IAU vs. IAUI
IAU (iShares Gold Trust) and IAUI (NEOS Gold High Income ETF) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while IAUI is a Derivative Income fund actively managed by Neos. IAU is passively managed, while IAUI is actively managed. Over the past year, IAU returned 21.45% vs 12.83% for IAUI. With a 0.96 correlation, they move nearly in lockstep. IAU charges 0.25%/yr vs 0.78%/yr for IAUI.
Performance
IAU vs. IAUI - 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 IAUI's -5.63% 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%
IAUI
- 1D
- -2.15%
- 1M
- -8.06%
- YTD
- -5.63%
- 6M
- -8.22%
- 1Y
- 12.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAU vs. IAUI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IAU iShares Gold Trust | -4.73% | 27.59% |
IAUI NEOS Gold High Income ETF | -5.63% | 20.00% |
Correlation
The correlation between IAU and IAUI is 0.96 - 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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025 | 0.96 |
The correlation between IAU and IAUI has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
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Return for Risk
IAU vs. IAUI — Risk / Return Rank
IAU
IAUI
IAU vs. IAUI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and NEOS Gold High Income ETF (IAUI). 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 | IAUI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.63 | +0.25 |
| Martin ratioReturn relative to average drawdown | 2.37 | 1.87 | +0.50 |
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Drawdowns
IAU vs. IAUI - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than IAUI's maximum drawdown of -20.43%. Use the drawdown chart below to compare losses from any high point for IAU and IAUI.
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Drawdown Indicators
| IAU | IAUI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -20.43% | -24.71% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -20.43% | -3.97% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | — | — |
Current DrawdownCurrent decline from peak | -23.87% | -19.97% | -3.90% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -4.13% | -11.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 6.86% | +2.21% |
Volatility
IAU vs. IAUI - Volatility Comparison
iShares Gold Trust (IAU) and NEOS Gold High Income ETF (IAUI) have volatilities of 8.10% and 7.78%, 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.
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Volatility by Period
| IAU | IAUI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 7.78% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 19.82% | +4.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.38% | 21.42% | +5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 21.06% | -2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 21.06% | -5.08% |
IAU vs. IAUI - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than IAUI's 0.78% expense ratio.
Dividends
IAU vs. IAUI - Dividend Comparison
IAU has not paid dividends to shareholders, while IAUI's dividend yield for the trailing twelve months is around 14.80%.
| Position | TTM | 2025 |
|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% |
IAUI NEOS Gold High Income ETF | 14.80% | 6.88% |
Frequently Asked Questions
With a correlation of 0.96, IAU and IAUI 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.
IAU has higher volatility (8.10%) compared to IAUI (7.78%). In terms of maximum drawdown, IAU dropped -45.14% vs IAUI's -20.43%.
On 1-year performance, IAU leads with 21.45% vs 12.83% for IAUI. On fees, IAU is cheaper at 0.25% per year. On volatility, IAUI has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IAU has performed better with a 21.45% return vs 12.83%. 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 0.78% for IAUI.
IAUI has the higher dividend yield at 14.80%, compared with 0.00% for IAU.
IAU is categorized as Gold, while IAUI is Derivative Income. They also come from different issuers: iShares and Neos. Their fees differ too: 0.25% for IAU and 0.78% for IAUI.
IAU currently has the higher Sharpe Ratio (0.79 vs 0.60), 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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