GOLD.AS vs. ICOM.L
GOLD.AS (Amundi Physical Gold ETC C) and ICOM.L (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - GOLD.AS is a Precious Metals fund tracking the LMBA Gold Price PM USD, while ICOM.L is a Commodities fund tracking the Bloomberg Commodity (Total Return Index). Both are passively managed. Over the past 5 years, GOLD.AS returned 17.17%/yr vs 10.46%/yr for ICOM.L. At a 0.33 correlation, their price movements are largely independent. GOLD.AS charges 0.12%/yr vs 0.19%/yr for ICOM.L.
Performance
GOLD.AS vs. ICOM.L - Performance Comparison
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Returns By Period
In the year-to-date period, GOLD.AS achieves a -7.09% return, which is significantly lower than ICOM.L's 21.45% return.
GOLD.AS
- 1D
- 0.00%
- 1M
- -3.39%
- 6M
- -14.19%
- YTD
- -7.09%
- 1Y
- 19.46%
- 3Y*
- 26.76%
- 5Y*
- 17.17%
- 10Y*
- —
- ALL TIME*
- 17.09%
ICOM.L
- 1D
- 0.31%
- 1M
- 3.95%
- 6M
- 16.09%
- YTD
- 21.45%
- 1Y
- 29.87%
- 3Y*
- 12.29%
- 5Y*
- 10.46%
- 10Y*
- —
- ALL TIME*
- 7.69%
GOLD.AS vs. ICOM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GOLD.AS Amundi Physical Gold ETC C | -7.09% | 64.94% | 26.36% | 13.35% | -0.13% | -4.09% | 24.31% | 18.40% |
ICOM.L iShares Diversified Commodity Swap UCITS ETF | 21.45% | 16.57% | 4.40% | -7.51% | 14.83% | 27.05% | -3.74% | 3.76% |
Correlation
The correlation between GOLD.AS and ICOM.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since May 23, 2019 | 0.33 |
The correlation between GOLD.AS and ICOM.L shifts across timeframes, from 0.25 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GOLD.AS vs. ICOM.L — Risk / Return Rank
GOLD.AS
ICOM.L
GOLD.AS vs. ICOM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) and iShares Diversified Commodity Swap UCITS ETF (ICOM.L). 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.
| GOLD.AS | ICOM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.32 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 2.07 | -1.28 |
| Martin ratioReturn relative to average drawdown | 1.87 | 6.57 | -4.70 |
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Drawdowns
GOLD.AS vs. ICOM.L - Drawdown Comparison
The maximum GOLD.AS drawdown since its inception was -24.41%, smaller than the maximum ICOM.L drawdown of -33.13%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and ICOM.L.
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Drawdown Indicators
| GOLD.AS | ICOM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.41% | -33.13% | +8.72% |
Max Drawdown (1Y)Largest decline over 1 year | -24.41% | -14.39% | -10.02% |
Max Drawdown (3Y)Largest decline over 3 years | -24.41% | -14.39% | -10.02% |
Max Drawdown (5Y)Largest decline over 5 years | -24.41% | -26.74% | +2.33% |
Current DrawdownCurrent decline from peak | -24.36% | -7.77% | -16.59% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -12.40% | +5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.35% | 4.54% | +5.81% |
Volatility
GOLD.AS vs. ICOM.L - Volatility Comparison
Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 6.72% compared to iShares Diversified Commodity Swap UCITS ETF (ICOM.L) at 4.34%. This indicates that GOLD.AS's price experiences larger fluctuations and is considered to be riskier than ICOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOLD.AS | ICOM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 4.34% | +2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 23.20% | 15.14% | +8.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 17.17% | +9.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.68% | 16.50% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.28% | 14.96% | +2.32% |
GOLD.AS vs. ICOM.L - Expense Ratio Comparison
GOLD.AS has a 0.12% expense ratio, which is lower than ICOM.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GOLD.AS vs. ICOM.L - Dividend Comparison
Neither GOLD.AS nor ICOM.L has paid dividends to shareholders.
Frequently Asked Questions
GOLD.AS and ICOM.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOLD.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOLD.AS is cheaper with a 0.12% expense ratio, compared with 0.19% for ICOM.L.
GOLD.AS is categorized as Precious Metals, while ICOM.L is Commodities. GOLD.AS tracks LMBA Gold Price PM USD, while ICOM.L tracks Bloomberg Commodity (Total Return Index). They also come from different issuers: Amundi and iShares. Their fees differ too: 0.12% for GOLD.AS and 0.19% for ICOM.L.
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