IAU vs. EUO
IAU (iShares Gold Trust) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, IAU returned 12.31%/yr vs 2.24%/yr for EUO. At a correlation of -0.37, they often move in opposite directions. IAU charges 0.25%/yr vs 0.99%/yr for EUO.
Performance
IAU vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -2.44% return, which is significantly lower than EUO's 5.15% return. Over the past 10 years, IAU has outperformed EUO with an annualized return of 12.31%, while EUO has yielded a comparatively lower 2.24% annualized return.
IAU
- 1D
- 0.08%
- 1M
- -10.21%
- YTD
- -2.44%
- 6M
- -2.22%
- 1Y
- 23.95%
- 3Y*
- 29.07%
- 5Y*
- 17.23%
- 10Y*
- 12.31%
EUO
- 1D
- 0.86%
- 1M
- 2.86%
- YTD
- 5.15%
- 6M
- 5.13%
- 1Y
- 5.08%
- 3Y*
- 0.15%
- 5Y*
- 5.46%
- 10Y*
- 2.24%
IAU vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -2.44% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
EUO ProShares UltraShort Euro | 5.15% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between IAU and EUO is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.37 |
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Return for Risk
IAU vs. EUO — Risk / Return Rank
IAU
EUO
IAU vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and ProShares UltraShort Euro (EUO). 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.
| IAU | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.08 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.63 | +0.35 |
| Martin ratioReturn relative to average drawdown | 2.83 | 1.43 | +1.40 |
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Drawdowns
IAU vs. EUO - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for IAU and EUO.
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Drawdown Indicators
| IAU | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -38.58% | -6.56% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -8.05% | -16.35% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.46% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -25.28% | +0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -29.61% | +5.21% |
Current DrawdownCurrent decline from peak | -22.03% | -17.96% | -4.07% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -18.50% | +2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.47% | 3.56% | +4.91% |
Volatility
IAU vs. EUO - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 7.70% compared to ProShares UltraShort Euro (EUO) at 3.01%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.70% | 3.01% | +4.69% |
Volatility (6M)Calculated over the trailing 6-month period | 23.94% | 8.88% | +15.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.17% | 12.72% | +14.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.16% | 15.57% | +2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.02% | 14.88% | +1.14% |
IAU vs. EUO - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
IAU vs. EUO - Dividend Comparison
Neither IAU nor EUO has paid dividends to shareholders.
Frequently Asked Questions
IAU and EUO have a correlation of -0.40, 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 EUO (3.01%). In terms of maximum drawdown, IAU dropped -45.14% vs EUO's -38.58%.
On 10-year performance, IAU leads with 12.31% vs 2.24% for EUO. On fees, IAU is cheaper at 0.25% per year. On volatility, EUO has been the lower-risk option at 3.01%. 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 2.24%. 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 0.99% for EUO.
IAU and EUO have nearly identical dividend yields, around 0.00%.
IAU is categorized as Gold, while EUO is Leveraged Currency. IAU tracks LBMA Gold Price, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IAU and 0.99% for EUO.
IAU currently has the higher Sharpe Ratio (0.89 vs 0.40), 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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