GOLD.AS vs. IUSA.MI

Last updated Apr 3, 2026

Compare and contrast key facts about Amundi Physical Gold ETC C (GOLD.AS) and iShares Core S&P 500 UCITS ETF USD Dist (IUSA.MI).

GOLD.AS and IUSA.MI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GOLD.AS is a passively managed fund by Amundi that tracks the performance of the LMBA Gold Price PM USD. It was launched on May 21, 2019. IUSA.MI is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Mar 15, 2002. Both GOLD.AS and IUSA.MI 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

GOLD.AS vs. IUSA.MI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Physical Gold ETC C (GOLD.AS) and iShares Core S&P 500 UCITS ETF USD Dist (IUSA.MI). The values are adjusted to include any dividend payments, if applicable.

GOLD.AS vs. IUSA.MI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GOLD.AS Amundi Physical Gold ETC C	8.28%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
IUSA.MI iShares Core S&P 500 UCITS ETF USD Dist	-4.57%	17.92%	26.13%	26.27%	-19.33%	30.08%	18.31%	15.22%

Different Trading Currencies

GOLD.AS is traded in USD, while IUSA.MI is traded in EUR. To make them comparable, the IUSA.MI values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOLD.AS achieves a 8.28% return, which is significantly higher than IUSA.MI's -4.57% return.

GOLD.AS

• 1D: -2.26%
• 1M: -8.68%
• YTD: 8.28%
• 6M: 21.93%
• 1Y: 49.11%
• 3Y*: 32.85%
• 5Y*: 21.85%
• 10Y*: —

IUSA.MI

• 1D: -0.22%
• 1M: -3.15%
• YTD: -4.57%
• 6M: -1.54%
• 1Y: 17.51%
• 3Y*: 18.39%
• 5Y*: 11.82%
• 10Y*: 13.99%

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

GOLD.AS vs. IUSA.MI - Expense Ratio Comparison

GOLD.AS has a 0.12% expense ratio, which is higher than IUSA.MI's 0.07% 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%.

GOLD.AS

Amundi Physical Gold ETC C

IUSA.MI

iShares Core S&P 500 UCITS ETF USD Dist

Return for Risk

GOLD.AS vs. IUSA.MI — Risk / Return Rank

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

GOLD.AS

GOLD.AS Risk / Return Rank: 85
GOLD.AS Sharpe Ratio Rank: 86
GOLD.AS Sortino Ratio Rank: 83
GOLD.AS Omega Ratio Rank: 82
GOLD.AS Calmar Ratio Rank: 87
GOLD.AS Martin Ratio Rank: 88

IUSA.MI

IUSA.MI Risk / Return Rank: 34
IUSA.MI Sharpe Ratio Rank: 30
IUSA.MI Sortino Ratio Rank: 29
IUSA.MI Omega Ratio Rank: 31
IUSA.MI Calmar Ratio Rank: 39
IUSA.MI Martin Ratio Rank: 39

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.

GOLD.AS vs. IUSA.MI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) and iShares Core S&P 500 UCITS ETF USD Dist (IUSA.MI). 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.

	GOLD.AS	IUSA.MI	Difference
Sharpe ratio Return per unit of total volatility	1.86	1.03	+0.82
Sortino ratio Return per unit of downside risk	2.31	1.52	+0.79
Omega ratio Gain probability vs. loss probability	1.34	1.22	+0.11
Calmar ratio Return relative to maximum drawdown	3.16	1.88	+1.29
Martin ratio Return relative to average drawdown	12.21	8.00	+4.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOLD.AS vs. IUSA.MI - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 1.86, which is higher than the IUSA.MI Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of GOLD.AS and IUSA.MI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GOLD.AS	IUSA.MI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.03	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	0.74	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	0.56	+0.63

Correlation

The correlation between GOLD.AS and IUSA.MI is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GOLD.AS vs. IUSA.MI - Dividend Comparison

GOLD.AS has not paid dividends to shareholders, while IUSA.MI's dividend yield for the trailing twelve months is around 1.14%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOLD.AS Amundi Physical Gold ETC C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IUSA.MI iShares Core S&P 500 UCITS ETF USD Dist	1.14%	1.08%	1.07%	1.36%	1.55%	1.16%	1.62%	1.67%	2.01%	1.74%	1.51%	1.68%

Drawdowns

GOLD.AS vs. IUSA.MI - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -21.14%, smaller than the maximum IUSA.MI drawdown of -55.10%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and IUSA.MI.

Drawdown Indicators

	GOLD.AS	IUSA.MI	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-51.36%	+30.22%
Max Drawdown (1Y) Largest decline over 1 year	-17.83%	-8.46%	-9.37%
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	-23.25%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.61%	—
Current Drawdown Current decline from peak	-11.84%	-5.02%	-6.82%
Average Drawdown Average peak-to-trough decline	-6.14%	-7.57%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	2.34%	+2.28%

Volatility

GOLD.AS vs. IUSA.MI - Volatility Comparison

Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 12.13% compared to iShares Core S&P 500 UCITS ETF USD Dist (IUSA.MI) at 4.07%. This indicates that GOLD.AS's price experiences larger fluctuations and is considered to be riskier than IUSA.MI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.AS	IUSA.MI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.13%	4.07%	+8.06%
Volatility (6M) Calculated over the trailing 6-month period	22.55%	8.58%	+13.97%
Volatility (1Y) Calculated over the trailing 1-year period	26.05%	16.96%	+9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	15.90%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	16.31%	+0.58%