IAUI vs. GLDM

Last updated Jun 25, 2026

IAUI (NEOS Gold High Income ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - IAUI is a Derivative Income fund actively managed by Neos, while GLDM is a Gold fund tracking the LBMA Gold Price PM. IAUI is actively managed, while GLDM is passively managed. Over the past year, IAUI returned 10.68% vs 19.86% for GLDM. With a 0.97 correlation, they move nearly in lockstep. IAUI charges 0.78%/yr vs 0.10%/yr for GLDM.

Performance

IAUI vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Gold High Income ETF (IAUI) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAUI achieves a -8.62% return, which is significantly lower than GLDM's -7.59% return.

IAUI

• 1D: -3.16%
• 1M: -10.97%
• YTD: -8.62%
• 6M: -10.82%
• 1Y: 10.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -3.01%
• 1M: -11.57%
• YTD: -7.59%
• 6M: -11.06%
• 1Y: 19.86%
• 3Y*: 27.48%
• 5Y*: 17.40%
• 10Y*: —

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

IAUI vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025
IAUI NEOS Gold High Income ETF	-8.62%	20.00%
GLDM SPDR Gold MiniShares Trust	-7.59%	27.76%

Correlation

The correlation between IAUI and GLDM is 0.97 - 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	0.97
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.97

The correlation between IAUI and GLDM has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

IAUI vs. GLDM — Risk / Return Rank

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

IAUI

IAUI Risk / Return Rank: 16
IAUI Sharpe Ratio Rank: 17
IAUI Sortino Ratio Rank: 16
IAUI Omega Ratio Rank: 18
IAUI Calmar Ratio Rank: 14
IAUI Martin Ratio Rank: 16

GLDM

GLDM Risk / Return Rank: 21
GLDM Sharpe Ratio Rank: 22
GLDM Sortino Ratio Rank: 20
GLDM Omega Ratio Rank: 24
GLDM Calmar Ratio Rank: 19
GLDM Martin Ratio Rank: 20

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.

IAUI vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Gold High Income ETF (IAUI) and SPDR Gold MiniShares Trust (GLDM). 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.

	IAUI	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.73	-0.23
Sortino ratio: Return per unit of downside risk	0.78	1.07	-0.29
Omega ratio: Gain probability vs. loss probability	1.11	1.16	-0.04
Calmar ratio: Return relative to maximum drawdown	0.48	0.76	-0.29
Martin ratio: Return relative to average drawdown	1.53	2.17	-0.64

IAUI vs. GLDM - Sharpe Ratio Comparison

The current IAUI Sharpe Ratio is 0.50, which is lower than the GLDM Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of IAUI and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IAUI vs. GLDM - Drawdown Comparison

The maximum IAUI drawdown since its inception was -22.50%, smaller than the maximum GLDM drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for IAUI and GLDM.

Drawdown Indicators

	IAUI	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-22.50%	-26.11%	+3.61%
Max Drawdown (1Y) Largest decline over 1 year	-22.50%	-26.11%	+3.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.11%	—
Current Drawdown Current decline from peak	-22.50%	-26.11%	+3.61%
Average Drawdown Average peak-to-trough decline	-4.20%	-6.33%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.01%	9.19%	-2.18%

Volatility

IAUI vs. GLDM - Volatility Comparison

NEOS Gold High Income ETF (IAUI) and SPDR Gold MiniShares Trust (GLDM) have volatilities of 8.26% and 8.56%, 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.

Volatility by Period

	IAUI	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.26%	8.56%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	20.07%	24.41%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	21.66%	27.53%	-5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.25%	18.20%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.25%	17.05%	+4.20%

IAUI vs. GLDM - Expense Ratio Comparison

IAUI has a 0.78% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

IAUI vs. GLDM - Dividend Comparison

IAUI's dividend yield for the trailing twelve months is around 15.28%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%
IAUI NEOS Gold High Income ETF	15.28%	6.88%

Frequently Asked Questions

Can I hold both IAUI and GLDM in my portfolio?

With a correlation of 0.97, IAUI and GLDM 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.

Which is riskier, IAUI or GLDM?

GLDM has higher volatility (8.56%) compared to IAUI (8.26%). In terms of maximum drawdown, IAUI dropped -22.50% vs GLDM's -26.11%.

Which ETF is better, IAUI or GLDM?

On 1-year performance, GLDM leads with 19.86% vs 10.68% for IAUI. On fees, GLDM is cheaper at 0.10% per year. On volatility, IAUI has been the lower-risk option at 8.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUI or GLDM?

Over the 1-year period, GLDM has performed better with a 19.86% return vs 10.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUI or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.78% for IAUI.

Which ETF pays a higher dividend yield, IAUI or GLDM?

IAUI has the higher dividend yield at 15.28%, compared with 0.00% for GLDM.

What is the main difference between IAUI and GLDM?

IAUI is categorized as Derivative Income, while GLDM is Gold. They also come from different issuers: Neos and State Street. Their fees differ too: 0.78% for IAUI and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.73 vs 0.50), 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.