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GLDN.AX vs. IHWL.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLDN.AX vs. IHWL.AX

Last updated Jul 18, 2026
Documentation

GLDN.AX (Ishares Physical Gold ETF) and IHWL.AX (iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF) are both exchange-traded funds - GLDN.AX is a Gold fund tracking the LBMA Gold Price PM AUD Index, while IHWL.AX is a Global Equities fund tracking the iShares Core MSCI World ex Australia ESG (AUD Hedged) Index. Both are passively managed. Over the past year, GLDN.AX returned 10.80% vs 20.04% for IHWL.AX. At a correlation of -0.09, they often move in opposite directions.

Performance

GLDN.AX vs. IHWL.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 Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GLDN.AX achieves a -12.23% return, which is significantly lower than IHWL.AX's 8.01% return.

GLDN.AX

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

IHWL.AX

1D
-1.30%
1M
-0.53%
6M
6.33%
YTD
8.01%
1Y
20.04%
3Y*
17.75%
5Y*
11.11%
10Y*
12.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
GLDN.AX
Ishares Physical Gold ETF		-12.23%55.11%38.15%-3.32%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		8.01%17.85%20.95%14.51%

Correlation

The correlation between GLDN.AX and IHWL.AX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Nov 1, 2023

-0.09

The correlation between GLDN.AX and IHWL.AX shifts across timeframes, from -0.09 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

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Ishares Physical Gold ETF

iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF

Often compared with GLDN.AX:
GLDN.AX vs. GDXGLDN.AX vs. NDQ.AXGLDN.AX vs. BTGDGLDN.AX vs. BOLD.DEGLDN.AX vs. ICOM.LGLDN.AX vs. IOZ.AXGLDN.AX vs. GLD
Often compared with IHWL.AX:
IHWL.AX vs. AUMF.AXIHWL.AX vs. ISEC.AXIHWL.AX vs. BILL.AXIHWL.AX vs. F100.AXIHWL.AX vs. HJPN.AXIHWL.AX vs. OOO.AXIHWL.AX vs. VDCO.AX

Return for Risk

GLDN.AX vs. IHWL.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: 1717
Overall Rank
GLDN.AX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
GLDN.AX Sortino Ratio Rank: 1717
Sortino Ratio Rank
GLDN.AX Omega Ratio Rank: 1919
Omega Ratio Rank
GLDN.AX Calmar Ratio Rank: 1515
Calmar Ratio Rank
GLDN.AX Martin Ratio Rank: 1515
Martin Ratio Rank
IHWL.AX
IHWL.AX Risk / Return Rank: 5555
Overall Rank
IHWL.AX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IHWL.AX Sortino Ratio Rank: 5353
Sortino Ratio Rank
IHWL.AX Omega Ratio Rank: 5656
Omega Ratio Rank
IHWL.AX Calmar Ratio Rank: 4949
Calmar Ratio Rank
IHWL.AX Martin Ratio Rank: 6161
Martin Ratio Rank
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. IHWL.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) and iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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.AXIHWL.AXDifference
Sharpe ratioReturn per unit of total volatility
0.42
1.38

-0.96

Sortino ratioReturn per unit of downside risk
0.72
1.98

-1.26

Omega ratioGain probability vs. loss probability

1.10

1.26

-0.16

Calmar ratioReturn relative to maximum drawdown

0.39

1.89

-1.50

Martin ratioReturn relative to average drawdown

0.85

7.98

-7.14

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

The current GLDN.AX Sharpe Ratio is 0.42, which is lower than the IHWL.AX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of GLDN.AX and IHWL.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.

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Drawdowns

GLDN.AX vs. IHWL.AX - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -27.18%, smaller than the maximum IHWL.AX drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and IHWL.AX.

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Drawdown Indicators

GLDN.AXIHWL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-27.18%

-39.03%

+11.85%

Max Drawdown (1Y)

Largest decline over 1 year

-27.18%

-10.16%

-17.02%

Max Drawdown (3Y)

Largest decline over 3 years

—

-19.96%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-27.41%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.03%

—

Current Drawdown

Current decline from peak

-27.18%

-1.30%

-25.88%

Average Drawdown

Average peak-to-trough decline

-5.19%

-5.15%

-0.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.56%

2.44%

+10.12%

Volatility

GLDN.AX vs. IHWL.AX - Volatility Comparison

Ishares Physical Gold ETF (GLDN.AX) has a higher volatility of 6.35% compared to iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) at 2.78%. This indicates that GLDN.AX's price experiences larger fluctuations and is considered to be riskier than IHWL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLDN.AXIHWL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.35%

2.78%

+3.57%

Volatility (6M)

Calculated over the trailing 6-month period

21.72%

11.53%

+10.19%

Volatility (1Y)

Calculated over the trailing 1-year period

25.13%

13.91%

+11.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.55%

17.51%

+2.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.55%

17.30%

+2.25%

Dividends

GLDN.AX vs. IHWL.AX - Dividend Comparison

GLDN.AX has not paid dividends to shareholders, while IHWL.AX's dividend yield for the trailing twelve months is around 5.28%.

PositionTTM202520242023202220212020201920182017
GLDN.AX
Ishares Physical Gold ETF		0.00%0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		5.28%0.98%1.11%3.06%0.77%11.16%0.00%0.00%2.35%1.07%

Frequently Asked Questions

GLDN.AX and IHWL.AX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GLDN.AX is categorized as Gold, while IHWL.AX is Global Equities. GLDN.AX tracks LBMA Gold Price PM AUD Index, while IHWL.AX tracks iShares Core MSCI World ex Australia ESG (AUD Hedged) Index.

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