IAU vs. AUMI

Last updated Jun 4, 2026

IAU (iShares Gold Trust) and AUMI (Themes Gold Miners ETF) are both Gold funds - IAU tracks the LBMA Gold Price while AUMI tracks the Solactive Global Pure Gold Miners Index. Both are passively managed. Over the past year, IAU returned 32.20% vs 48.97% for AUMI. A 0.78 correlation means they provide meaningful diversification when combined. IAU charges 0.25%/yr vs 0.35%/yr for AUMI.

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.

Returns By Period

In the year-to-date period, IAU achieves a 2.98% return, which is significantly higher than AUMI's -5.96% return.

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%

AUMI

• 1D: -2.93%
• 1M: -3.79%
• YTD: -5.96%
• 6M: -0.21%
• 1Y: 48.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IAU vs. AUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IAU iShares Gold Trust	2.98%	63.95%	26.85%	1.85%
AUMI Themes Gold Miners ETF	-5.96%	164.18%	30.61%	4.25%

Correlation

The correlation between IAU and AUMI is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.78

The correlation between IAU and AUMI has been stable across timeframes, ranging from 0.78 to 0.78 - a consistent structural relationship.

IAU vs. AUMI - Sectors Allocation Comparison

Sectors	IAU	AUMI
Real Estate	100.0%	-
Basic Materials	-	99.5%
Communication Services	-	0.2%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

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: 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

AUMI

AUMI Risk / Return Rank: 28
AUMI Sharpe Ratio Rank: 28
AUMI Sortino Ratio Rank: 27
AUMI Omega Ratio Rank: 29
AUMI Calmar Ratio Rank: 31
AUMI Martin Ratio Rank: 28

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	1.23	1.03	+0.20
Sortino ratio: Return per unit of downside risk	1.62	1.48	+0.14
Omega ratio: Gain probability vs. loss probability	1.24	1.20	+0.04
Calmar ratio: Return relative to maximum drawdown	1.69	1.54	+0.14
Martin ratio: Return relative to average drawdown	4.19	3.94	+0.24
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 1.23, which is comparable to the AUMI Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of IAU and AUMI, 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	AUMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.03	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
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	1.55	-0.93

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 (3Y) Largest decline over 3 years	-19.18%	—	—
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	-17.70%	-29.25%	+11.55%
Average Drawdown Average peak-to-trough decline	-15.96%	-7.06%	-8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	12.46%	-4.75%

Volatility

IAU vs. AUMI - Volatility Comparison

The current volatility for iShares Gold Trust (IAU) is 5.50%, while Themes Gold Miners ETF (AUMI) has a volatility of 14.46%. 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	5.50%	14.46%	-8.96%
Volatility (6M) Calculated over the trailing 6-month period	23.02%	38.54%	-15.52%
Volatility (1Y) Calculated over the trailing 1-year period	26.42%	47.95%	-21.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	41.57%	-23.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	41.57%	-25.67%

IAU vs. AUMI - Expense Ratio Comparison

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

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 0.92%.

Position	TTM	2025	2024
AUMI Themes Gold Miners ETF	0.92%	0.86%	1.84%
IAU iShares Gold Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAU and AUMI in my portfolio?

IAU and AUMI have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAU or AUMI?

AUMI has higher volatility (14.46%) compared to IAU (5.50%). In terms of maximum drawdown, IAU dropped -45.14% vs AUMI's -31.88%.

Which ETF is better, IAU or AUMI?

On 1-year performance, AUMI leads with 48.97% vs 32.20% for IAU. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAU or AUMI?

Over the 1-year period, AUMI has performed better with a 48.97% return vs 32.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAU or AUMI?

IAU is cheaper with a 0.25% expense ratio, compared with 0.35% for AUMI.

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

AUMI has the higher dividend yield at 0.92%, compared with 0.00% for IAU.

What is the main difference between IAU and AUMI?

IAU tracks LBMA Gold Price, while AUMI tracks Solactive Global Pure Gold Miners Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.25% for IAU and 0.35% for AUMI.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.23 vs 1.03), 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.