IAU vs. GLDI
IAU (iShares Gold Trust) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both Gold funds - IAU tracks the LBMA Gold Price while GLDI tracks the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, IAU returned 11.76%/yr vs 7.83%/yr for GLDI. Their correlation of 0.85 suggests significant overlap in exposure. IAU charges 0.25%/yr vs 0.65%/yr for GLDI.
Performance
IAU vs. GLDI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAU achieves a -4.73% return, which is significantly lower than GLDI's -4.45% return. Over the past 10 years, IAU has outperformed GLDI with an annualized return of 11.76%, while GLDI has yielded a comparatively lower 7.83% annualized return.
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%
GLDI
- 1D
- -1.62%
- 1M
- -7.19%
- YTD
- -4.45%
- 6M
- -5.42%
- 1Y
- 11.67%
- 3Y*
- 17.47%
- 5Y*
- 10.96%
- 10Y*
- 7.83%
IAU vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.45% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
Correlation
The correlation between IAU and GLDI is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013 | 0.85 |
The correlation between IAU and GLDI has been stable across timeframes, ranging from 0.82 to 0.86 - 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. GLDI — Risk / Return Rank
IAU
GLDI
IAU vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.83 | +0.05 |
| Martin ratioReturn relative to average drawdown | 2.37 | 2.73 | -0.35 |
Loading charts...
Drawdowns
IAU vs. GLDI - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for IAU and GLDI.
Loading charts...
Drawdown Indicators
| IAU | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -32.26% | -12.88% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -14.14% | -10.26% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -14.14% | -10.26% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -14.14% | -10.26% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -14.94% | -9.46% |
Current DrawdownCurrent decline from peak | -23.87% | -13.28% | -10.59% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -13.99% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 4.30% | +4.77% |
Volatility
IAU vs. GLDI - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 8.10% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.18%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IAU | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 7.18% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 14.58% | +9.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.38% | 15.99% | +11.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 11.58% | +6.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 11.52% | +4.46% |
IAU vs. GLDI - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than GLDI's 0.65% expense ratio.
Dividends
IAU vs. GLDI - Dividend Comparison
IAU has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 26.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.67% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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 GLDI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (8.10%) compared to GLDI (7.18%). In terms of maximum drawdown, IAU dropped -45.14% vs GLDI's -32.26%.
On 10-year performance, IAU leads with 11.76% vs 7.83% for GLDI. On fees, IAU is cheaper at 0.25% per year. On volatility, GLDI has been the lower-risk option at 7.18%. 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 11.76% return vs 7.83%. 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 0.65% for GLDI.
GLDI has the higher dividend yield at 26.67%, compared with 0.00% for IAU.
IAU tracks LBMA Gold Price, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.25% for IAU and 0.65% for GLDI.
IAU currently has the higher Sharpe Ratio (0.79 vs 0.73), 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 GLDI
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