IAU vs. SPMD
IAU (iShares Gold Trust) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, IAU returned 12.49%/yr vs 11.85%/yr for SPMD. At a 0.08 correlation, their price movements are largely independent. IAU charges 0.25%/yr vs 0.05%/yr for SPMD.
Performance
IAU vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a 0.11% return, which is significantly lower than SPMD's 15.96% return. Over the past 10 years, IAU has outperformed SPMD with an annualized return of 12.49%, while SPMD has yielded a comparatively lower 11.85% annualized return.
IAU
- 1D
- 2.61%
- 1M
- -4.97%
- YTD
- 0.11%
- 6M
- 0.22%
- 1Y
- 25.52%
- 3Y*
- 29.91%
- 5Y*
- 18.47%
- 10Y*
- 12.49%
SPMD
- 1D
- 0.39%
- 1M
- 5.72%
- YTD
- 15.96%
- 6M
- 14.71%
- 1Y
- 28.46%
- 3Y*
- 15.58%
- 5Y*
- 8.72%
- 10Y*
- 11.85%
IAU vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.11% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.96% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between IAU and SPMD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.08 |
The correlation between IAU and SPMD shifts across timeframes, from 0.06 (10 years) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IAU vs. SPMD — Risk / Return Rank
IAU
SPMD
IAU vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.32 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 3.23 | -2.18 |
| Martin ratioReturn relative to average drawdown | 3.00 | 11.84 | -8.84 |
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Drawdowns
IAU vs. SPMD - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for IAU and SPMD.
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Drawdown Indicators
| IAU | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -57.62% | +12.48% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -8.86% | -15.54% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.08% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -24.08% | -0.32% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -41.86% | +17.46% |
Current DrawdownCurrent decline from peak | -20.00% | 0.00% | -20.00% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -8.11% | -7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.56% | 2.41% | +6.15% |
Volatility
IAU vs. SPMD - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 8.29% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 5.07% | +3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 24.06% | 11.74% | +12.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.29% | 15.86% | +11.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.20% | 19.75% | -1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.04% | 21.20% | -5.16% |
IAU vs. SPMD - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is higher than SPMD's 0.05% 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. SPMD - Dividend Comparison
IAU has not paid dividends to shareholders, while SPMD's dividend yield for the trailing twelve months is around 1.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
IAU and SPMD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (8.29%) compared to SPMD (5.07%). In terms of maximum drawdown, IAU dropped -45.14% vs SPMD's -57.62%.
On 10-year performance, IAU leads with 12.49% vs 11.85% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 5.07%. 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 12.49% return vs 11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.25% for IAU.
SPMD has the higher dividend yield at 1.21%, compared with 0.00% for IAU.
IAU is categorized as Gold, while SPMD is Mid Cap Blend Equities. IAU tracks LBMA Gold Price, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IAU and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.81 vs 0.94), 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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