IAU vs. FGDL
IAU (iShares Gold Trust) and FGDL (Franklin Responsibly Sourced Gold ETF) are both Gold funds - IAU tracks the LBMA Gold Price while FGDL tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 3 years, IAU returned 28.61%/yr vs 28.79%/yr for FGDL. With a 0.99 correlation, they move nearly in lockstep. IAU charges 0.25%/yr vs 0.15%/yr for FGDL.
Performance
IAU vs. FGDL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IAU having a -4.73% return and FGDL slightly lower at -4.86%.
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
FGDL
- 1D
- -1.86%
- 1M
- -8.58%
- YTD
- -4.86%
- 6M
- -8.67%
- 1Y
- 21.26%
- 3Y*
- 28.79%
- 5Y*
- —
- 10Y*
- —
IAU vs. FGDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | 0.12% |
FGDL Franklin Responsibly Sourced Gold ETF | -4.86% | 64.15% | 27.31% | 12.92% | 0.72% |
Correlation
The correlation between IAU and FGDL is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.99 |
The correlation between IAU and FGDL has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
IAU vs. FGDL — Risk / Return Rank
IAU
FGDL
IAU vs. FGDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Franklin Responsibly Sourced Gold ETF (FGDL). 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 | FGDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.86 | +0.02 |
| Martin ratioReturn relative to average drawdown | 2.37 | 2.31 | +0.06 |
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Drawdowns
IAU vs. FGDL - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than FGDL's maximum drawdown of -24.73%. Use the drawdown chart below to compare losses from any high point for IAU and FGDL.
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Drawdown Indicators
| IAU | FGDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -24.73% | -20.41% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -24.73% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.73% | +0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | — | — |
Current DrawdownCurrent decline from peak | -23.87% | -23.98% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -4.07% | -11.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 9.24% | -0.17% |
Volatility
IAU vs. FGDL - Volatility Comparison
iShares Gold Trust (IAU) and Franklin Responsibly Sourced Gold ETF (FGDL) have volatilities of 8.10% and 8.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | FGDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 8.47% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 24.48% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.38% | 27.83% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 19.33% | -1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 19.33% | -3.35% |
IAU vs. FGDL - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is higher than FGDL's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IAU vs. FGDL - Dividend Comparison
Neither IAU nor FGDL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, IAU and FGDL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FGDL has higher volatility (8.47%) compared to IAU (8.10%). In terms of maximum drawdown, IAU dropped -45.14% vs FGDL's -24.73%.
On 3-year performance, FGDL leads with 28.79% vs 28.61% for IAU. On fees, FGDL is cheaper at 0.15% per year. On volatility, IAU has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FGDL has performed better with a 28.79% return vs 28.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FGDL is cheaper with a 0.15% expense ratio, compared with 0.25% for IAU.
IAU and FGDL have nearly identical dividend yields, around 0.00%.
IAU tracks LBMA Gold Price, while FGDL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.25% for IAU and 0.15% for FGDL.
IAU currently has the higher Sharpe Ratio (0.79 vs 0.77), 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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