GLD vs. IAUI

Last updated Jun 4, 2026

GLD (SPDR Gold Shares) and IAUI (NEOS Gold High Income ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while IAUI is a Derivative Income fund actively managed by Neos. GLD is passively managed, while IAUI is actively managed. With a 0.96 correlation, they move nearly in lockstep. GLD charges 0.40%/yr vs 0.78%/yr for IAUI.

Performance

GLD vs. IAUI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and NEOS Gold High Income ETF (IAUI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLD achieves a 2.92% return, which is significantly higher than IAUI's 1.64% return.

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

IAUI

• 1D: -0.88%
• 1M: -1.01%
• YTD: 1.64%
• 6M: 4.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLD vs. IAUI - Yearly Performance Comparison

	2026 (YTD)	2025
GLD SPDR Gold Shares	2.92%	28.12%
IAUI NEOS Gold High Income ETF	1.64%	20.56%

Correlation

The correlation between GLD and IAUI is 0.96 - 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 (All Time) Calculated using the full available price history since Jun 6, 2025	0.96

Return for Risk

GLD vs. IAUI — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

GLD vs. IAUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and NEOS Gold High Income ETF (IAUI). 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.

	GLD	IAUI	Difference
Sharpe ratio: Return per unit of total volatility	1.21	—	—
Sortino ratio: Return per unit of downside risk	1.60	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.68	—	—
Martin ratio: Return relative to average drawdown	4.15	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GLD	IAUI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.13	-0.53

Drawdowns

GLD vs. IAUI - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than IAUI's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for GLD and IAUI.

Drawdown Indicators

	GLD	IAUI	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-16.88%	-28.68%
Max Drawdown (1Y) Largest decline over 1 year	-19.21%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	—	—
Current Drawdown Current decline from peak	-17.75%	-13.80%	-3.95%
Average Drawdown Average peak-to-trough decline	-16.16%	-3.45%	-12.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.73%	—	—

Volatility

Volatility by Period

	GLD	IAUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.61%	20.31%	+6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	20.31%	-2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	20.31%	-4.36%

GLD vs. IAUI - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than IAUI's 0.78% expense ratio.

Dividends

GLD vs. IAUI - Dividend Comparison

GLD has not paid dividends to shareholders, while IAUI's dividend yield for the trailing twelve months is around 12.65%.

Position	TTM	2025
GLD SPDR Gold Shares	0.00%	0.00%
IAUI NEOS Gold High Income ETF	12.65%	6.88%

Frequently Asked Questions

Can I hold both GLD and IAUI in my portfolio?

With a correlation of 0.96, GLD and IAUI 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, GLD or IAUI?

On fees, GLD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLD or IAUI?

GLD is cheaper with a 0.40% expense ratio, compared with 0.78% for IAUI.

Which ETF pays a higher dividend yield, GLD or IAUI?

IAUI has the higher dividend yield at 12.65%, compared with 0.00% for GLD.

What is the main difference between GLD and IAUI?

GLD is categorized as Gold, while IAUI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.40% for GLD and 0.78% for IAUI.