IAUM vs. VEU

Last updated Jun 9, 2026

IAUM (iShares Gold Trust Micro) and VEU (Vanguard FTSE All-World ex-US ETF) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index. Both are passively managed. Over the past 3 years, IAUM returned 30.12%/yr vs 18.27%/yr for VEU. At a 0.34 correlation, their price movements are largely independent. IAUM charges 0.09%/yr vs 0.04%/yr for VEU.

Performance

IAUM vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust Micro (IAUM) and Vanguard FTSE All-World ex-US ETF (VEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAUM achieves a 0.28% return, which is significantly lower than VEU's 11.45% return.

IAUM

• 1D: 0.21%
• 1M: -8.41%
• YTD: 0.28%
• 6M: 3.16%
• 1Y: 30.56%
• 3Y*: 30.12%
• 5Y*: —
• 10Y*: —

VEU

• 1D: 0.90%
• 1M: -1.72%
• YTD: 11.45%
• 6M: 13.84%
• 1Y: 27.37%
• 3Y*: 18.27%
• 5Y*: 8.16%
• 10Y*: 9.86%

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

IAUM vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IAUM iShares Gold Trust Micro	0.28%	64.27%	27.04%	13.12%	-0.49%	3.87%
VEU Vanguard FTSE All-World ex-US ETF	11.45%	32.35%	5.56%	15.84%	-15.58%	-2.13%

Correlation

The correlation between IAUM and VEU is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.34

IAUM vs. VEU - Sectors Allocation Comparison

Sectors	IAUM	VEU
Real Estate	100.0%	2.0%
Basic Materials	-	7.1%
Communication Services	-	4.6%
Consumer Cyclical	-	8.2%
Consumer Defensive	-	5.1%
Energy	-	5.2%
Financial Services	-	23.3%
Healthcare	-	7.1%
Industrials	-	15.7%
Technology	-	18.5%
Utilities	-	3.2%

Return for Risk

IAUM vs. VEU — Risk / Return Rank

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

IAUM

IAUM Risk / Return Rank: 34
IAUM Sharpe Ratio Rank: 35
IAUM Sortino Ratio Rank: 31
IAUM Omega Ratio Rank: 39
IAUM Calmar Ratio Rank: 34
IAUM Martin Ratio Rank: 29

VEU

VEU Risk / Return Rank: 56
VEU Sharpe Ratio Rank: 57
VEU Sortino Ratio Rank: 55
VEU Omega Ratio Rank: 58
VEU Calmar Ratio Rank: 54
VEU Martin Ratio Rank: 58

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. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) and Vanguard FTSE All-World ex-US ETF (VEU). 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.

	IAUM	VEU	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.74	-0.59
Sortino ratio: Return per unit of downside risk	1.54	2.39	-0.85
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.53	2.41	-0.87
Martin ratio: Return relative to average drawdown	3.84	9.28	-5.44
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. VEU - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 1.16, which is lower than the VEU Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of IAUM and VEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IAUM	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.74	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.25	+0.87

Drawdowns

IAUM vs. VEU - Drawdown Comparison

The maximum IAUM drawdown since its inception was -20.87%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for IAUM and VEU.

Drawdown Indicators

	IAUM	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-20.87%	-61.52%	+40.65%
Max Drawdown (1Y) Largest decline over 1 year	-20.02%	-11.43%	-8.59%
Max Drawdown (3Y) Largest decline over 3 years	-20.02%	-13.69%	-6.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-19.85%	-3.69%	-16.16%
Average Drawdown Average peak-to-trough decline	-5.33%	-13.13%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	2.96%	+5.02%

Volatility

IAUM vs. VEU - Volatility Comparison

The current volatility for iShares Gold Trust Micro (IAUM) is 5.64%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 6.07%. This indicates that IAUM experiences smaller price fluctuations and is considered to be less risky than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAUM	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	6.07%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	23.20%	13.65%	+9.55%
Volatility (1Y) Calculated over the trailing 1-year period	26.57%	15.80%	+10.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	16.16%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	17.25%	+0.67%

IAUM vs. VEU - Expense Ratio Comparison

IAUM has a 0.09% expense ratio, which is higher than VEU's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IAUM vs. VEU - Dividend Comparison

IAUM has not paid dividends to shareholders, while VEU's dividend yield for the trailing twelve months is around 2.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VEU Vanguard FTSE All-World ex-US ETF	2.68%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both IAUM and VEU in my portfolio?

IAUM and VEU have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAUM or VEU?

VEU has higher volatility (6.07%) compared to IAUM (5.64%). In terms of maximum drawdown, IAUM dropped -20.87% vs VEU's -61.52%.

Which ETF is better, IAUM or VEU?

On 3-year performance, IAUM leads with 30.12% vs 18.27% for VEU. On fees, VEU is cheaper at 0.04% per year. On volatility, IAUM has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUM or VEU?

Over the 3-year period, IAUM has performed better with a 30.12% return vs 18.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUM or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.09% for IAUM.

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

VEU has the higher dividend yield at 2.68%, compared with 0.00% for IAUM.

What is the main difference between IAUM and VEU?

IAUM is categorized as Gold, while VEU is Foreign Large Cap Equities. IAUM tracks LBMA Gold Price PM, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for IAUM and 0.04% for VEU.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (1.74 vs 1.16), 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.