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

GLDN.AX vs. IOZ.AX

Last updated Apr 1, 2026

Compare and contrast key facts about Ishares Physical Gold ETF (GLDN.AX) and Ishares Core S&P/ASX 200 ETF (IOZ.AX).

GLDN.AX and IOZ.AX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLDN.AX is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price PM AUD Index. It was launched on Nov 1, 2023. IOZ.AX is a passively managed fund by iShares that tracks the performance of the S&P/ASX 200 Index. It was launched on Dec 6, 2010. Both GLDN.AX and IOZ.AX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GLDN.AX vs. IOZ.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 S&P/ASX 200 ETF (IOZ.AX). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023
GLDN.AX
Ishares Physical Gold ETF		2.48%55.11%38.15%-2.11%
IOZ.AX
Ishares Core S&P/ASX 200 ETF		-1.59%10.22%11.35%10.71%

Returns By Period

In the year-to-date period, GLDN.AX achieves a 2.48% return, which is significantly higher than IOZ.AX's -1.59% return.

GLDN.AX

1D
1.67%
1M
-8.29%
YTD
2.48%
6M
13.48%
1Y
34.27%
3Y*
—
5Y*
—
10Y*
—

IOZ.AX

1D
0.20%
1M
-7.16%
YTD
-1.59%
6M
-2.50%
1Y
11.61%
3Y*
9.45%
5Y*
8.41%
10Y*
9.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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Ishares Physical Gold ETF

Ishares Core S&P/ASX 200 ETF

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Often compared with IOZ.AX:
IOZ.AX vs. NDQ.AXIOZ.AX vs. A200.AXIOZ.AX vs. IOOIOZ.AX vs. IVVIOZ.AX vs. LYP6.DEIOZ.AX vs. AUDUSD=XIOZ.AX vs. VXUS

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

GLDN.AX has a 0.18% expense ratio, which is higher than IOZ.AX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

GLDN.AX
Ishares Physical Gold ETF
IOZ.AX
Ishares Core S&P/ASX 200 ETF

Return for Risk

GLDN.AX vs. IOZ.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: 6565
Overall Rank
GLDN.AX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
GLDN.AX Sortino Ratio Rank: 7070
Sortino Ratio Rank
GLDN.AX Omega Ratio Rank: 7272
Omega Ratio Rank
GLDN.AX Calmar Ratio Rank: 6161
Calmar Ratio Rank
GLDN.AX Martin Ratio Rank: 5252
Martin Ratio Rank
IOZ.AX
IOZ.AX Risk / Return Rank: 4545
Overall Rank
IOZ.AX Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IOZ.AX Sortino Ratio Rank: 4646
Sortino Ratio Rank
IOZ.AX Omega Ratio Rank: 4646
Omega Ratio Rank
IOZ.AX Calmar Ratio Rank: 4747
Calmar Ratio Rank
IOZ.AX Martin Ratio Rank: 3838
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. IOZ.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 S&P/ASX 200 ETF (IOZ.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.

GLDN.AXIOZ.AXDifference

Sharpe ratio

Return per unit of total volatility

1.31

0.89

+0.42

Sortino ratio

Return per unit of downside risk

1.77

1.28

+0.50

Omega ratio

Gain probability vs. loss probability

1.27

1.18

+0.09

Calmar ratio

Return relative to maximum drawdown

1.56

1.25

+0.32

Martin ratio

Return relative to average drawdown

5.10

3.62

+1.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current GLDN.AX Sharpe Ratio is 1.31, which is higher than the IOZ.AX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of GLDN.AX and IOZ.AX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

GLDN.AXIOZ.AXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.31

0.89

+0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.66

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.66

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.92

0.55

+1.37

Correlation

The correlation between GLDN.AX and IOZ.AX is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GLDN.AX vs. IOZ.AX - Dividend Comparison

GLDN.AX's dividend yield for the trailing twelve months is around 0.07%, less than IOZ.AX's 3.49% yield.

TTM20252024202320222021202020192018201720162015
GLDN.AX
Ishares Physical Gold ETF		0.07%0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IOZ.AX
Ishares Core S&P/ASX 200 ETF		3.49%3.39%3.47%3.73%6.11%3.32%2.40%4.62%4.27%3.90%4.89%7.69%

Drawdowns

GLDN.AX vs. IOZ.AX - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -20.81%, smaller than the maximum IOZ.AX drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and IOZ.AX.

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Drawdown Indicators

GLDN.AXIOZ.AXDifference

Max Drawdown

Largest peak-to-trough decline

-20.81%

-35.75%

+14.94%

Max Drawdown (1Y)

Largest decline over 1 year

-20.81%

-8.45%

-12.36%

Max Drawdown (5Y)

Largest decline over 5 years

—

-14.92%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.75%

—

Current Drawdown

Current decline from peak

-14.98%

-7.18%

-7.80%

Average Drawdown

Average peak-to-trough decline

-3.29%

-4.68%

+1.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.38%

2.91%

+3.47%

Volatility

GLDN.AX vs. IOZ.AX - Volatility Comparison

Ishares Physical Gold ETF (GLDN.AX) has a higher volatility of 9.88% compared to Ishares Core S&P/ASX 200 ETF (IOZ.AX) at 5.01%. This indicates that GLDN.AX's price experiences larger fluctuations and is considered to be riskier than IOZ.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.AXIOZ.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.88%

5.01%

+4.87%

Volatility (6M)

Calculated over the trailing 6-month period

22.84%

8.76%

+14.08%

Volatility (1Y)

Calculated over the trailing 1-year period

25.99%

13.10%

+12.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.68%

12.75%

+6.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.68%

14.36%

+5.32%