IAU vs. CWST

Last updated Jun 9, 2026

IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price, while CWST (Casella Waste Systems, Inc.) is a stock. Over the past 10 years, IAU returned 12.71%/yr vs 27.47%/yr for CWST. At a 0.04 correlation, their price movements are largely independent.

Performance

IAU vs. CWST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and Casella Waste Systems, Inc. (CWST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAU achieves a 0.26% return, which is significantly higher than CWST's -13.64% return. Over the past 10 years, IAU has underperformed CWST with an annualized return of 12.71%, while CWST has yielded a comparatively higher 27.47% annualized return.

IAU

• 1D: 0.20%
• 1M: -8.43%
• YTD: 0.26%
• 6M: 3.08%
• 1Y: 30.27%
• 3Y*: 29.88%
• 5Y*: 17.71%
• 10Y*: 12.71%

CWST

• 1D: -1.54%
• 1M: -1.01%
• YTD: -13.64%
• 6M: -14.76%
• 1Y: -27.45%
• 3Y*: -2.94%
• 5Y*: 5.07%
• 10Y*: 27.47%

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

IAU vs. CWST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAU iShares Gold Trust	0.26%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%
CWST Casella Waste Systems, Inc.	-13.64%	-7.44%	23.81%	7.75%	-7.15%	37.89%	34.59%	61.57%	23.76%	85.50%

Correlation

The correlation between IAU and CWST is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 31, 2005	0.04

The correlation between IAU and CWST shifts across timeframes, from -0.03 (1 year) to 0.09 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IAU vs. CWST — Risk / Return Rank

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

IAU

IAU Risk / Return Rank: 33
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 31
IAU Omega Ratio Rank: 38
IAU Calmar Ratio Rank: 34
IAU Martin Ratio Rank: 29

CWST

CWST Risk / Return Rank: 11
CWST Sharpe Ratio Rank: 9
CWST Sortino Ratio Rank: 10
CWST Omega Ratio Rank: 11
CWST Calmar Ratio Rank: 14
CWST Martin Ratio Rank: 12

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. CWST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Casella Waste Systems, Inc. (CWST). 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	CWST	Difference
Sharpe ratio: Return per unit of total volatility	1.14	-0.83	+1.97
Sortino ratio: Return per unit of downside risk	1.52	-1.12	+2.64
Omega ratio: Gain probability vs. loss probability	1.23	0.87	+0.36
Calmar ratio: Return relative to maximum drawdown	1.52	-0.75	+2.27
Martin ratio: Return relative to average drawdown	3.80	-1.29	+5.09
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. CWST - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.14, which is higher than the CWST Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of IAU and CWST, 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	CWST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	-0.83	+1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.19	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.89	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.09	+0.52

Drawdowns

IAU vs. CWST - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum CWST drawdown of -98.52%. Use the drawdown chart below to compare losses from any high point for IAU and CWST.

Drawdown Indicators

	IAU	CWST	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-98.52%	+53.38%
Max Drawdown (1Y) Largest decline over 1 year	-20.04%	-36.69%	+16.65%
Max Drawdown (3Y) Largest decline over 3 years	-20.04%	-37.72%	+17.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	-37.72%	+16.79%
Max Drawdown (10Y) Largest decline over 10 years	-21.82%	-37.72%	+15.90%
Current Drawdown Current decline from peak	-19.88%	-29.73%	+9.85%
Average Drawdown Average peak-to-trough decline	-15.97%	-53.03%	+37.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.99%	21.30%	-13.31%

Volatility

IAU vs. CWST - Volatility Comparison

The current volatility for iShares Gold Trust (IAU) is 5.64%, while Casella Waste Systems, Inc. (CWST) has a volatility of 8.94%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than CWST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	CWST	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	8.94%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	23.33%	27.33%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	26.68%	33.24%	-6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	27.17%	-9.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	30.88%	-14.94%

Dividends

IAU vs. CWST - Dividend Comparison

Neither IAU nor CWST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAU and CWST in my portfolio?

IAU and CWST have a correlation of -0.03, 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 CWST?

CWST has higher volatility (8.94%) compared to IAU (5.64%). In terms of maximum drawdown, IAU dropped -45.14% vs CWST's -98.52%.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.14 vs -0.83), 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.