EWU vs. IAU
EWU (iShares MSCI United Kingdom ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - EWU is a Europe Equities fund tracking the MSCI United Kingdom Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, EWU returned 8.60%/yr vs 11.42%/yr for IAU. At a 0.20 correlation, their price movements are largely independent. EWU charges 0.50%/yr vs 0.25%/yr for IAU.
Performance
EWU vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, EWU achieves a 4.82% return, which is significantly higher than IAU's -7.61% return. Over the past 10 years, EWU has underperformed IAU with an annualized return of 8.60%, while IAU has yielded a comparatively higher 11.42% annualized return.
EWU
- 1D
- -0.26%
- 1M
- -2.10%
- YTD
- 4.82%
- 6M
- 4.59%
- 1Y
- 19.24%
- 3Y*
- 16.85%
- 5Y*
- 10.69%
- 10Y*
- 8.60%
IAU
- 1D
- -3.03%
- 1M
- -11.58%
- YTD
- -7.61%
- 6M
- -11.09%
- 1Y
- 19.64%
- 3Y*
- 27.30%
- 5Y*
- 17.22%
- 10Y*
- 11.42%
EWU vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWU iShares MSCI United Kingdom ETF | 4.82% | 34.95% | 6.74% | 12.40% | -4.39% | 18.19% | -11.80% | 21.29% | -14.30% | 21.54% |
IAU iShares Gold Trust | -7.61% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between EWU 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 | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.20 |
Over the past year, EWU and IAU have become more correlated (0.41) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
EWU vs. IAU — Risk / Return Rank
EWU
IAU
EWU vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) 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.
| EWU | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.15 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 0.75 | +1.19 |
| Martin ratioReturn relative to average drawdown | 6.62 | 2.14 | +4.48 |
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Drawdowns
EWU vs. IAU - Drawdown Comparison
The maximum EWU drawdown since its inception was -63.99%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for EWU and IAU.
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Drawdown Indicators
| EWU | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.99% | -45.14% | -18.85% |
Max Drawdown (1Y)Largest decline over 1 year | -9.92% | -26.17% | +16.25% |
Max Drawdown (3Y)Largest decline over 3 years | -12.63% | -26.17% | +13.54% |
Max Drawdown (5Y)Largest decline over 5 years | -24.91% | -26.17% | +1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -43.33% | -26.17% | -17.16% |
Current DrawdownCurrent decline from peak | -5.30% | -26.17% | +20.87% |
Average DrawdownAverage peak-to-trough decline | -14.14% | -15.98% | +1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 9.21% | -6.30% |
Volatility
EWU vs. IAU - Volatility Comparison
The current volatility for iShares MSCI United Kingdom ETF (EWU) is 4.02%, while iShares Gold Trust (IAU) has a volatility of 8.50%. This indicates that EWU 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
| EWU | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 8.50% | -4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 12.56% | 24.42% | -11.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.68% | 27.55% | -12.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.43% | 18.24% | -1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.35% | 16.01% | +2.34% |
EWU vs. IAU - Expense Ratio Comparison
EWU has a 0.50% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
EWU vs. IAU - Dividend Comparison
EWU's dividend yield for the trailing twelve months is around 3.29%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWU iShares MSCI United Kingdom ETF | 3.29% | 3.73% | 4.16% | 4.14% | 3.43% | 4.35% | 2.48% | 4.13% | 4.98% | 3.91% | 3.97% | 4.11% |
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
EWU 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 (8.50%) compared to EWU (4.02%). In terms of maximum drawdown, EWU dropped -63.99% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.42% vs 8.60% for EWU. On fees, IAU is cheaper at 0.25% per year. On volatility, EWU has been the lower-risk option at 4.02%. 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 11.42% return vs 8.60%. 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 0.50% for EWU.
EWU has the higher dividend yield at 3.29%, compared with 0.00% for IAU.
EWU is categorized as Europe Equities, while IAU is Gold. EWU tracks MSCI United Kingdom Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.50% for EWU and 0.25% for IAU.
EWU currently has the higher Sharpe Ratio (1.32 vs 0.72), 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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