59% | -26.17% | -16.42% |
Max Drawdown (10Y)Largest decline over 10 years | -46.80% | -26.17% | -20.63% |
Current DrawdownCurrent decline from peak | -5.62% | -25.91% | +20.29% |
Average DrawdownAverage peak-to-trough decline | -19.15% | -16.00% | -3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.11% | 10.66% | -5.55% |
Volatility
EWG vs. IAU - Volatility Comparison
The current volatility for iShares MSCI Germany ETF (EWG) is 5.48%, while iShares Gold Trust (IAU) has a volatility of 7.54%. This indicates that EWG 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.
Loading charts...
Volatility by Period
| EWG | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.48% | 7.54% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 15.18% | 24.02% | -8.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.78% | 27.75% | -9.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.57% | 18.33% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.80% | 16.04% | +4.76% |
EWG vs. IAU - Expense Ratio Comparison
EWG has a 0.49% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
EWG vs. IAU - Dividend Comparison
EWG's dividend yield for the trailing twelve months is around 2.02%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 2.02% | 1.60% | 2.38% | 2.56% | 3.24% | 2.70% | 1.67% | 2.51% | 2.93% | 2.06% | 2.35% | 1.93% |
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
EWG 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.
IAU has higher volatility (7.54%) compared to EWG (5.48%). In terms of maximum drawdown, EWG dropped -67.57% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.37% vs 7.74% for EWG. On fees, IAU is cheaper at 0.25% per year. On volatility, EWG has been the lower-risk option at 5.48%. 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 7.74%. 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 0.49% for EWG.
EWG has the higher dividend yield at 2.02%, compared with 0.00% for IAU.
EWG is categorized as Europe Equities, while IAU is Gold. EWG tracks MSCI Germany Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.49% for EWG and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.68 vs -0.05), 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.
Find the right allocation for EWG and IAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer