GLDX.TO vs. IAUM
GLDX.TO (Global X Gold Producers Index ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - GLDX.TO is a Commodity Producers Equities fund tracking the Mirae Asset North American Listed Gold Producers Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, GLDX.TO returned 75.31% vs 34.12% for IAUM. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
GLDX.TO vs. IAUM - Performance Comparison
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Different Trading Currencies
GLDX.TO is traded in CAD, while IAUM is traded in USD. To make them comparable, the IAUM values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLDX.TO achieves a -0.91% return, which is significantly lower than IAUM's 4.31% return.
GLDX.TO
- 1D
- -2.71%
- 1M
- 1.05%
- YTD
- -0.91%
- 6M
- 4.54%
- 1Y
- 75.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAUM
- 1D
- -0.56%
- 1M
- 0.34%
- YTD
- 4.31%
- 6M
- 5.17%
- 1Y
- 34.12%
- 3Y*
- 33.06%
- 5Y*
- —
- 10Y*
- —
GLDX.TO vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GLDX.TO Global X Gold Producers Index ETF | -0.91% | 178.05% | -11.40% |
IAUM iShares Gold Trust Micro | 4.31% | 56.74% | 0.68% |
Correlation
The correlation between GLDX.TO and IAUM is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024 | 0.71 |
The correlation between GLDX.TO and IAUM has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.
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Return for Risk
GLDX.TO vs. IAUM — Risk / Return Rank
GLDX.TO
IAUM
GLDX.TO vs. IAUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Producers Index ETF (GLDX.TO) and iShares Gold Trust Micro (IAUM). 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.
| GLDX.TO | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.27 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 1.99 | +0.52 |
| Martin ratioReturn relative to average drawdown | 6.46 | 4.90 | +1.56 |
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
| GLDX.TO | IAUM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 1.37 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.77 | 1.40 | +0.37 |
Drawdowns
GLDX.TO vs. IAUM - Drawdown Comparison
The maximum GLDX.TO drawdown since its inception was -30.14%, which is greater than IAUM's maximum drawdown of -17.38%. Use the drawdown chart below to compare losses from any high point for GLDX.TO and IAUM.
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Drawdown Indicators
| GLDX.TO | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.14% | -17.38% | -12.76% |
Max Drawdown (1Y)Largest decline over 1 year | -30.14% | -17.24% | -12.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.24% | — |
Current DrawdownCurrent decline from peak | -25.82% | -15.34% | -10.48% |
Average DrawdownAverage peak-to-trough decline | -6.68% | -4.74% | -1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.70% | 6.99% | +4.71% |
Volatility
GLDX.TO vs. IAUM - Volatility Comparison
Global X Gold Producers Index ETF (GLDX.TO) has a higher volatility of 15.15% compared to iShares Gold Trust Micro (IAUM) at 5.36%. This indicates that GLDX.TO's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDX.TO | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.15% | 5.36% | +9.79% |
Volatility (6M)Calculated over the trailing 6-month period | 36.17% | 21.56% | +14.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.13% | 25.10% | +21.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.64% | 16.77% | +26.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.64% | 16.77% | +26.87% |
Dividends
GLDX.TO vs. IAUM - Dividend Comparison
GLDX.TO's dividend yield for the trailing twelve months is around 0.98%, while IAUM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GLDX.TO Global X Gold Producers Index ETF | 0.98% | 0.97% | 0.08% |
IAUM iShares Gold Trust Micro | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLDX.TO and IAUM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDX.TO is categorized as Commodity Producers Equities, while IAUM is Gold. GLDX.TO tracks Mirae Asset North American Listed Gold Producers Index, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Global X and iShares.
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