GLDN.AX vs. AUMF.AX

Last updated Jul 18, 2026

GLDN.AX (Ishares Physical Gold ETF) and AUMF.AX (iShares Edge MSCI Australia Multifactor ETF) are both exchange-traded funds - GLDN.AX is a Gold fund tracking the LBMA Gold Price PM AUD Index, while AUMF.AX is a Multi-factor fund tracking the MSCI Australia IMI Diversified Multiple-Factor (AUD) GROSS Index. Both are passively managed. Over the past year, GLDN.AX returned 10.80% vs 2.04% for AUMF.AX. At a 0.12 correlation, their price movements are largely independent. GLDN.AX charges 0.18%/yr vs 0.30%/yr for AUMF.AX.

Performance

GLDN.AX vs. AUMF.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Ishares Physical Gold ETF (GLDN.AX) and iShares Edge MSCI Australia Multifactor ETF (AUMF.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDN.AX achieves a -12.23% return, which is significantly lower than AUMF.AX's -2.86% return.

GLDN.AX

• 1D: -0.83%
• 1M: -6.71%
• 6M: -16.74%
• YTD: -12.23%
• 1Y: 10.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AUMF.AX

• 1D: -0.94%
• 1M: -3.30%
• 6M: -2.93%
• YTD: -2.86%
• 1Y: 2.04%
• 3Y*: 11.55%
• 5Y*: 7.15%
• 10Y*: —

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

GLDN.AX vs. AUMF.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GLDN.AX Ishares Physical Gold ETF	-12.23%	55.11%	38.15%	-3.32%
AUMF.AX iShares Edge MSCI Australia Multifactor ETF	-2.86%	17.56%	14.19%	12.11%

Correlation

The correlation between GLDN.AX and AUMF.AX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.12

The correlation between GLDN.AX and AUMF.AX shifts across timeframes, from 0.12 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLDN.AX vs. AUMF.AX — Risk / Return Rank

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

GLDN.AX

GLDN.AX Risk / Return Rank: 17
GLDN.AX Sharpe Ratio Rank: 18
GLDN.AX Sortino Ratio Rank: 17
GLDN.AX Omega Ratio Rank: 19
GLDN.AX Calmar Ratio Rank: 15
GLDN.AX Martin Ratio Rank: 15

AUMF.AX

AUMF.AX Risk / Return Rank: 13
AUMF.AX Sharpe Ratio Rank: 13
AUMF.AX Sortino Ratio Rank: 12
AUMF.AX Omega Ratio Rank: 12
AUMF.AX Calmar Ratio Rank: 13
AUMF.AX Martin Ratio Rank: 13

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.

GLDN.AX vs. AUMF.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) and iShares Edge MSCI Australia Multifactor ETF (AUMF.AX). 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.

	GLDN.AX	AUMF.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	0.15	+0.27
Sortino ratio: Return per unit of downside risk	0.72	0.30	+0.42
Omega ratio: Gain probability vs. loss probability	1.10	1.04	+0.07
Calmar ratio: Return relative to maximum drawdown	0.39	0.19	+0.20
Martin ratio: Return relative to average drawdown	0.85	0.45	+0.40

GLDN.AX vs. AUMF.AX - Sharpe Ratio Comparison

The current GLDN.AX Sharpe Ratio is 0.42, which is higher than the AUMF.AX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of GLDN.AX and AUMF.AX, 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

GLDN.AX vs. AUMF.AX - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -27.18%, smaller than the maximum AUMF.AX drawdown of -36.93%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and AUMF.AX.

Drawdown Indicators

	GLDN.AX	AUMF.AX	Difference
Max Drawdown Largest peak-to-trough decline	-27.18%	-36.93%	+9.75%
Max Drawdown (1Y) Largest decline over 1 year	-27.18%	-10.47%	-16.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.05%	—
Current Drawdown Current decline from peak	-27.18%	-5.90%	-21.28%
Average Drawdown Average peak-to-trough decline	-5.19%	-3.86%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.56%	4.49%	+8.07%

Volatility

GLDN.AX vs. AUMF.AX - Volatility Comparison

Ishares Physical Gold ETF (GLDN.AX) has a higher volatility of 6.35% compared to iShares Edge MSCI Australia Multifactor ETF (AUMF.AX) at 2.86%. This indicates that GLDN.AX's price experiences larger fluctuations and is considered to be riskier than AUMF.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDN.AX	AUMF.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	2.86%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	21.72%	11.24%	+10.48%
Volatility (1Y) Calculated over the trailing 1-year period	25.13%	13.37%	+11.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	13.08%	+6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	14.11%	+5.44%

GLDN.AX vs. AUMF.AX - Expense Ratio Comparison

GLDN.AX has a 0.18% expense ratio, which is lower than AUMF.AX's 0.30% expense ratio.

Dividends

GLDN.AX vs. AUMF.AX - Dividend Comparison

GLDN.AX has not paid dividends to shareholders, while AUMF.AX's dividend yield for the trailing twelve months is around 1.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AUMF.AX iShares Edge MSCI Australia Multifactor ETF	1.46%	2.80%	3.34%	4.69%	6.09%	2.52%	2.71%	4.45%	8.24%
GLDN.AX Ishares Physical Gold ETF	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDN.AX and AUMF.AX in my portfolio?

GLDN.AX and AUMF.AX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDN.AX or AUMF.AX?

On fees, GLDN.AX is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDN.AX or AUMF.AX?

GLDN.AX is cheaper with a 0.18% expense ratio, compared with 0.30% for AUMF.AX.

What is the main difference between GLDN.AX and AUMF.AX?

GLDN.AX is categorized as Gold, while AUMF.AX is Multi-factor. GLDN.AX tracks LBMA Gold Price PM AUD Index, while AUMF.AX tracks MSCI Australia IMI Diversified Multiple-Factor (AUD) GROSS Index. Their fees differ too: 0.18% for GLDN.AX and 0.30% for AUMF.AX.