GOLY vs. IWL
GOLY (Strategy Shares Gold-Hedged Bond ETF) and IWL (iShares Russell Top 200 ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index. Both are passively managed. Over the past 5 years, GOLY returned 5.95%/yr vs 14.51%/yr for IWL. At a 0.16 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 0.15%/yr for IWL.
Performance
GOLY vs. IWL - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -20.76% return, which is significantly lower than IWL's 9.79% return.
GOLY
- 1D
- 2.90%
- 1M
- -4.38%
- YTD
- -20.76%
- 6M
- -20.23%
- 1Y
- -1.82%
- 3Y*
- 16.55%
- 5Y*
- 5.95%
- 10Y*
- —
IWL
- 1D
- 1.85%
- 1M
- 1.65%
- YTD
- 9.79%
- 6M
- 10.53%
- 1Y
- 27.79%
- 3Y*
- 22.12%
- 5Y*
- 14.51%
- 10Y*
- 16.52%
GOLY vs. IWL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -20.76% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
IWL iShares Russell Top 200 ETF | 9.79% | 19.09% | 27.12% | 29.77% | -19.89% | 16.09% |
Correlation
The correlation between GOLY and IWL is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.16 |
Over the past year, GOLY and IWL have become more correlated (0.37) than their long-term average of 0.16, meaning their price movements have been converging.
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Return for Risk
GOLY vs. IWL — Risk / Return Rank
GOLY
IWL
GOLY vs. IWL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) and iShares Russell Top 200 ETF (IWL). 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.
| GOLY | IWL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.39 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.84 | -2.89 |
| Martin ratioReturn relative to average drawdown | -0.13 | 12.27 | -12.40 |
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Drawdowns
GOLY vs. IWL - Drawdown Comparison
The maximum GOLY drawdown since its inception was -36.08%, which is greater than IWL's maximum drawdown of -32.71%. Use the drawdown chart below to compare losses from any high point for GOLY and IWL.
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Drawdown Indicators
| GOLY | IWL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.08% | -32.71% | -3.37% |
Max Drawdown (1Y)Largest decline over 1 year | -36.08% | -9.83% | -26.25% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -19.15% | -16.93% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -25.65% | -10.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.71% | — |
Current DrawdownCurrent decline from peak | -31.62% | -1.04% | -30.58% |
Average DrawdownAverage peak-to-trough decline | -11.98% | -3.88% | -8.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.24% | 2.27% | +11.97% |
Volatility
GOLY vs. IWL - Volatility Comparison
Strategy Shares Gold-Hedged Bond ETF (GOLY) has a higher volatility of 9.83% compared to iShares Russell Top 200 ETF (IWL) at 4.80%. This indicates that GOLY's price experiences larger fluctuations and is considered to be riskier than IWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOLY | IWL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.83% | 4.80% | +5.03% |
Volatility (6M)Calculated over the trailing 6-month period | 30.46% | 10.03% | +20.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.73% | 12.77% | +20.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.57% | 17.26% | +5.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 18.13% | +4.28% |
GOLY vs. IWL - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is higher than IWL's 0.15% expense ratio.
Dividends
GOLY vs. IWL - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.29%, more than IWL's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 9.29% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWL iShares Russell Top 200 ETF | 1.04% | 0.90% | 1.04% | 1.30% | 1.54% | 1.12% | 1.30% | 1.96% | 1.93% | 1.69% | 1.96% | 2.14% |
Frequently Asked Questions
GOLY and IWL have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLY has higher volatility (9.83%) compared to IWL (4.80%). In terms of maximum drawdown, GOLY dropped -36.08% vs IWL's -32.71%.
On 5-year performance, IWL leads with 14.51% vs 5.95% for GOLY. On fees, IWL is cheaper at 0.15% per year. On volatility, IWL has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWL has performed better with a 14.51% return vs 5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWL is cheaper with a 0.15% expense ratio, compared with 0.79% for GOLY.
GOLY has the higher dividend yield at 9.29%, compared with 1.04% for IWL.
GOLY is categorized as Nontraditional Bonds, while IWL is Large Cap Growth Equities. GOLY tracks Solactive Gold-Backed Bond Index, while IWL tracks Russell Top 200 Index. They also come from different issuers: Strategy Shares and iShares. Their fees differ too: 0.79% for GOLY and 0.15% for IWL.
IWL currently has the higher Sharpe Ratio (2.19 vs -0.05), 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.
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