IAUM vs. DBP
IAUM (iShares Gold Trust Micro) and DBP (Invesco DB Precious Metals Fund) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return. Both are passively managed. Over the past 3 years, IAUM returned 28.82%/yr vs 29.27%/yr for DBP. With a 0.96 correlation, they move nearly in lockstep. IAUM charges 0.09%/yr vs 0.78%/yr for DBP.
Performance
IAUM vs. DBP - Performance Comparison
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Returns By Period
In the year-to-date period, IAUM achieves a -4.68% return, which is significantly higher than DBP's -7.35% return.
IAUM
- 1D
- -1.87%
- 1M
- -8.79%
- YTD
- -4.68%
- 6M
- -8.59%
- 1Y
- 21.67%
- 3Y*
- 28.82%
- 5Y*
- —
- 10Y*
- —
DBP
- 1D
- -2.46%
- 1M
- -11.00%
- YTD
- -7.35%
- 6M
- -11.28%
- 1Y
- 27.61%
- 3Y*
- 29.27%
- 5Y*
- 16.74%
- 10Y*
- 10.50%
IAUM vs. DBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | -4.68% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
DBP Invesco DB Precious Metals Fund | -7.35% | 73.43% | 26.71% | 8.68% | -1.51% | -1.07% |
Correlation
The correlation between IAUM and DBP is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.96 |
The correlation between IAUM and DBP has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
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Return for Risk
IAUM vs. DBP — Risk / Return Rank
IAUM
DBP
IAUM vs. DBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) and Invesco DB Precious Metals Fund (DBP). 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.
| IAUM | DBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 0.92 | -0.03 |
| Martin ratioReturn relative to average drawdown | 2.40 | 2.25 | +0.15 |
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Drawdowns
IAUM vs. DBP - Drawdown Comparison
The maximum IAUM drawdown since its inception was -24.37%, smaller than the maximum DBP drawdown of -53.89%. Use the drawdown chart below to compare losses from any high point for IAUM and DBP.
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Drawdown Indicators
| IAUM | DBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.37% | -53.89% | +29.52% |
Max Drawdown (1Y)Largest decline over 1 year | -24.37% | -30.18% | +5.81% |
Max Drawdown (3Y)Largest decline over 3 years | -24.37% | -30.18% | +5.81% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.18% | — |
Current DrawdownCurrent decline from peak | -23.81% | -30.18% | +6.37% |
Average DrawdownAverage peak-to-trough decline | -5.46% | -25.42% | +19.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.06% | 12.30% | -3.24% |
Volatility
IAUM vs. DBP - Volatility Comparison
The current volatility for iShares Gold Trust Micro (IAUM) is 8.12%, while Invesco DB Precious Metals Fund (DBP) has a volatility of 8.93%. This indicates that IAUM experiences smaller price fluctuations and is considered to be less risky than DBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAUM | DBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.12% | 8.93% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 24.11% | 30.96% | -6.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.27% | 33.62% | -6.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.10% | 21.18% | -3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 18.83% | -0.73% |
IAUM vs. DBP - Expense Ratio Comparison
IAUM has a 0.09% expense ratio, which is lower than DBP's 0.78% expense ratio.
Dividends
IAUM vs. DBP - Dividend Comparison
IAUM has not paid dividends to shareholders, while DBP's dividend yield for the trailing twelve months is around 2.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.63% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
IAUM iShares Gold Trust Micro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, IAUM and DBP 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.
DBP has higher volatility (8.93%) compared to IAUM (8.12%). In terms of maximum drawdown, IAUM dropped -24.37% vs DBP's -53.89%.
On 3-year performance, DBP leads with 29.27% vs 28.82% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBP has performed better with a 29.27% return vs 28.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 0.00% for IAUM.
IAUM is categorized as Gold, while DBP is Precious Metals. IAUM tracks LBMA Gold Price PM, while DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.09% for IAUM and 0.78% for DBP.
DBP currently has the higher Sharpe Ratio (0.82 vs 0.80), 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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