IAU vs. WPM

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Gold Trust (IAU) and Wheaton Precious Metals Corp. (WPM).

IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005.

Performance

IAU vs. WPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and Wheaton Precious Metals Corp. (WPM). The values are adjusted to include any dividend payments, if applicable.

IAU vs. WPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAU iShares Gold Trust	10.48%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%
WPM Wheaton Precious Metals Corp.	16.59%	110.52%	15.24%	27.91%	-7.53%	4.22%	41.82%	54.62%	-10.04%	16.41%

Returns By Period

In the year-to-date period, IAU achieves a 10.48% return, which is significantly lower than WPM's 16.59% return. Over the past 10 years, IAU has underperformed WPM with an annualized return of 14.27%, while WPM has yielded a comparatively higher 25.24% annualized return.

IAU

• 1D: 1.72%
• 1M: -10.66%
• YTD: 10.48%
• 6M: 23.05%
• 1Y: 52.36%
• 3Y*: 33.88%
• 5Y*: 22.19%
• 10Y*: 14.27%

WPM

• 1D: 4.42%
• 1M: -17.32%
• YTD: 16.59%
• 6M: 23.11%
• 1Y: 79.28%
• 3Y*: 43.03%
• 5Y*: 29.45%
• 10Y*: 25.24%

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

Return for Risk

IAU vs. WPM — Risk / Return Rank

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

IAU

IAU Risk / Return Rank: 86
IAU Sharpe Ratio Rank: 88
IAU Sortino Ratio Rank: 85
IAU Omega Ratio Rank: 85
IAU Calmar Ratio Rank: 86
IAU Martin Ratio Rank: 84

WPM

WPM Risk / Return Rank: 83
WPM Sharpe Ratio Rank: 88
WPM Sortino Ratio Rank: 79
WPM Omega Ratio Rank: 81
WPM Calmar Ratio Rank: 82
WPM Martin Ratio Rank: 88

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. WPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Wheaton Precious Metals Corp. (WPM). 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	WPM	Difference
Sharpe ratio Return per unit of total volatility	1.90	1.79	+0.12
Sortino ratio Return per unit of downside risk	2.33	2.07	+0.27
Omega ratio Gain probability vs. loss probability	1.35	1.30	+0.04
Calmar ratio Return relative to maximum drawdown	2.72	2.52	+0.19
Martin ratio Return relative to average drawdown	9.95	9.46	+0.50
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. WPM - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.90, which is comparable to the WPM Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of IAU and WPM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IAU	WPM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.79	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	0.86	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.69	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.75	-0.10

Correlation

The correlation between IAU and WPM is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IAU vs. WPM - Dividend Comparison

IAU has not paid dividends to shareholders, while WPM's dividend yield for the trailing twelve months is around 0.50%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
WPM Wheaton Precious Metals Corp.	0.50%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%

Drawdowns

IAU vs. WPM - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum WPM drawdown of -48.64%. Use the drawdown chart below to compare losses from any high point for IAU and WPM.

Drawdown Indicators

	IAU	WPM	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-48.64%	+3.50%
Max Drawdown (1Y) Largest decline over 1 year	-19.18%	-30.84%	+11.66%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	-43.29%	+22.36%
Max Drawdown (10Y) Largest decline over 10 years	-21.82%	-48.64%	+26.82%
Current Drawdown Current decline from peak	-11.71%	-17.32%	+5.61%
Average Drawdown Average peak-to-trough decline	-15.98%	-18.86%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.23%	8.23%	-3.00%

Volatility

IAU vs. WPM - Volatility Comparison

The current volatility for iShares Gold Trust (IAU) is 10.44%, while Wheaton Precious Metals Corp. (WPM) has a volatility of 16.58%. This indicates that IAU experiences smaller price fluctuations and is considered to be less risky than WPM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	WPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.44%	16.58%	-6.14%
Volatility (6M) Calculated over the trailing 6-month period	24.15%	37.24%	-13.09%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	44.61%	-16.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	34.45%	-16.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	36.83%	-21.00%