GGOV vs. IAU
GGOV (iShares Global Government Bond USD Hedged Active ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - GGOV is a Global Bonds fund actively managed by iShares, while IAU is a Gold fund tracking the LBMA Gold Price. GGOV is actively managed, while IAU is passively managed. Over the past year, GGOV returned -0.42% vs 20.38% for IAU. Their 0.19 correlation means their historical movements had little consistent relationship. GGOV charges 0.39%/yr vs 0.25%/yr for IAU.
Performance
GGOV vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, GGOV achieves a 2.61% return, which is significantly higher than IAU's -6.14% return.
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
IAU
- 1D
- 0.03%
- 1M
- -1.70%
- 6M
- -13.00%
- YTD
- -6.14%
- 1Y
- 20.38%
- 3Y*
- 27.49%
- 5Y*
- 17.16%
- 10Y*
- 11.45%
- ALL TIME*
- 10.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.16M | $62.50M | $78.51M | |
| $325.17M | $361.79M | $469.22M |
GGOV vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
IAU iShares Gold Trust | -6.14% | 29.15% |
Correlation
The correlation between GGOV and IAU is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.19 |
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Return for Risk
GGOV vs. IAU — Risk / Return Rank
GGOV
IAU
GGOV vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond USD Hedged Active ETF (GGOV) 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.
| GGOV | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.16 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.78 | -0.87 |
| Martin ratioReturn relative to average drawdown | -0.19 | 1.67 | -1.86 |
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Drawdowns
GGOV vs. IAU - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GGOV and IAU.
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Drawdown Indicators
| GGOV | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -45.14% | +40.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -26.36% | +21.67% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.36% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.36% | — |
Current DrawdownCurrent decline from peak | -1.20% | -24.99% | +23.79% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -16.02% | +14.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 12.26% | -10.11% |
Volatility
GGOV vs. IAU - Volatility Comparison
The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.78%, while iShares Gold Trust (IAU) has a volatility of 5.99%. This indicates that GGOV 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
| GGOV | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 5.99% | -5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 20.79% | -17.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 27.90% | -22.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 18.43% | -13.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 16.08% | -11.00% |
GGOV vs. IAU - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
GGOV vs. IAU - Dividend Comparison
Neither GGOV nor IAU has paid dividends to shareholders.
Frequently Asked Questions
GGOV 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 (5.99%) compared to GGOV (0.78%). In terms of maximum drawdown, GGOV dropped -4.69% vs IAU's -45.14%.
On 1-year performance, IAU leads with 20.38% vs -0.42% for GGOV. On fees, IAU is cheaper at 0.25% per year. On volatility, GGOV has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IAU has performed better with a 20.38% return vs -0.42%. 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 0.39% for GGOV.
GGOV and IAU have nearly identical dividend yields, around 0.00%.
GGOV is categorized as Global Bonds, while IAU is Gold. Their fees differ too: 0.39% for GGOV and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.74 vs -0.08), 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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