GSY vs. IAU

Last updated Jun 13, 2026

GSY (Invesco Ultra Short Duration ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while IAU is a Gold fund tracking the LBMA Gold Price. GSY is actively managed, while IAU is passively managed. Over the past 10 years, GSY returned 2.86%/yr vs 12.31%/yr for IAU. At a 0.10 correlation, their price movements are largely independent. GSY charges 0.22%/yr vs 0.25%/yr for IAU.

Performance

GSY vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Ultra Short Duration ETF (GSY) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSY achieves a 1.72% return, which is significantly higher than IAU's -2.44% return. Over the past 10 years, GSY has underperformed IAU with an annualized return of 2.86%, while IAU has yielded a comparatively higher 12.31% annualized return.

GSY

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.72%
• 6M: 1.96%
• 1Y: 4.52%
• 3Y*: 5.48%
• 5Y*: 3.68%
• 10Y*: 2.86%

IAU

• 1D: 0.08%
• 1M: -10.21%
• YTD: -2.44%
• 6M: -2.22%
• 1Y: 23.95%
• 3Y*: 29.07%
• 5Y*: 17.23%
• 10Y*: 12.31%

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

GSY vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSY Invesco Ultra Short Duration ETF	1.72%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%
IAU iShares Gold Trust	-2.44%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between GSY and IAU is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008	0.10

The correlation between GSY and IAU shifts across timeframes, from 0.10 (all time) to 0.28 (5 years), reflecting how their relationship changes across market environments.

GSY vs. IAU - Sectors Allocation Comparison

Sectors	GSY	IAU
Financial Services	28.5%	-
Technology	4.6%	-
Real Estate	4.3%	100.0%
Consumer Cyclical	4.2%	-
Healthcare	2.9%	-
Energy	2.9%	-
Consumer Defensive	2.5%	-
Industrials	2.4%	-
Communication Services	2.2%	-
Utilities	1.8%	-
Basic Materials	1.5%	-

Return for Risk

GSY vs. IAU — Risk / Return Rank

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

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

IAU

IAU Risk / Return Rank: 26
IAU Sharpe Ratio Rank: 28
IAU Sortino Ratio Rank: 25
IAU Omega Ratio Rank: 30
IAU Calmar Ratio Rank: 24
IAU Martin Ratio Rank: 24

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.

GSY vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) and iShares Gold Trust (IAU). 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.

	GSY	IAU	Difference
Sharpe ratio: Return per unit of total volatility	11.20	0.89	+10.31
Sortino ratio: Return per unit of downside risk	27.35	1.25	+26.10
Omega ratio: Gain probability vs. loss probability	6.54	1.19	+5.35
Calmar ratio: Return relative to maximum drawdown	75.72	0.99	+74.73
Martin ratio: Return relative to average drawdown	373.96	2.83	+371.12

GSY vs. IAU - Sharpe Ratio Comparison

The current GSY Sharpe Ratio is 11.20, which is higher than the IAU Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of GSY and IAU, 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

GSY vs. IAU - Drawdown Comparison

The maximum GSY drawdown since its inception was -12.14%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GSY and IAU.

Drawdown Indicators

	GSY	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-12.14%	-45.14%	+33.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-24.40%	+24.34%
Max Drawdown (3Y) Largest decline over 3 years	-0.18%	-24.40%	+24.22%
Max Drawdown (5Y) Largest decline over 5 years	-1.48%	-24.40%	+22.92%
Max Drawdown (10Y) Largest decline over 10 years	-5.25%	-24.40%	+19.15%
Current Drawdown Current decline from peak	0.00%	-22.03%	+22.03%
Average Drawdown Average peak-to-trough decline	-2.38%	-15.97%	+13.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	8.47%	-8.46%

Volatility

GSY vs. IAU - Volatility Comparison

The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.15%, while iShares Gold Trust (IAU) has a volatility of 7.70%. This indicates that GSY experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSY	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	7.70%	-7.55%
Volatility (6M) Calculated over the trailing 6-month period	0.31%	23.94%	-23.63%
Volatility (1Y) Calculated over the trailing 1-year period	0.40%	27.17%	-26.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	18.16%	-17.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	16.02%	-14.80%

GSY vs. IAU - Expense Ratio Comparison

GSY has a 0.22% expense ratio, which is lower than IAU's 0.25% 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

GSY vs. IAU - Dividend Comparison

GSY's dividend yield for the trailing twelve months is around 4.34%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSY and IAU in my portfolio?

GSY and IAU have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSY or IAU?

IAU has higher volatility (7.70%) compared to GSY (0.15%). In terms of maximum drawdown, GSY dropped -12.14% vs IAU's -45.14%.

Which ETF is better, GSY or IAU?

On 10-year performance, IAU leads with 12.31% vs 2.86% for GSY. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSY or IAU?

Over the 10-year period, IAU has performed better with a 12.31% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSY or IAU?

GSY is cheaper with a 0.22% expense ratio, compared with 0.25% for IAU.

Which ETF pays a higher dividend yield, GSY or IAU?

GSY has the higher dividend yield at 4.34%, compared with 0.00% for IAU.

What is the main difference between GSY and IAU?

GSY is categorized as Ultrashort Bond, while IAU is Gold. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.22% for GSY and 0.25% for IAU.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.20 vs 0.89), 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.