IAU vs. USD
IAU (iShares Gold Trust) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, IAU returned 12.97%/yr vs 58.18%/yr for USD. At a 0.04 correlation, their price movements are largely independent. IAU charges 0.25%/yr vs 0.95%/yr for USD.
Performance
IAU vs. USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAU achieves a 0.06% return, which is significantly lower than USD's 69.08% return. Over the past 10 years, IAU has underperformed USD with an annualized return of 12.97%, while USD has yielded a comparatively higher 58.18% annualized return.
IAU
- 1D
- -3.63%
- 1M
- -8.61%
- YTD
- 0.06%
- 6M
- 2.63%
- 1Y
- 30.01%
- 3Y*
- 29.73%
- 5Y*
- 17.65%
- 10Y*
- 12.97%
USD
- 1D
- -16.84%
- 1M
- -6.95%
- YTD
- 69.08%
- 6M
- 62.79%
- 1Y
- 196.23%
- 3Y*
- 111.77%
- 5Y*
- 61.72%
- 10Y*
- 58.18%
IAU vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.06% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
USD ProShares Ultra Semiconductors | 69.08% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between IAU and USD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | 0.04 |
The correlation between IAU and USD shifts across timeframes, from 0.03 (10 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.
IAU vs. USD - Sectors Allocation Comparison
Sectors
IAU
USD
Real Estate
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
Financial Services
-
Healthcare
-
-
Industrials
-
-
Technology
-
Utilities
-
-
Real Estate
IAU
USD
-
Basic Materials
IAU
-
USD
-
Communication Services
IAU
-
USD
-
Consumer Cyclical
IAU
-
USD
-
Consumer Defensive
IAU
-
USD
-
Energy
IAU
-
USD
Financial Services
IAU
-
USD
Healthcare
IAU
-
USD
-
Industrials
IAU
-
USD
-
Technology
IAU
-
USD
Utilities
IAU
-
USD
-
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IAU vs. USD — Risk / Return Rank
IAU
USD
IAU vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.41 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 6.21 | -4.79 |
| Martin ratioReturn relative to average drawdown | 3.60 | 17.82 | -14.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IAU | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 3.10 | -2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 0.81 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.84 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.46 | +0.15 |
Drawdowns
IAU vs. USD - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for IAU and USD.
Loading charts...
Drawdown Indicators
| IAU | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -88.63% | +43.49% |
Max Drawdown (1Y)Largest decline over 1 year | -20.04% | -31.80% | +11.76% |
Max Drawdown (3Y)Largest decline over 3 years | -20.04% | -64.46% | +44.42% |
Max Drawdown (5Y)Largest decline over 5 years | -20.93% | -77.85% | +56.92% |
Max Drawdown (10Y)Largest decline over 10 years | -21.82% | -77.85% | +56.03% |
Current DrawdownCurrent decline from peak | -20.04% | -21.89% | +1.85% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -32.34% | +16.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.89% | 11.06% | -3.17% |
Volatility
IAU vs. USD - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 5.64%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.63%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IAU | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 27.63% | -21.99% |
Volatility (6M)Calculated over the trailing 6-month period | 23.33% | 50.45% | -27.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.67% | 63.70% | -37.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.01% | 76.91% | -58.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 69.45% | -53.51% |
IAU vs. USD - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
IAU vs. USD - Dividend Comparison
IAU has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.27%.
| 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% |
USD ProShares Ultra Semiconductors | 0.27% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
IAU and USD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (27.63%) compared to IAU (5.64%). In terms of maximum drawdown, IAU dropped -45.14% vs USD's -88.63%.
On 10-year performance, USD leads with 58.18% vs 12.97% for IAU. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 58.18% return vs 12.97%. 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 0.95% for USD.
USD has the higher dividend yield at 0.27%, compared with 0.00% for IAU.
IAU is categorized as Gold, while USD is Leveraged Equities. IAU tracks LBMA Gold Price, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IAU and 0.95% for USD.
USD currently has the higher Sharpe Ratio (3.10 vs 1.07), 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.
Find the right allocation for IAU and USD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer