IAU vs. AUMI

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Gold Trust (IAU) and Themes Gold Miners ETF (AUMI).

IAU and AUMI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005. AUMI is a passively managed fund by Themes that tracks the performance of the Solactive Global Pure Gold Miners Index. It was launched on Dec 12, 2023. Both IAU and AUMI 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

IAU vs. AUMI - Performance Comparison

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

IAU vs. AUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IAU iShares Gold Trust	10.48%	63.95%	26.85%	1.85%
AUMI Themes Gold Miners ETF	10.53%	164.18%	30.61%	4.25%

Returns By Period

The year-to-date returns for both investments are quite close, with IAU having a 10.48% return and AUMI slightly higher at 10.53%.

IAU

• 1D: 1.72%
• 1M: -10.66%
• YTD: 10.48%
• 6M: 23.05%
• 1Y: 52.36%
• 3Y*: 33.88%
• 5Y*: 22.19%
• 10Y*: 14.27%

AUMI

• 1D: 5.17%
• 1M: -16.46%
• YTD: 10.53%
• 6M: 26.21%
• 1Y: 116.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IAU vs. AUMI - Expense Ratio Comparison

IAU has a 0.25% expense ratio, which is lower than AUMI's 0.35% expense ratio.

AUMI

Themes Gold Miners ETF

IAU

iShares Gold Trust

Return for Risk

IAU vs. AUMI — Risk / Return Rank

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

IAU

IAU Risk / Return Rank: 86
IAU Sharpe Ratio Rank: 88
IAU Sortino Ratio Rank: 85
IAU Omega Ratio Rank: 85
IAU Calmar Ratio Rank: 86
IAU Martin Ratio Rank: 84

AUMI

AUMI Risk / Return Rank: 91
AUMI Sharpe Ratio Rank: 94
AUMI Sortino Ratio Rank: 89
AUMI Omega Ratio Rank: 87
AUMI Calmar Ratio Rank: 93
AUMI Martin Ratio Rank: 91

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. AUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Themes Gold Miners ETF (AUMI). 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	AUMI	Difference
Sharpe ratio Return per unit of total volatility	1.90	2.35	-0.45
Sortino ratio Return per unit of downside risk	2.33	2.57	-0.24
Omega ratio Gain probability vs. loss probability	1.35	1.36	-0.02
Calmar ratio Return relative to maximum drawdown	2.72	3.66	-0.95
Martin ratio Return relative to average drawdown	9.95	12.93	-2.98
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. AUMI - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.90, which is comparable to the AUMI Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of IAU and AUMI, 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

	IAU	AUMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.35	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	2.01	-1.36

Correlation

The correlation between IAU and AUMI is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IAU vs. AUMI - Dividend Comparison

IAU has not paid dividends to shareholders, while AUMI's dividend yield for the trailing twelve months is around 0.78%.

	TTM	2025	2024
IAU iShares Gold Trust	0.00%	0.00%	0.00%
AUMI Themes Gold Miners ETF	0.78%	0.86%	1.84%

Drawdowns

IAU vs. AUMI - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, which is greater than AUMI's maximum drawdown of -31.88%. Use the drawdown chart below to compare losses from any high point for IAU and AUMI.

Drawdown Indicators

	IAU	AUMI	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-31.88%	-13.26%
Max Drawdown (1Y) Largest decline over 1 year	-19.18%	-31.88%	+12.70%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.82%	—	—
Current Drawdown Current decline from peak	-11.71%	-16.84%	+5.13%
Average Drawdown Average peak-to-trough decline	-15.98%	-6.00%	-9.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.23%	9.03%	-3.80%

Volatility

IAU vs. AUMI - Volatility Comparison

The current volatility for iShares Gold Trust (IAU) is 10.44%, while Themes Gold Miners ETF (AUMI) has a volatility of 18.77%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than AUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	AUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.44%	18.77%	-8.33%
Volatility (6M) Calculated over the trailing 6-month period	24.15%	40.65%	-16.50%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	49.65%	-22.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	41.38%	-23.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	41.38%	-25.55%