GDL vs. IAU
GDL (The GDL Fund) and IAU (iShares Gold Trust) are both funds - GDL is a Event Driven fund managed by Gabelli, while IAU is a Gold fund tracking the LBMA Gold Price. Over the past 10 years, GDL returned 3.99%/yr vs 11.76%/yr for IAU. At a 0.06 correlation, their price movements are largely independent. GDL charges 0.03%/yr vs 0.25%/yr for IAU.
Performance
GDL vs. IAU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDL achieves a 2.66% return, which is significantly higher than IAU's -4.73% return. Over the past 10 years, GDL has underperformed IAU with an annualized return of 3.99%, while IAU has yielded a comparatively higher 11.76% annualized return.
GDL
- 1D
- 0.00%
- 1M
- 1.32%
- YTD
- 2.66%
- 6M
- 2.78%
- 1Y
- 7.24%
- 3Y*
- 9.07%
- 5Y*
- 4.54%
- 10Y*
- 3.99%
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
GDL vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDL The GDL Fund | 2.66% | 11.83% | 5.94% | 9.02% | -6.88% | 8.04% | -0.99% | 5.87% | -1.60% | 4.74% |
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between GDL and IAU is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 23, 2007 | 0.06 |
The correlation between GDL and IAU shifts across timeframes, from 0.06 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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
GDL vs. IAU — Risk / Return Rank
GDL
IAU
GDL vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The GDL Fund (GDL) 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.
| GDL | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 0.88 | +1.38 |
| Martin ratioReturn relative to average drawdown | 7.09 | 2.37 | +4.72 |
Loading charts...
Drawdowns
GDL vs. IAU - Drawdown Comparison
The maximum GDL drawdown since its inception was -38.74%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GDL and IAU.
Loading charts...
Drawdown Indicators
| GDL | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.74% | -45.14% | +6.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -24.40% | +21.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -24.40% | +18.40% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -24.40% | +14.92% |
Max Drawdown (10Y)Largest decline over 10 years | -38.74% | -24.40% | -14.34% |
Current DrawdownCurrent decline from peak | 0.00% | -23.87% | +23.87% |
Average DrawdownAverage peak-to-trough decline | -4.91% | -15.97% | +11.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 9.07% | -8.05% |
Volatility
GDL vs. IAU - Volatility Comparison
The current volatility for The GDL Fund (GDL) is 1.41%, while iShares Gold Trust (IAU) has a volatility of 8.10%. This indicates that GDL 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
| GDL | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 8.10% | -6.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.98% | 24.23% | -19.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.15% | 27.38% | -20.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.62% | 18.18% | -9.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 15.98% | -3.01% |
GDL vs. IAU - Expense Ratio Comparison
GDL has a 0.03% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GDL vs. IAU - Dividend Comparison
GDL's dividend yield for the trailing twelve months is around 5.68%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDL The GDL Fund | 5.68% | 5.67% | 5.99% | 5.97% | 6.12% | 5.38% | 5.28% | 4.30% | 4.36% | 5.96% | 6.50% | 6.39% |
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
GDL and IAU have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (8.10%) compared to GDL (1.41%). In terms of maximum drawdown, GDL dropped -38.74% vs IAU's -45.14%.
GDL currently has the higher Sharpe Ratio (1.02 vs 0.79), 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 GDL 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