IAU vs. GOEX
IAU (iShares Gold Trust) and GOEX (Global X Gold Explorers ETF) are both Gold funds - IAU tracks the LBMA Gold Price while GOEX tracks the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 10 years, IAU returned 11.76%/yr vs 11.97%/yr for GOEX. A 0.74 correlation means they provide meaningful diversification when combined. IAU charges 0.25%/yr vs 0.65%/yr for GOEX.
Performance
IAU vs. GOEX - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -4.73% return, which is significantly higher than GOEX's -10.87% return. Both investments have delivered pretty close results over the past 10 years, with IAU having a 11.76% annualized return and GOEX not far ahead at 11.97%.
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%
GOEX
- 1D
- -4.76%
- 1M
- -7.11%
- YTD
- -10.87%
- 6M
- -15.49%
- 1Y
- 57.11%
- 3Y*
- 46.70%
- 5Y*
- 19.54%
- 10Y*
- 11.97%
IAU vs. GOEX - 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% |
GOEX Global X Gold Explorers ETF | -10.87% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
Correlation
The correlation between IAU and GOEX is 0.80, 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 | 0.80 |
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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010 | 0.74 |
The correlation between IAU and GOEX has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.
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Return for Risk
IAU vs. GOEX — Risk / Return Rank
IAU
GOEX
IAU vs. GOEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Global X Gold Explorers ETF (GOEX). 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 | GOEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 1.45 | -0.56 |
| Martin ratioReturn relative to average drawdown | 2.37 | 3.84 | -1.47 |
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Drawdowns
IAU vs. GOEX - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum GOEX drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for IAU and GOEX.
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Drawdown Indicators
| IAU | GOEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -88.83% | +43.69% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -39.64% | +15.24% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -39.64% | +15.24% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -47.16% | +22.76% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -53.66% | +29.26% |
Current DrawdownCurrent decline from peak | -23.87% | -34.22% | +10.35% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -63.47% | +47.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 14.92% | -5.85% |
Volatility
IAU vs. GOEX - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 8.10%, while Global X Gold Explorers ETF (GOEX) has a volatility of 18.46%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | GOEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 18.46% | -10.36% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 42.70% | -18.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.38% | 51.52% | -24.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 39.57% | -21.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 40.17% | -24.19% |
IAU vs. GOEX - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than GOEX's 0.65% expense ratio.
Dividends
IAU vs. GOEX - Dividend Comparison
IAU has not paid dividends to shareholders, while GOEX's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | 2.33% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
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 GOEX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOEX has higher volatility (18.46%) compared to IAU (8.10%). In terms of maximum drawdown, IAU dropped -45.14% vs GOEX's -88.83%.
On 10-year performance, GOEX leads with 11.97% vs 11.76% for IAU. On fees, IAU is cheaper at 0.25% 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 10-year period, GOEX has performed better with a 11.97% return vs 11.76%. 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 0.65% for GOEX.
GOEX has the higher dividend yield at 2.33%, compared with 0.00% for IAU.
IAU tracks LBMA Gold Price, while GOEX tracks Solactive Global Gold Explorers & Developers Total Return. They also come from different issuers: iShares and Global X. Their fees differ too: 0.25% for IAU and 0.65% for GOEX.
GOEX currently has the higher Sharpe Ratio (1.11 vs 0.79), 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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