IAU vs. FGM
IAU (iShares Gold Trust) and FGM (First Trust Germany AlphaDEX Fund) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while FGM is a Europe Equities fund tracking the NASDAQ AlphaDEX Germany Index. Both are passively managed. Over the past 10 years, IAU returned 12.31%/yr vs 8.76%/yr for FGM. At a 0.11 correlation, their price movements are largely independent. IAU charges 0.25%/yr vs 0.80%/yr for FGM.
Performance
IAU vs. FGM - 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 FGM's 3.19% return. Over the past 10 years, IAU has outperformed FGM with an annualized return of 12.31%, while FGM has yielded a comparatively lower 8.76% 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%
FGM
- 1D
- 1.21%
- 1M
- -2.19%
- YTD
- 3.19%
- 6M
- 4.60%
- 1Y
- 18.86%
- 3Y*
- 20.38%
- 5Y*
- 4.13%
- 10Y*
- 8.76%
IAU vs. FGM - 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% |
FGM First Trust Germany AlphaDEX Fund | 3.19% | 63.60% | 1.36% | 13.28% | -30.46% | 6.10% | 17.26% | 20.77% | -25.14% | 44.28% |
Correlation
The correlation between IAU and FGM is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2012 | 0.11 |
Over the past year, IAU and FGM have become more correlated (0.34) than their long-term average of 0.11, meaning their price movements have been converging.
IAU vs. FGM - Sectors Allocation Comparison
Sectors
IAU
FGM
Real Estate
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
-
Financial Services
-
Healthcare
-
Industrials
-
Technology
-
-
Utilities
-
Real Estate
IAU
FGM
Basic Materials
IAU
-
FGM
Communication Services
IAU
-
FGM
Consumer Cyclical
IAU
-
FGM
Consumer Defensive
IAU
-
FGM
Energy
IAU
-
FGM
-
Financial Services
IAU
-
FGM
Healthcare
IAU
-
FGM
Industrials
IAU
-
FGM
Technology
IAU
-
FGM
-
Utilities
IAU
-
FGM
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Return for Risk
IAU vs. FGM — Risk / Return Rank
IAU
FGM
IAU vs. FGM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and First Trust Germany AlphaDEX Fund (FGM). 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 | FGM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.16 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.98 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.83 | 3.01 | -0.17 |
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Drawdowns
IAU vs. FGM - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum FGM drawdown of -51.58%. Use the drawdown chart below to compare losses from any high point for IAU and FGM.
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Drawdown Indicators
| IAU | FGM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -51.58% | +6.44% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -17.76% | -6.64% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -17.93% | -6.47% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -50.22% | +25.82% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -51.58% | +27.18% |
Current DrawdownCurrent decline from peak | -22.03% | -8.26% | -13.77% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -14.72% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.47% | 5.81% | +2.66% |
Volatility
IAU vs. FGM - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 7.70% compared to First Trust Germany AlphaDEX Fund (FGM) at 6.75%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than FGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | FGM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.70% | 6.75% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 23.94% | 17.55% | +6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.17% | 20.94% | +6.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.16% | 24.54% | -6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.02% | 23.11% | -7.09% |
IAU vs. FGM - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than FGM's 0.80% expense ratio.
Dividends
IAU vs. FGM - Dividend Comparison
IAU has not paid dividends to shareholders, while FGM's dividend yield for the trailing twelve months is around 0.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGM First Trust Germany AlphaDEX Fund | 0.64% | 0.66% | 2.56% | 2.82% | 5.44% | 1.43% | 1.33% | 2.30% | 2.18% | 2.11% | 1.33% | 1.13% |
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 FGM have a correlation of 0.34, 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 FGM (6.75%). In terms of maximum drawdown, IAU dropped -45.14% vs FGM's -51.58%.
On 10-year performance, IAU leads with 12.31% vs 8.76% for FGM. On fees, IAU is cheaper at 0.25% per year. On volatility, FGM has been the lower-risk option at 6.75%. 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 8.76%. 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 0.80% for FGM.
FGM has the higher dividend yield at 0.64%, compared with 0.00% for IAU.
IAU is categorized as Gold, while FGM is Europe Equities. IAU tracks LBMA Gold Price, while FGM tracks NASDAQ AlphaDEX Germany Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for IAU and 0.80% for FGM.
IAU currently has the higher Sharpe Ratio (0.89 vs 0.84), 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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