GJGB.L vs. IAUP.L

Last updated Jun 5, 2026

GJGB.L (VanEck Junior Gold Miners UCITS ETF) and IAUP.L (iShares Gold Producers UCITS ETF USD Acc) are both Gold funds - GJGB.L tracks the MVIS Global Junior Gold Miners Index while IAUP.L tracks the S&P Commodity Producers Gold Index. Both are passively managed. Over the past 5 years, GJGB.L returned 18.91%/yr vs 20.01%/yr for IAUP.L. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.

Performance

GJGB.L vs. IAUP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Junior Gold Miners UCITS ETF (GJGB.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

GJGB.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, GJGB.L achieves a -1.48% return, which is significantly lower than IAUP.L's 2.08% return.

GJGB.L

• 1D: 0.69%
• 1M: -7.95%
• YTD: -1.48%
• 6M: 6.02%
• 1Y: 64.29%
• 3Y*: 42.48%
• 5Y*: 18.91%
• 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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GJGB.L VanEck Junior Gold Miners UCITS ETF	-1.48%	156.51%	14.83%	1.67%	-2.76%	-22.00%	25.74%	39.66%	-7.88%	-5.15%
IAUP.L iShares Gold Producers UCITS ETF USD Acc	2.05%	135.86%	13.48%	3.92%	-0.48%	-9.46%	19.97%	40.10%	-4.24%	-5.26%

Correlation

The correlation between GJGB.L and IAUP.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 15, 2017	0.90

The correlation between GJGB.L and IAUP.L has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

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

Sectors	GJGB.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

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

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

GJGB.L

GJGB.L Risk / Return Rank: 40
GJGB.L Sharpe Ratio Rank: 41
GJGB.L Sortino Ratio Rank: 38
GJGB.L Omega Ratio Rank: 38
GJGB.L Calmar Ratio Rank: 45
GJGB.L Martin Ratio Rank: 35

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.

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

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners UCITS ETF (GJGB.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.

	GJGB.L	IAUP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.55	-0.12
Sortino ratio: Return per unit of downside risk	1.92	2.02	-0.09
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	2.18	2.33	-0.15
Martin ratio: Return relative to average drawdown	5.30	6.00	-0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current GJGB.L Sharpe Ratio is 1.43, which is comparable to the IAUP.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of GJGB.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

	GJGB.L	IAUP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.55	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.61	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.12	+0.28

Drawdowns

GJGB.L vs. IAUP.L - Drawdown Comparison

The maximum GJGB.L drawdown since its inception was -49.12%, smaller than the maximum IAUP.L drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for GJGB.L and IAUP.L.

Drawdown Indicators

	GJGB.L	IAUP.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.12%	-79.55%	+30.43%
Max Drawdown (1Y) Largest decline over 1 year	-29.95%	-27.83%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-29.95%	-27.83%	-2.12%
Max Drawdown (5Y) Largest decline over 5 years	-36.65%	-34.46%	-2.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.96%	—
Current Drawdown Current decline from peak	-27.14%	-23.65%	-3.49%
Average Drawdown Average peak-to-trough decline	-22.35%	-42.75%	+20.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.37%	10.82%	+1.55%

Volatility

GJGB.L vs. IAUP.L - Volatility Comparison

VanEck Junior Gold Miners UCITS ETF (GJGB.L) has a higher volatility of 16.00% compared to iShares Gold Producers UCITS ETF USD Acc (IAUP.L) at 14.32%. This indicates that GJGB.L's price experiences larger fluctuations and is considered to be riskier than IAUP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GJGB.L	IAUP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.00%	14.32%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	36.81%	33.78%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	45.62%	41.83%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.94%	32.90%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.80%	33.38%	+3.42%

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

Both GJGB.L and IAUP.L have an expense ratio of 0.55%.

Dividends

GJGB.L vs. IAUP.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.95, GJGB.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, GJGB.L or IAUP.L?

Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

GJGB.L and IAUP.L have the same expense ratio: 0.55% per year.

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

GJGB.L tracks MVIS Global Junior Gold Miners Index, while IAUP.L tracks S&P Commodity Producers Gold Index. They also come from different issuers: VanEck and iShares.