IAU vs. GDXJ

Last updated Jun 4, 2026

IAU (iShares Gold Trust) and GDXJ (VanEck Vectors Junior Gold Miners ETF) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while GDXJ is a Materials fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, IAU returned 13.31%/yr vs 13.07%/yr for GDXJ. A 0.76 correlation means they provide meaningful diversification when combined. IAU charges 0.25%/yr vs 0.54%/yr for GDXJ.

Performance

IAU vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and VanEck Vectors Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAU achieves a 2.98% return, which is significantly higher than GDXJ's -2.55% return. Both investments have delivered pretty close results over the past 10 years, with IAU having a 13.31% annualized return and GDXJ not far behind at 13.07%.

IAU

• 1D: -0.98%
• 1M: -1.62%
• YTD: 2.98%
• 6M: 5.50%
• 1Y: 32.20%
• 3Y*: 31.29%
• 5Y*: 18.32%
• 10Y*: 13.31%

GDXJ

• 1D: -4.40%
• 1M: -1.95%
• YTD: -2.55%
• 6M: 6.26%
• 1Y: 65.12%
• 3Y*: 46.12%
• 5Y*: 17.46%
• 10Y*: 13.07%

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

IAU vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAU iShares Gold Trust	2.98%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%
GDXJ VanEck Vectors Junior Gold Miners ETF	-2.55%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between IAU and GDXJ is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.76

The correlation between IAU and GDXJ has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

IAU vs. GDXJ - Sectors Allocation Comparison

Sectors	IAU	GDXJ
Real Estate	100.0%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IAU vs. GDXJ — Risk / Return Rank

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

IAU

IAU Risk / Return Rank: 32
IAU Sharpe Ratio Rank: 33
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 36
IAU Calmar Ratio Rank: 33
IAU Martin Ratio Rank: 29

GDXJ

GDXJ Risk / Return Rank: 35
GDXJ Sharpe Ratio Rank: 36
GDXJ Sortino Ratio Rank: 32
GDXJ Omega Ratio Rank: 35
GDXJ Calmar Ratio Rank: 39
GDXJ Martin Ratio Rank: 32

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. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and VanEck Vectors Junior Gold Miners ETF (GDXJ). 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	GDXJ	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.32	-0.09
Sortino ratio Return per unit of downside risk	1.62	1.74	-0.12
Omega ratio Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio Return relative to maximum drawdown	1.69	1.99	-0.30
Martin ratio Return relative to average drawdown	4.19	4.95	-0.77
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. GDXJ - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.23, which is comparable to the GDXJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of IAU and GDXJ, 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	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.32	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.43	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.30	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.06	+0.56

Drawdowns

IAU vs. GDXJ - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for IAU and GDXJ.

Drawdown Indicators

	IAU	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-88.66%	+43.52%
Max Drawdown (1Y) Largest decline over 1 year	-19.18%	-32.92%	+13.74%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-32.92%	+13.74%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	-50.99%	+30.06%
Max Drawdown (10Y) Largest decline over 10 years	-21.82%	-57.77%	+35.95%
Current Drawdown Current decline from peak	-17.70%	-29.01%	+11.31%
Average Drawdown Average peak-to-trough decline	-15.96%	-60.50%	+44.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	13.19%	-5.48%

Volatility

IAU vs. GDXJ - Volatility Comparison

The current volatility for iShares Gold Trust (IAU) is 5.50%, while VanEck Vectors Junior Gold Miners ETF (GDXJ) has a volatility of 16.66%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	16.66%	-11.16%
Volatility (6M) Calculated over the trailing 6-month period	23.02%	41.34%	-18.32%
Volatility (1Y) Calculated over the trailing 1-year period	26.42%	49.79%	-23.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	41.10%	-23.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	44.06%	-28.16%

IAU vs. GDXJ - Expense Ratio Comparison

IAU has a 0.25% expense ratio, which is lower than GDXJ's 0.54% expense ratio.

Dividends

IAU vs. GDXJ - Dividend Comparison

IAU has not paid dividends to shareholders, while GDXJ's dividend yield for the trailing twelve months is around 2.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Vectors Junior Gold Miners ETF	2.39%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
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

Can I hold both IAU and GDXJ in my portfolio?

IAU and GDXJ have a correlation of 0.79, 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 GDXJ?

GDXJ has higher volatility (16.66%) compared to IAU (5.50%). In terms of maximum drawdown, IAU dropped -45.14% vs GDXJ's -88.66%.

Which ETF is better, IAU or GDXJ?

On 10-year performance, IAU leads with 13.31% vs 13.07% for GDXJ. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAU or GDXJ?

Over the 10-year period, IAU has performed better with a 13.31% return vs 13.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAU or GDXJ?

IAU is cheaper with a 0.25% expense ratio, compared with 0.54% for GDXJ.

Which ETF pays a higher dividend yield, IAU or GDXJ?

GDXJ has the higher dividend yield at 2.39%, compared with 0.00% for IAU.

What is the main difference between IAU and GDXJ?

IAU is categorized as Gold, while GDXJ is Materials. IAU tracks LBMA Gold Price, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.25% for IAU and 0.54% for GDXJ.

Which has better risk-adjusted returns?

GDXJ currently has the higher Sharpe Ratio (1.31 vs 1.23), 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.