IAU vs. GLD
IAU (iShares Gold Trust) and GLD (SPDR Gold Shares) are both Gold funds - IAU tracks the LBMA Gold Price while GLD tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IAU returned 12.31%/yr vs 12.15%/yr for GLD. With a 1.00 correlation, they move nearly in lockstep. IAU charges 0.25%/yr vs 0.40%/yr for GLD.
Performance
IAU vs. GLD - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with IAU having a -2.44% return and GLD slightly lower at -2.47%. Both investments have delivered pretty close results over the past 10 years, with IAU having a 12.31% annualized return and GLD not far behind at 12.15%.
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%
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
IAU vs. GLD - 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% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between IAU and GLD is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 1.00 |
The correlation between IAU and GLD has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IAU vs. GLD — Risk / Return Rank
IAU
GLD
IAU vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.98 | +0.01 |
| Martin ratioReturn relative to average drawdown | 2.83 | 2.81 | +0.02 |
Loading charts...
Drawdowns
IAU vs. GLD - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for IAU and GLD.
Loading charts...
Drawdown Indicators
| IAU | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -45.56% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -24.46% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.46% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -24.46% | +0.06% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -24.46% | +0.06% |
Current DrawdownCurrent decline from peak | -22.03% | -22.05% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -16.16% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.47% | 8.49% | -0.02% |
Volatility
IAU vs. GLD - Volatility Comparison
iShares Gold Trust (IAU) and SPDR Gold Shares (GLD) have volatilities of 7.70% and 7.79%, 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.
Loading charts...
Volatility by Period
| IAU | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.70% | 7.79% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 23.94% | 24.10% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.17% | 27.37% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.16% | 18.22% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.02% | 16.08% | -0.06% |
IAU vs. GLD - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
IAU vs. GLD - Dividend Comparison
Neither IAU nor GLD has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, IAU and GLD 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.
GLD has higher volatility (7.79%) compared to IAU (7.70%). In terms of maximum drawdown, IAU dropped -45.14% vs GLD's -45.56%.
On 10-year performance, IAU leads with 12.31% vs 12.15% for GLD. On fees, IAU is cheaper at 0.25% per year. Their volatility is very similar. 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 12.15%. 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 0.40% for GLD.
IAU and GLD have nearly identical dividend yields, around 0.00%.
IAU tracks LBMA Gold Price, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IAU and 0.40% for GLD.
IAU currently has the higher Sharpe Ratio (0.89 vs 0.87), 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.
Find the right allocation for IAU and GLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer