IAU vs. ISAC.L

Last updated Jun 9, 2026

IAU (iShares Gold Trust) and ISAC.L (iShares MSCI ACWI UCITS ETF USD (Acc)) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while ISAC.L is a Global Equities fund tracking the MSCI All Country World Index (Net). Both are passively managed. Over the past 10 years, IAU returned 12.71%/yr vs 12.55%/yr for ISAC.L. At a 0.09 correlation, their price movements are largely independent. IAU charges 0.25%/yr vs 0.20%/yr for ISAC.L.

Performance

IAU vs. ISAC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAU achieves a 0.26% return, which is significantly lower than ISAC.L's 9.28% return. Both investments have delivered pretty close results over the past 10 years, with IAU having a 12.71% annualized return and ISAC.L not far behind at 12.55%.

IAU

• 1D: 0.20%
• 1M: -8.43%
• YTD: 0.26%
• 6M: 3.08%
• 1Y: 30.27%
• 3Y*: 29.88%
• 5Y*: 17.71%
• 10Y*: 12.71%

ISAC.L

• 1D: -0.49%
• 1M: 0.23%
• YTD: 9.28%
• 6M: 10.77%
• 1Y: 25.90%
• 3Y*: 20.19%
• 5Y*: 10.90%
• 10Y*: 12.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IAU vs. ISAC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAU iShares Gold Trust	0.26%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%
ISAC.L iShares MSCI ACWI UCITS ETF USD (Acc)	9.28%	22.36%	17.81%	22.57%	-18.16%	18.85%	15.66%	25.75%	-9.73%	24.40%

Correlation

The correlation between IAU and ISAC.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.09

The correlation between IAU and ISAC.L shifts across timeframes, from 0.09 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

IAU vs. ISAC.L - Sectors Allocation Comparison

Sectors	IAU	ISAC.L
Real Estate	100.0%	1.2%
Basic Materials	-	2.9%
Communication Services	-	8.6%
Consumer Cyclical	-	8.5%
Consumer Defensive	-	4.4%
Energy	-	3.6%
Financial Services	-	17.3%
Healthcare	-	7.8%
Industrials	-	9.0%
Technology	-	33.9%
Utilities	-	2.2%

Return for Risk

IAU vs. ISAC.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IAU

IAU Risk / Return Rank: 33
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 31
IAU Omega Ratio Rank: 38
IAU Calmar Ratio Rank: 34
IAU Martin Ratio Rank: 29

ISAC.L

ISAC.L Risk / Return Rank: 71
ISAC.L Sharpe Ratio Rank: 70
ISAC.L Sortino Ratio Rank: 76
ISAC.L Omega Ratio Rank: 70
ISAC.L Calmar Ratio Rank: 65
ISAC.L Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IAU vs. ISAC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L). 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.

	IAU	ISAC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.06	-0.92
Sortino ratio: Return per unit of downside risk	1.52	3.06	-1.53
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.15
Calmar ratio: Return relative to maximum drawdown	1.52	2.94	-1.42
Martin ratio: Return relative to average drawdown	3.80	12.26	-8.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAU vs. ISAC.L - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.14, which is lower than the ISAC.L Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IAU and ISAC.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IAU	ISAC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	2.06	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.70	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.79	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.72	-0.10

Drawdowns

IAU vs. ISAC.L - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, which is greater than ISAC.L's maximum drawdown of -33.82%. Use the drawdown chart below to compare losses from any high point for IAU and ISAC.L.

Drawdown Indicators

	IAU	ISAC.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-33.82%	-11.32%
Max Drawdown (1Y) Largest decline over 1 year	-20.04%	-8.77%	-11.27%
Max Drawdown (3Y) Largest decline over 3 years	-20.04%	-16.56%	-3.48%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	-26.07%	+5.14%
Max Drawdown (10Y) Largest decline over 10 years	-21.82%	-33.82%	+12.00%
Current Drawdown Current decline from peak	-19.88%	-2.73%	-17.15%
Average Drawdown Average peak-to-trough decline	-15.97%	-4.64%	-11.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.99%	2.11%	+5.88%

Volatility

IAU vs. ISAC.L - Volatility Comparison

iShares Gold Trust (IAU) has a higher volatility of 5.64% compared to iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L) at 3.92%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than ISAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	ISAC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	3.92%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	23.33%	9.92%	+13.41%
Volatility (1Y) Calculated over the trailing 1-year period	26.68%	12.54%	+14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	15.58%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	15.96%	-0.02%

IAU vs. ISAC.L - Expense Ratio Comparison

IAU has a 0.25% expense ratio, which is higher than ISAC.L's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IAU vs. ISAC.L - Dividend Comparison

Neither IAU nor ISAC.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAU and ISAC.L in my portfolio?

IAU and ISAC.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IAU or ISAC.L?

On fees, ISAC.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IAU or ISAC.L?

ISAC.L is cheaper with a 0.20% expense ratio, compared with 0.25% for IAU.

What is the main difference between IAU and ISAC.L?

IAU is categorized as Gold, while ISAC.L is Global Equities. IAU tracks LBMA Gold Price, while ISAC.L tracks MSCI All Country World Index (Net). Their fees differ too: 0.25% for IAU and 0.20% for ISAC.L.