GLDM vs. IAUI
GLDM (SPDR Gold MiniShares Trust) and IAUI (NEOS Gold High Income ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while IAUI is a Derivative Income fund actively managed by Neos. GLDM is passively managed, while IAUI is actively managed. Over the past year, GLDM returned 28.49% vs 19.26% for IAUI. With a 0.96 correlation, they move nearly in lockstep. GLDM charges 0.10%/yr vs 0.78%/yr for IAUI.
Performance
GLDM vs. IAUI - Performance Comparison
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Returns By Period
In the year-to-date period, GLDM achieves a 0.06% return, which is significantly higher than IAUI's -1.07% return.
GLDM
- 1D
- -3.67%
- 1M
- -8.00%
- YTD
- 0.06%
- 6M
- 2.68%
- 1Y
- 28.49%
- 3Y*
- 29.91%
- 5Y*
- 17.81%
- 10Y*
- —
IAUI
- 1D
- -3.26%
- 1M
- -6.70%
- YTD
- -1.07%
- 6M
- 1.17%
- 1Y
- 19.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GLDM vs. IAUI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.06% | 28.41% |
IAUI NEOS Gold High Income ETF | -1.07% | 20.56% |
Correlation
The correlation between GLDM 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 |
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Return for Risk
GLDM vs. IAUI — Risk / Return Rank
GLDM
IAUI
GLDM vs. IAUI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) 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.
| GLDM | IAUI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.22 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | — | — |
| Martin ratioReturn relative to average drawdown | 3.63 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLDM | IAUI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.95 | +0.04 |
Drawdowns
GLDM vs. IAUI - Drawdown Comparison
The maximum GLDM drawdown since its inception was -21.63%, which is greater than IAUI's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for GLDM and IAUI.
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Drawdown Indicators
| GLDM | IAUI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -16.88% | -4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -16.88% | -3.12% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | — | — |
Current DrawdownCurrent decline from peak | -20.00% | -16.10% | -3.90% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -3.54% | -2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | — | — |
Volatility
GLDM vs. IAUI - Volatility Comparison
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Volatility by Period
| GLDM | IAUI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.65% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 23.31% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 26.65% | 20.51% | +6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.97% | 20.51% | -2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 20.51% | -3.61% |
GLDM vs. IAUI - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than IAUI's 0.78% expense ratio.
Dividends
GLDM vs. IAUI - Dividend Comparison
GLDM has not paid dividends to shareholders, while IAUI's dividend yield for the trailing twelve months is around 13.00%.
| Position | TTM | 2025 |
|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% |
IAUI NEOS Gold High Income ETF | 13.00% | 6.88% |
Frequently Asked Questions
With a correlation of 0.96, GLDM 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.
On 1-year performance, GLDM leads with 28.49% vs 19.26% for IAUI. On fees, GLDM is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GLDM has performed better with a 28.49% return vs 19.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.78% for IAUI.
IAUI has the higher dividend yield at 13.00%, compared with 0.00% for GLDM.
GLDM is categorized as Gold, while IAUI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.10% for GLDM and 0.78% for IAUI.
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