GGOV vs. IAU

Last updated Jul 14, 2026

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 managed by iShares, while IAU is a Gold fund tracking the LBMA Gold Price. Over the past year, GGOV returned 0.14% vs 20.97% for IAU. At a 0.17 correlation, their price movements are largely independent. GGOV charges 0.39%/yr vs 0.25%/yr for IAU.

Performance

GGOV vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Government Bond USD Hedged Active ETF (GGOV) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGOV achieves a 2.36% return, which is significantly higher than IAU's -6.04% return.

GGOV

• 1D: -0.32%
• 1M: -0.10%
• 6M: 2.76%
• YTD: 2.36%
• 1Y: 0.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAU

• 1D: 1.36%
• 1M: -3.69%
• 6M: -11.68%
• YTD: -6.04%
• 1Y: 20.97%
• 3Y*: 27.24%
• 5Y*: 16.98%
• 10Y*: 11.52%

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

GGOV vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025
GGOV iShares Global Government Bond USD Hedged Active ETF	2.36%	-2.80%
IAU iShares Gold Trust	-6.04%	29.15%

Correlation

The correlation between GGOV 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 (All Time) Calculated using the full available price history since Jun 26, 2025	0.17

Return for Risk

GGOV vs. IAU — Risk / Return Rank

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

GGOV

GGOV Risk / Return Rank: 9
GGOV Sharpe Ratio Rank: 10
GGOV Sortino Ratio Rank: 8
GGOV Omega Ratio Rank: 9
GGOV Calmar Ratio Rank: 10
GGOV Martin Ratio Rank: 10

IAU

IAU Risk / Return Rank: 24
IAU Sharpe Ratio Rank: 26
IAU Sortino Ratio Rank: 24
IAU Omega Ratio Rank: 28
IAU Calmar Ratio Rank: 22
IAU Martin Ratio Rank: 21

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.

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 ratio: Return per unit of total volatility	0.03	0.76	-0.73
Sortino ratio: Return per unit of downside risk	0.06	1.11	-1.04
Omega ratio: Gain probability vs. loss probability	1.01	1.16	-0.15
Calmar ratio: Return relative to maximum drawdown	0.03	0.80	-0.78
Martin ratio: Return relative to average drawdown	0.06	1.95	-1.89

GGOV vs. IAU - Sharpe Ratio Comparison

The current GGOV Sharpe Ratio is 0.03, which is lower than the IAU Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of GGOV and IAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	GGOV	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-4.69%	-45.14%	+40.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-26.17%	+21.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.17%	—
Current Drawdown Current decline from peak	-1.44%	-24.91%	+23.47%
Average Drawdown Average peak-to-trough decline	-1.54%	-16.00%	+14.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	10.78%	-8.66%

Volatility

GGOV vs. IAU - Volatility Comparison

The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.97%, while iShares Gold Trust (IAU) has a volatility of 6.98%. 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.

Volatility by Period

	GGOV	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	6.98%	-6.01%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	24.05%	-20.44%
Volatility (1Y) Calculated over the trailing 1-year period	5.29%	27.73%	-22.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.20%	18.33%	-13.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.20%	16.05%	-10.85%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GGOV and IAU in my portfolio?

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.

Which is riskier, GGOV or IAU?

IAU has higher volatility (6.98%) compared to GGOV (0.97%). In terms of maximum drawdown, GGOV dropped -4.69% vs IAU's -45.14%.

Which ETF is better, GGOV or IAU?

On 1-year performance, IAU leads with 20.97% vs 0.14% for GGOV. On fees, IAU is cheaper at 0.25% per year. On volatility, GGOV has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GGOV or IAU?

Over the 1-year period, IAU has performed better with a 20.97% return vs 0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GGOV or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.39% for GGOV.

Which ETF pays a higher dividend yield, GGOV or IAU?

GGOV and IAU have nearly identical dividend yields, around 0.00%.

What is the main difference between GGOV and IAU?

GGOV is categorized as Global Bonds, while IAU is Gold. Their fees differ too: 0.39% for GGOV and 0.25% for IAU.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (0.76 vs 0.03), 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.