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IAU vs. EMLP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAU vs. EMLP

Last updated Jun 13, 2026

IAU (iShares Gold Trust) and EMLP (First Trust North American Energy Infrastructure Fund) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while EMLP is a MLPs fund actively managed by First Trust. IAU is passively managed, while EMLP is actively managed. Over the past 10 years, IAU returned 12.31%/yr vs 10.37%/yr for EMLP. At a 0.13 correlation, their price movements are largely independent. IAU charges 0.25%/yr vs 0.96%/yr for EMLP.

Performance

IAU vs. EMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and First Trust North American Energy Infrastructure Fund (EMLP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IAU achieves a -2.44% return, which is significantly lower than EMLP's 15.76% return. Over the past 10 years, IAU has outperformed EMLP with an annualized return of 12.31%, while EMLP has yielded a comparatively lower 10.37% annualized return.

IAU

1D
0.08%
1M
-9.54%
YTD
-2.44%
6M
-2.22%
1Y
22.32%
3Y*
29.07%
5Y*
17.23%
10Y*
12.31%

EMLP

1D
0.79%
1M
-1.31%
YTD
15.76%
6M
15.73%
1Y
19.70%
3Y*
21.55%
5Y*
15.13%
10Y*
10.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAU vs. EMLP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAU
iShares Gold Trust		-2.44%63.95%26.85%12.84%-0.63%-4.00%25.03%17.98%-1.76%12.91%
EMLP
First Trust North American Energy Infrastructure Fund		15.76%9.67%33.39%8.05%10.39%23.20%-13.36%23.40%-8.70%1.07%

Correlation

The correlation between IAU and EMLP is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.21

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jun 21, 2012

0.13

The correlation between IAU and EMLP shifts across timeframes, from 0.10 (1 year) to 0.21 (5 years), reflecting how their relationship changes across market environments.

IAU vs. EMLP - Sectors Allocation Comparison

Sectors
IAU
EMLP

Real Estate

100.0%

-

Basic Materials

-

0.6%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

48.1%

Financial Services

-

-

Healthcare

-

-

Industrials

-

3.9%

Technology

-

-

Utilities

-

47.4%

Real Estate

IAU
100.0%
EMLP

-

Basic Materials

IAU

-

EMLP
0.6%

Communication Services

IAU

-

EMLP

-

Consumer Cyclical

IAU

-

EMLP

-

Consumer Defensive

IAU

-

EMLP

-

Energy

IAU

-

EMLP
48.1%

Financial Services

IAU

-

EMLP

-

Healthcare

IAU

-

EMLP

-

Industrials

IAU

-

EMLP
3.9%

Technology

IAU

-

EMLP

-

Utilities

IAU

-

EMLP
47.4%

Compare stocks, funds, or ETFs

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iShares Gold Trust

First Trust North American Energy Infrastructure Fund

Often compared with IAU:
IAU vs. GLDIAU vs. GLDMIAU vs. IAUMIAU vs. SGOLIAU vs. GDXIAU vs. VOOIAU vs. PHYS
Often compared with EMLP:
EMLP vs. ENFREMLP vs. UMIEMLP vs. MLPAEMLP vs. EINCEMLP vs. BNEMLP vs. SPYEMLP vs. MPLX

Return for Risk

IAU vs. EMLP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAU
IAU Risk / Return Rank: 2626
Overall Rank
IAU Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
IAU Sortino Ratio Rank: 2525
Sortino Ratio Rank
IAU Omega Ratio Rank: 3030
Omega Ratio Rank
IAU Calmar Ratio Rank: 2424
Calmar Ratio Rank
IAU Martin Ratio Rank: 2424
Martin Ratio Rank
EMLP
EMLP Risk / Return Rank: 7474
Overall Rank
EMLP Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
EMLP Sortino Ratio Rank: 7575
Sortino Ratio Rank
EMLP Omega Ratio Rank: 6666
Omega Ratio Rank
EMLP Calmar Ratio Rank: 8484
Calmar Ratio Rank
EMLP Martin Ratio Rank: 7575
Martin Ratio Rank
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. EMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and First Trust North American Energy Infrastructure Fund (EMLP). 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.

IAUEMLPDifference
Sharpe ratioReturn per unit of total volatility
0.89
2.02

-1.13

Sortino ratioReturn per unit of downside risk
1.25
2.92

-1.67

Omega ratioGain probability vs. loss probability

1.19

1.34

-0.16

Calmar ratioReturn relative to maximum drawdown

0.99

4.03

-3.04

Martin ratioReturn relative to average drawdown

2.83

12.36

-9.53

IAU vs. EMLP - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 0.89, which is lower than the EMLP Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of IAU and EMLP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IAU vs. EMLP - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, roughly equal to the maximum EMLP drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for IAU and EMLP.

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Drawdown Indicators

IAUEMLPDifference

Max Drawdown

Largest peak-to-trough decline

-45.14%

-43.61%

-1.53%

Max Drawdown (1Y)

Largest decline over 1 year

-24.40%

-4.94%

-19.46%

Max Drawdown (3Y)

Largest decline over 3 years

-24.40%

-11.47%

-12.93%

Max Drawdown (5Y)

Largest decline over 5 years

-24.40%

-14.59%

-9.81%

Max Drawdown (10Y)

Largest decline over 10 years

-24.40%

-43.61%

+19.21%

Current Drawdown

Current decline from peak

-22.03%

-2.66%

-19.37%

Average Drawdown

Average peak-to-trough decline

-15.97%

-5.75%

-10.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.47%

1.61%

+6.86%

Volatility

IAU vs. EMLP - Volatility Comparison

iShares Gold Trust (IAU) has a higher volatility of 7.70% compared to First Trust North American Energy Infrastructure Fund (EMLP) at 3.79%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than EMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAUEMLPDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.70%

3.79%

+3.91%

Volatility (6M)

Calculated over the trailing 6-month period

23.94%

7.86%

+16.08%

Volatility (1Y)

Calculated over the trailing 1-year period

27.17%

9.87%

+17.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.16%

14.53%

+3.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.02%

17.69%

-1.67%

IAU vs. EMLP - Expense Ratio Comparison

IAU has a 0.25% expense ratio, which is lower than EMLP's 0.96% expense ratio.

Dividends

IAU vs. EMLP - Dividend Comparison

IAU has not paid dividends to shareholders, while EMLP's dividend yield for the trailing twelve months is around 2.76%.

PositionTTM20252024202320222021202020192018201720162015
EMLP
First Trust North American Energy Infrastructure Fund		2.76%3.18%3.19%3.92%3.15%3.29%4.70%3.71%4.71%3.80%3.62%4.63%
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

IAU and EMLP have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAU has higher volatility (7.70%) compared to EMLP (3.79%). In terms of maximum drawdown, IAU dropped -45.14% vs EMLP's -43.61%.

On 10-year performance, IAU leads with 12.31% vs 10.37% for EMLP. On fees, IAU is cheaper at 0.25% per year. On volatility, EMLP has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IAU has performed better with a 12.31% return vs 10.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAU is cheaper with a 0.25% expense ratio, compared with 0.96% for EMLP.

EMLP has the higher dividend yield at 2.76%, compared with 0.00% for IAU.

IAU is categorized as Gold, while EMLP is MLPs. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for IAU and 0.96% for EMLP.

EMLP currently has the higher Sharpe Ratio (2.02 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.

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