IAU vs. GSIE
IAU (iShares Gold Trust) and GSIE (Goldman Sachs ActiveBeta International Equity ETF) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while GSIE is a Foreign Large Cap Equities fund tracking the Goldman Sachs ActiveBeta International Equity Index. Both are passively managed. Over the past 10 years, IAU returned 11.59%/yr vs 9.39%/yr for GSIE. Their 0.20 correlation means their historical movements had little consistent relationship. Both charge a 0.25% expense ratio.
Performance
IAU vs. GSIE - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -6.09% return, which is significantly lower than GSIE's 8.75% return. Over the past 10 years, IAU has outperformed GSIE with an annualized return of 11.59%, while GSIE has yielded a comparatively lower 9.39% annualized return.
IAU
- 1D
- 0.11%
- 1M
- 0.69%
- 6M
- -18.72%
- YTD
- -6.09%
- 1Y
- 21.17%
- 3Y*
- 26.99%
- 5Y*
- 17.33%
- 10Y*
- 11.59%
- ALL TIME*
- 10.72%
GSIE
- 1D
- 0.46%
- 1M
- 1.03%
- 6M
- 5.39%
- YTD
- 8.75%
- 1Y
- 17.13%
- 3Y*
- 15.96%
- 5Y*
- 8.63%
- 10Y*
- 9.39%
- ALL TIME*
- 8.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.98M | $19.56M | $19.60M | |
| $367.78M | $389.80M | $488.83M |
IAU vs. GSIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -6.09% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
GSIE Goldman Sachs ActiveBeta International Equity ETF | 8.75% | 32.53% | 5.23% | 16.99% | -15.86% | 13.27% | 7.45% | 22.83% | -13.40% | 26.22% |
Correlation
The correlation between IAU and GSIE is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.33 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2015 | 0.20 |
Over the past year, IAU and GSIE have become more correlated (0.47) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
IAU vs. GSIE — Risk / Return Rank
IAU
GSIE
IAU vs. GSIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Goldman Sachs ActiveBeta International Equity ETF (GSIE). 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 | GSIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.21 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 1.58 | -0.82 |
| Martin ratioReturn relative to average drawdown | 1.72 | 5.99 | -4.27 |
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Drawdowns
IAU vs. GSIE - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than GSIE's maximum drawdown of -34.63%. Use the drawdown chart below to compare losses from any high point for IAU and GSIE.
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Drawdown Indicators
| IAU | GSIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -34.63% | -10.51% |
Max Drawdown (1Y)Largest decline over 1 year | -26.36% | -10.76% | -15.60% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -13.07% | -13.29% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -29.97% | +3.61% |
Max Drawdown (10Y)Largest decline over 10 years | -26.36% | -34.63% | +8.27% |
Current DrawdownCurrent decline from peak | -24.95% | -1.06% | -23.89% |
Average DrawdownAverage peak-to-trough decline | -16.01% | -5.99% | -10.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.65% | 2.84% | +8.81% |
Volatility
IAU vs. GSIE - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 6.07% compared to Goldman Sachs ActiveBeta International Equity ETF (GSIE) at 3.56%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than GSIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | GSIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 3.56% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 23.78% | 12.39% | +11.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.88% | 14.49% | +13.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.39% | 16.08% | +2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.06% | 16.49% | -0.43% |
IAU vs. GSIE - Expense Ratio Comparison
Both IAU and GSIE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IAU vs. GSIE - Dividend Comparison
IAU has not paid dividends to shareholders, while GSIE's dividend yield for the trailing twelve months is around 2.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSIE Goldman Sachs ActiveBeta International Equity ETF | 2.56% | 2.65% | 3.11% | 2.87% | 3.01% | 2.40% | 1.60% | 2.80% | 2.68% | 2.31% | 2.15% | 0.13% |
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 GSIE have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (6.07%) compared to GSIE (3.56%). In terms of maximum drawdown, IAU dropped -45.14% vs GSIE's -34.63%.
On 10-year performance, IAU leads with 11.59% vs 9.39% for GSIE. Both ETFs have the same 0.25% expense ratio. On volatility, GSIE has been the lower-risk option at 3.56%. 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 11.59% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU and GSIE have the same expense ratio: 0.25% per year.
GSIE has the higher dividend yield at 2.56%, compared with 0.00% for IAU.
IAU is categorized as Gold, while GSIE is Foreign Large Cap Equities. IAU tracks LBMA Gold Price, while GSIE tracks Goldman Sachs ActiveBeta International Equity Index. They also come from different issuers: iShares and Goldman Sachs.
GSIE currently has the higher Sharpe Ratio (1.17 vs 0.72), 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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