GLDY vs. IAUI

Last updated Jun 23, 2026

GLDY (Defiance Gold Enhanced Options Income ETF) and IAUI (NEOS Gold High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GLDY returned 5.66% vs 15.59% for IAUI. Their correlation of 0.85 suggests significant overlap in exposure. GLDY charges 0.99%/yr vs 0.78%/yr for IAUI.

Performance

GLDY vs. IAUI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Gold Enhanced Options Income ETF (GLDY) and NEOS Gold High Income ETF (IAUI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDY achieves a -7.66% return, which is significantly lower than IAUI's -3.56% return.

GLDY

• 1D: -0.54%
• 1M: -6.13%
• YTD: -7.66%
• 6M: -9.83%
• 1Y: 5.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAUI

• 1D: -0.37%
• 1M: -6.04%
• YTD: -3.56%
• 6M: -5.45%
• 1Y: 15.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDY vs. IAUI - Yearly Performance Comparison

	2026 (YTD)	2025
GLDY Defiance Gold Enhanced Options Income ETF	-7.66%	15.63%
IAUI NEOS Gold High Income ETF	-3.56%	20.00%

Correlation

The correlation between GLDY and IAUI is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.85

The correlation between GLDY and IAUI has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

GLDY vs. IAUI — Risk / Return Rank

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

GLDY

GLDY Risk / Return Rank: 12
GLDY Sharpe Ratio Rank: 11
GLDY Sortino Ratio Rank: 11
GLDY Omega Ratio Rank: 13
GLDY Calmar Ratio Rank: 10
GLDY Martin Ratio Rank: 12

IAUI

IAUI Risk / Return Rank: 20
IAUI Sharpe Ratio Rank: 21
IAUI Sortino Ratio Rank: 20
IAUI Omega Ratio Rank: 23
IAUI Calmar Ratio Rank: 18
IAUI Martin Ratio Rank: 20

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.

GLDY vs. IAUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GLDY) 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.

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.

	GLDY	IAUI	Difference
Sharpe ratio: Return per unit of total volatility	0.23	0.74	-0.50
Sortino ratio: Return per unit of downside risk	0.46	1.08	-0.62
Omega ratio: Gain probability vs. loss probability	1.08	1.16	-0.08
Calmar ratio: Return relative to maximum drawdown	0.22	0.77	-0.55
Martin ratio: Return relative to average drawdown	0.83	2.32	-1.48

GLDY vs. IAUI - Sharpe Ratio Comparison

The current GLDY Sharpe Ratio is 0.23, which is lower than the IAUI Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of GLDY and IAUI, 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

GLDY vs. IAUI - Drawdown Comparison

The maximum GLDY drawdown since its inception was -25.90%, which is greater than IAUI's maximum drawdown of -20.43%. Use the drawdown chart below to compare losses from any high point for GLDY and IAUI.

Drawdown Indicators

	GLDY	IAUI	Difference
Max Drawdown Largest peak-to-trough decline	-25.90%	-20.43%	-5.47%
Max Drawdown (1Y) Largest decline over 1 year	-25.90%	-20.43%	-5.47%
Current Drawdown Current decline from peak	-17.88%	-18.21%	+0.33%
Average Drawdown Average peak-to-trough decline	-4.42%	-4.07%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.80%	6.75%	+0.05%

Volatility

GLDY vs. IAUI - Volatility Comparison

Defiance Gold Enhanced Options Income ETF (GLDY) has a higher volatility of 14.80% compared to NEOS Gold High Income ETF (IAUI) at 7.56%. This indicates that GLDY's price experiences larger fluctuations and is considered to be riskier than IAUI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDY	IAUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.80%	7.56%	+7.24%
Volatility (6M) Calculated over the trailing 6-month period	23.16%	19.70%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	24.59%	21.34%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.27%	20.98%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.27%	20.98%	+2.29%

GLDY vs. IAUI - Expense Ratio Comparison

GLDY has a 0.99% expense ratio, which is higher than IAUI's 0.78% expense ratio.

Dividends

GLDY vs. IAUI - Dividend Comparison

GLDY's dividend yield for the trailing twelve months is around 50.87%, more than IAUI's 14.48% yield.

Position	TTM	2025
GLDY Defiance Gold Enhanced Options Income ETF	50.87%	37.38%
IAUI NEOS Gold High Income ETF	14.48%	6.88%

Frequently Asked Questions

Can I hold both GLDY and IAUI in my portfolio?

GLDY and IAUI have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDY or IAUI?

GLDY has higher volatility (14.80%) compared to IAUI (7.56%). In terms of maximum drawdown, GLDY dropped -25.90% vs IAUI's -20.43%.

Which ETF is better, GLDY or IAUI?

On 1-year performance, IAUI leads with 15.59% vs 5.66% for GLDY. On fees, IAUI is cheaper at 0.78% per year. On volatility, IAUI has been the lower-risk option at 7.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDY or IAUI?

Over the 1-year period, IAUI has performed better with a 15.59% return vs 5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDY or IAUI?

IAUI is cheaper with a 0.78% expense ratio, compared with 0.99% for GLDY.

Which ETF pays a higher dividend yield, GLDY or IAUI?

GLDY has the higher dividend yield at 50.87%, compared with 14.48% for IAUI.

What is the main difference between GLDY and IAUI?

They also come from different issuers: Defiance and Neos. Their fees differ too: 0.99% for GLDY and 0.78% for IAUI.

Which has better risk-adjusted returns?

IAUI currently has the higher Sharpe Ratio (0.74 vs 0.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.