IAUM vs. IAUI

Last updated Jun 23, 2026

IAUM (iShares Gold Trust Micro) and IAUI (NEOS Gold High Income ETF) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while IAUI is a Derivative Income fund actively managed by Neos. IAUM is passively managed, while IAUI is actively managed. Over the past year, IAUM returned 24.40% vs 15.59% for IAUI. With a 0.96 correlation, they move nearly in lockstep. IAUM charges 0.09%/yr vs 0.78%/yr for IAUI.

Performance

IAUM vs. IAUI - Performance Comparison

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

Returns By Period

In the year-to-date period, IAUM achieves a -2.86% return, which is significantly higher than IAUI's -3.56% return.

IAUM

• 1D: -0.62%
• 1M: -7.06%
• YTD: -2.86%
• 6M: -5.65%
• 1Y: 24.40%
• 3Y*: 29.63%
• 5Y*: —
• 10Y*: —

IAUI

• 1D: -0.37%
• 1M: -6.04%
• YTD: -3.56%
• 6M: -5.45%
• 1Y: 15.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IAUM vs. IAUI - Yearly Performance Comparison

	2026 (YTD)	2025
IAUM iShares Gold Trust Micro	-2.86%	27.76%
IAUI NEOS Gold High Income ETF	-3.56%	20.00%

Correlation

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

The correlation between IAUM and IAUI has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

IAUM vs. IAUI — Risk / Return Rank

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

IAUM

IAUM Risk / Return Rank: 24
IAUM Sharpe Ratio Rank: 26
IAUM Sortino Ratio Rank: 23
IAUM Omega Ratio Rank: 28
IAUM Calmar Ratio Rank: 22
IAUM Martin Ratio Rank: 23

IAUI

IAUI Risk / Return Rank: 20
IAUI Sharpe Ratio Rank: 21
IAUI Sortino Ratio Rank: 20
IAUI Omega Ratio Rank: 23
IAUI Calmar Ratio Rank: 18
IAUI 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.

IAUM vs. IAUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) and NEOS Gold High Income ETF (IAUI). 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	IAUI	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.74	+0.17
Sortino ratio: Return per unit of downside risk	1.27	1.08	+0.19
Omega ratio: Gain probability vs. loss probability	1.19	1.16	+0.03
Calmar ratio: Return relative to maximum drawdown	1.01	0.77	+0.24
Martin ratio: Return relative to average drawdown	2.74	2.32	+0.42

IAUM vs. IAUI - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 0.90, which is comparable to the IAUI Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of IAUM and IAUI, 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

IAUM vs. IAUI - Drawdown Comparison

The maximum IAUM drawdown since its inception was -24.37%, which is greater than IAUI's maximum drawdown of -20.43%. Use the drawdown chart below to compare losses from any high point for IAUM and IAUI.

Drawdown Indicators

	IAUM	IAUI	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-20.43%	-3.94%
Max Drawdown (1Y) Largest decline over 1 year	-24.37%	-20.43%	-3.94%
Max Drawdown (3Y) Largest decline over 3 years	-24.37%	—	—
Current Drawdown Current decline from peak	-22.36%	-18.21%	-4.15%
Average Drawdown Average peak-to-trough decline	-5.45%	-4.07%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.94%	6.75%	+2.19%

Volatility

IAUM vs. IAUI - Volatility Comparison

iShares Gold Trust Micro (IAUM) has a higher volatility of 7.99% compared to NEOS Gold High Income ETF (IAUI) at 7.56%. This indicates that IAUM's price experiences larger fluctuations and is considered to be riskier than IAUI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAUM	IAUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.99%	7.56%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	24.04%	19.70%	+4.34%
Volatility (1Y) Calculated over the trailing 1-year period	27.25%	21.34%	+5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	20.98%	-2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	20.98%	-2.89%

IAUM vs. IAUI - Expense Ratio Comparison

IAUM has a 0.09% expense ratio, which is lower than IAUI's 0.78% expense ratio.

Dividends

IAUM vs. IAUI - Dividend Comparison

IAUM has not paid dividends to shareholders, while IAUI's dividend yield for the trailing twelve months is around 14.48%.

Position	TTM	2025
IAUI NEOS Gold High Income ETF	14.48%	6.88%
IAUM iShares Gold Trust Micro	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAUM and IAUI in my portfolio?

With a correlation of 0.96, IAUM and IAUI 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, IAUM or IAUI?

IAUM has higher volatility (7.99%) compared to IAUI (7.56%). In terms of maximum drawdown, IAUM dropped -24.37% vs IAUI's -20.43%.

Which ETF is better, IAUM or IAUI?

On 1-year performance, IAUM leads with 24.40% vs 15.59% for IAUI. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUI has been the lower-risk option at 7.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUM or IAUI?

Over the 1-year period, IAUM has performed better with a 24.40% return vs 15.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUM or IAUI?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.78% for IAUI.

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

IAUI has the higher dividend yield at 14.48%, compared with 0.00% for IAUM.

What is the main difference between IAUM and IAUI?

IAUM is categorized as Gold, while IAUI is Derivative Income. They also come from different issuers: iShares and Neos. Their fees differ too: 0.09% for IAUM and 0.78% for IAUI.

Which has better risk-adjusted returns?

IAUM currently has the higher Sharpe Ratio (0.90 vs 0.74), 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.