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IAUM vs. GDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAUM vs. GDX

Last updated Jun 4, 2026

IAUM (iShares Gold Trust Micro) and GDX (VanEck Gold Miners ETF) are both Gold funds - IAUM tracks the LBMA Gold Price PM while GDX tracks the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 3 years, IAUM returned 31.53%/yr vs 41.00%/yr for GDX. A 0.79 correlation means they provide meaningful diversification when combined. IAUM charges 0.09%/yr vs 0.51%/yr for GDX.

Performance

IAUM vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust Micro (IAUM) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IAUM achieves a 3.00% return, which is significantly higher than GDX's -0.90% return.

IAUM

1D
-0.96%
1M
-1.62%
YTD
3.00%
6M
5.58%
1Y
32.42%
3Y*
31.53%
5Y*
—
10Y*
—

GDX

1D
-3.46%
1M
-0.76%
YTD
-0.90%
6M
5.62%
1Y
61.27%
3Y*
41.00%
5Y*
18.69%
10Y*
13.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAUM vs. GDX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IAUM
iShares Gold Trust Micro		3.00%64.27%27.04%13.12%-0.49%3.87%
GDX
VanEck Gold Miners ETF		-0.90%154.77%10.63%9.98%-9.01%-3.12%

Correlation

The correlation between IAUM and GDX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.79

Correlation (3Y)
Calculated over the trailing 3-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2021

0.79

The correlation between IAUM and GDX has been stable across timeframes, ranging from 0.79 to 0.79 - a consistent structural relationship.

IAUM vs. GDX - Sectors Allocation Comparison

Sectors
IAUM
GDX

Real Estate

100.0%

-

Basic Materials

-

100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

IAUM
100.0%
GDX

-

Basic Materials

IAUM

-

GDX
100.0%

Communication Services

IAUM

-

GDX

-

Consumer Cyclical

IAUM

-

GDX

-

Consumer Defensive

IAUM

-

GDX

-

Energy

IAUM

-

GDX

-

Financial Services

IAUM

-

GDX

-

Healthcare

IAUM

-

GDX

-

Industrials

IAUM

-

GDX

-

Technology

IAUM

-

GDX

-

Utilities

IAUM

-

GDX

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Gold Trust Micro

VanEck Gold Miners ETF

Often compared with IAUM:
IAUM vs. IAUIAUM vs. GLDMIAUM vs. GLDIAUM vs. FSAGXIAUM vs. SGOLIAUM vs. PHYSIAUM vs. SIVR
Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

Return for Risk

IAUM vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAUM
IAUM Risk / Return Rank: 3232
Overall Rank
IAUM Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
IAUM Sortino Ratio Rank: 2929
Sortino Ratio Rank
IAUM Omega Ratio Rank: 3636
Omega Ratio Rank
IAUM Calmar Ratio Rank: 3434
Calmar Ratio Rank
IAUM Martin Ratio Rank: 2929
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 3535
Overall Rank
GDX Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3232
Sortino Ratio Rank
GDX Omega Ratio Rank: 3636
Omega Ratio Rank
GDX Calmar Ratio Rank: 3939
Calmar Ratio Rank
GDX Martin Ratio Rank: 3333
Martin Ratio Rank
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.

IAUM vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) and VanEck Gold Miners ETF (GDX). 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.

IAUMGDXDifference
Sharpe ratioReturn per unit of total volatility
1.24
1.35

-0.12

Sortino ratioReturn per unit of downside risk
1.63
1.76

-0.13

Omega ratioGain probability vs. loss probability

1.25

1.25

0.00

Calmar ratioReturn relative to maximum drawdown

1.70

2.00

-0.30

Martin ratioReturn relative to average drawdown

4.22

5.13

-0.91

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAUM vs. GDX - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 1.24, which is comparable to the GDX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of IAUM and GDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IAUMGDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

1.35

-0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.52

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.38

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.16

0.13

+1.03

Drawdowns

IAUM vs. GDX - Drawdown Comparison

The maximum IAUM drawdown since its inception was -20.87%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for IAUM and GDX.

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Drawdown Indicators

IAUMGDXDifference

Max Drawdown

Largest peak-to-trough decline

-20.87%

-80.34%

+59.47%

Max Drawdown (1Y)

Largest decline over 1 year

-19.15%

-30.84%

+11.69%

Max Drawdown (3Y)

Largest decline over 3 years

-19.15%

-30.84%

+11.69%

Max Drawdown (5Y)

Largest decline over 5 years

—

-46.51%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-49.79%

—

Current Drawdown

Current decline from peak

-17.68%

-26.62%

+8.94%

Average Drawdown

Average peak-to-trough decline

-5.30%

-40.43%

+35.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.70%

11.99%

-4.29%

Volatility

IAUM vs. GDX - Volatility Comparison

The current volatility for iShares Gold Trust Micro (IAUM) is 5.50%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that IAUM experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAUMGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.50%

15.40%

-9.90%

Volatility (6M)

Calculated over the trailing 6-month period

22.89%

37.50%

-14.61%

Volatility (1Y)

Calculated over the trailing 1-year period

26.31%

45.49%

-19.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.86%

36.39%

-18.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.86%

37.18%

-19.32%

IAUM vs. GDX - Expense Ratio Comparison

IAUM has a 0.09% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

IAUM vs. GDX - Dividend Comparison

IAUM has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.74%.

PositionTTM20252024202320222021202020192018201720162015
GDX
VanEck Gold Miners ETF		0.74%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%
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%0.00%0.00%

Frequently Asked Questions

IAUM and GDX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDX has higher volatility (15.40%) compared to IAUM (5.50%). In terms of maximum drawdown, IAUM dropped -20.87% vs GDX's -80.34%.

On 3-year performance, GDX leads with 41.00% vs 31.53% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, GDX has performed better with a 41.00% return vs 31.53%. 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 0.51% for GDX.

GDX has the higher dividend yield at 0.74%, compared with 0.00% for IAUM.

IAUM tracks LBMA Gold Price PM, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.09% for IAUM and 0.51% for GDX.

GDX currently has the higher Sharpe Ratio (1.35 vs 1.24), 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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