IAU vs. AAAU

Last updated Jun 4, 2026

IAU (iShares Gold Trust) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, IAU returned 18.32%/yr vs 18.39%/yr for AAAU. With a 0.99 correlation, they move nearly in lockstep. IAU charges 0.25%/yr vs 0.18%/yr for AAAU.

Performance

IAU vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IAU having a 2.98% return and AAAU slightly lower at 2.94%.

IAU

• 1D: -0.98%
• 1M: -1.62%
• YTD: 2.98%
• 6M: 5.50%
• 1Y: 32.20%
• 3Y*: 31.29%
• 5Y*: 18.32%
• 10Y*: 13.31%

AAAU

• 1D: -1.02%
• 1M: -1.68%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.29%
• 3Y*: 31.37%
• 5Y*: 18.39%
• 10Y*: —

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

IAU vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IAU iShares Gold Trust	2.98%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	9.05%
AAAU Goldman Sachs Physical Gold ETF	2.94%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Correlation

The correlation between IAU and AAAU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.99

The correlation between IAU and AAAU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

IAU vs. AAAU - Sectors Allocation Comparison

Sectors	IAU	AAAU
Real Estate	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IAU vs. AAAU — Risk / Return Rank

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

IAU

IAU Risk / Return Rank: 32
IAU Sharpe Ratio Rank: 33
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 36
IAU Calmar Ratio Rank: 33
IAU Martin Ratio Rank: 29

AAAU

AAAU Risk / Return Rank: 32
AAAU Sharpe Ratio Rank: 33
AAAU Sortino Ratio Rank: 29
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 34
AAAU Martin Ratio Rank: 29

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.

IAU vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Goldman Sachs Physical Gold ETF (AAAU). 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.

	IAU	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.23	-0.01
Sortino ratio: Return per unit of downside risk	1.62	1.63	-0.01
Omega ratio: Gain probability vs. loss probability	1.24	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.69	1.70	-0.01
Martin ratio: Return relative to average drawdown	4.19	4.21	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAU vs. AAAU - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.23, which is comparable to the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of IAU and AAAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IAU	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.23	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	1.04	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.09	-0.46

Drawdowns

IAU vs. AAAU - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for IAU and AAAU.

Drawdown Indicators

	IAU	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-21.63%	-23.51%
Max Drawdown (1Y) Largest decline over 1 year	-19.18%	-19.13%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-19.13%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	-20.94%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-21.82%	—	—
Current Drawdown Current decline from peak	-17.70%	-17.68%	-0.02%
Average Drawdown Average peak-to-trough decline	-15.96%	-6.18%	-9.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	7.69%	+0.02%

Volatility

IAU vs. AAAU - Volatility Comparison

iShares Gold Trust (IAU) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 5.50% and 5.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	5.50%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	23.02%	22.94%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	26.42%	26.33%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	17.83%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	16.99%	-1.09%

IAU vs. AAAU - Expense Ratio Comparison

IAU has a 0.25% expense ratio, which is higher than AAAU's 0.18% 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%.

Dividends

IAU vs. AAAU - Dividend Comparison

Neither IAU nor AAAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAU and AAAU in my portfolio?

With a correlation of 1.00, IAU and AAAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IAU or AAAU?

AAAU has higher volatility (5.50%) compared to IAU (5.50%). In terms of maximum drawdown, IAU dropped -45.14% vs AAAU's -21.63%.

Which ETF is better, IAU or AAAU?

On 5-year performance, AAAU leads with 18.39% vs 18.32% for IAU. On fees, AAAU is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAU or AAAU?

Over the 5-year period, AAAU has performed better with a 18.39% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAU or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for IAU.

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

IAU and AAAU have nearly identical dividend yields, around 0.00%.

What is the main difference between IAU and AAAU?

IAU is categorized as Gold, while AAAU is Precious Metals. IAU tracks LBMA Gold Price, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.25% for IAU and 0.18% for AAAU.

Which has better risk-adjusted returns?

AAAU currently has the higher Sharpe Ratio (1.23 vs 1.23), 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.