GDGB.L vs. IAUP.L

Last updated Jun 5, 2026

GDGB.L (VanEck Gold Miners UCITS ETF) and IAUP.L (iShares Gold Producers UCITS ETF USD Acc) are both Gold funds - GDGB.L tracks the MarketVector Global Gold Miners Index while IAUP.L tracks the S&P Commodity Producers Gold Index. Both are passively managed. Over the past 5 years, GDGB.L returned 20.20%/yr vs 20.01%/yr for IAUP.L. Their correlation of 0.94 suggests significant overlap in exposure. GDGB.L charges 0.53%/yr vs 0.55%/yr for IAUP.L.

Performance

GDGB.L vs. IAUP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Gold Miners UCITS ETF (GDGB.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GDGB.L is traded in GBP, while IAUP.L is traded in USD. To make them comparable, the IAUP.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GDGB.L achieves a 0.91% return, which is significantly lower than IAUP.L's 2.08% return.

GDGB.L

• 1D: 0.68%
• 1M: 0.97%
• YTD: 0.91%
• 6M: 6.45%
• 1Y: 64.98%
• 3Y*: 37.68%
• 5Y*: 20.20%
• 10Y*: —

IAUP.L

• 1D: 0.89%
• 1M: 0.64%
• YTD: 2.08%
• 6M: 6.73%
• 1Y: 65.17%
• 3Y*: 38.53%
• 5Y*: 20.01%
• 10Y*: 14.99%

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

GDGB.L vs. IAUP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDGB.L VanEck Gold Miners UCITS ETF	0.91%	138.26%	11.24%	3.69%	3.04%	-10.47%	19.56%	38.86%	-5.04%	-4.03%
IAUP.L iShares Gold Producers UCITS ETF USD Acc	2.08%	135.86%	13.48%	3.92%	-0.48%	-9.46%	19.97%	40.10%	-4.24%	-5.26%

Correlation

The correlation between GDGB.L and IAUP.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 15, 2017	0.94

The correlation between GDGB.L and IAUP.L has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

GDGB.L vs. IAUP.L - Sectors Allocation Comparison

Sectors	GDGB.L	IAUP.L
Basic Materials	100.0%	99.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDGB.L vs. IAUP.L — Risk / Return Rank

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

GDGB.L

GDGB.L Risk / Return Rank: 42
GDGB.L Sharpe Ratio Rank: 45
GDGB.L Sortino Ratio Rank: 40
GDGB.L Omega Ratio Rank: 41
GDGB.L Calmar Ratio Rank: 46
GDGB.L Martin Ratio Rank: 37

IAUP.L

IAUP.L Risk / Return Rank: 40
IAUP.L Sharpe Ratio Rank: 42
IAUP.L Sortino Ratio Rank: 38
IAUP.L Omega Ratio Rank: 38
IAUP.L Calmar Ratio Rank: 45
IAUP.L Martin Ratio Rank: 37

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.

GDGB.L vs. IAUP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners UCITS ETF (GDGB.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.L). 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.

	GDGB.L	IAUP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.55	0.00
Sortino ratio: Return per unit of downside risk	2.01	2.02	-0.01
Omega ratio: Gain probability vs. loss probability	1.26	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	2.23	2.33	-0.10
Martin ratio: Return relative to average drawdown	5.70	6.00	-0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDGB.L vs. IAUP.L - Sharpe Ratio Comparison

The current GDGB.L Sharpe Ratio is 1.55, which is comparable to the IAUP.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of GDGB.L and IAUP.L, 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

	GDGB.L	IAUP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.55	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.61	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.12	+0.38

Drawdowns

GDGB.L vs. IAUP.L - Drawdown Comparison

The maximum GDGB.L drawdown since its inception was -40.80%, smaller than the maximum IAUP.L drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for GDGB.L and IAUP.L.

Drawdown Indicators

	GDGB.L	IAUP.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.80%	-79.55%	+38.75%
Max Drawdown (1Y) Largest decline over 1 year	-28.97%	-27.83%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-28.97%	-27.83%	-1.14%
Max Drawdown (5Y) Largest decline over 5 years	-35.49%	-34.46%	-1.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.96%	—
Current Drawdown Current decline from peak	-24.72%	-23.65%	-1.07%
Average Drawdown Average peak-to-trough decline	-17.52%	-42.75%	+25.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.36%	10.82%	+0.54%

Volatility

GDGB.L vs. IAUP.L - Volatility Comparison

VanEck Gold Miners UCITS ETF (GDGB.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.L) have volatilities of 14.28% and 14.32%, 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

	GDGB.L	IAUP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.28%	14.32%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	33.43%	33.78%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	41.77%	41.83%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.58%	32.90%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.11%	33.38%	-1.27%

GDGB.L vs. IAUP.L - Expense Ratio Comparison

GDGB.L has a 0.53% expense ratio, which is lower than IAUP.L's 0.55% expense ratio.

Dividends

GDGB.L vs. IAUP.L - Dividend Comparison

Neither GDGB.L nor IAUP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDGB.L and IAUP.L in my portfolio?

With a correlation of 0.97, GDGB.L and IAUP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, GDGB.L or IAUP.L?

On fees, GDGB.L is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDGB.L or IAUP.L?

GDGB.L is cheaper with a 0.53% expense ratio, compared with 0.55% for IAUP.L.

What is the main difference between GDGB.L and IAUP.L?

GDGB.L tracks MarketVector Global Gold Miners Index, while IAUP.L tracks S&P Commodity Producers Gold Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.53% for GDGB.L and 0.55% for IAUP.L.