IAUP.L vs. AUCP.L
IAUP.L (iShares Gold Producers UCITS ETF USD Acc) and AUCP.L (L&G Gold Mining UCITS ETF) are both Gold funds - IAUP.L tracks the S&P Commodity Producers Gold Index while AUCP.L tracks the STOXX Global Gold Miners. Both are passively managed. Over the past 10 years, IAUP.L returned 12.04%/yr vs 13.46%/yr for AUCP.L. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.
Performance
IAUP.L vs. AUCP.L - Performance Comparison
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Different Trading Currencies
IAUP.L is traded in USD, while AUCP.L is traded in GBp. To make them comparable, the AUCP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IAUP.L achieves a -10.46% return, which is significantly higher than AUCP.L's -11.97% return. Over the past 10 years, IAUP.L has underperformed AUCP.L with an annualized return of 12.04%, while AUCP.L has yielded a comparatively higher 13.46% annualized return.
IAUP.L
- 1D
- 1.39%
- 1M
- -12.71%
- YTD
- -10.46%
- 6M
- -14.81%
- 1Y
- 49.45%
- 3Y*
- 38.46%
- 5Y*
- 18.45%
- 10Y*
- 12.04%
AUCP.L
- 1D
- 1.60%
- 1M
- -12.96%
- YTD
- -11.97%
- 6M
- -16.27%
- 1Y
- 50.48%
- 3Y*
- 46.94%
- 5Y*
- 22.64%
- 10Y*
- 13.46%
IAUP.L vs. AUCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAUP.L iShares Gold Producers UCITS ETF USD Acc | -10.46% | 153.99% | 11.49% | 9.43% | -11.06% | -10.31% | 23.60% | 45.60% | -9.55% | 6.68% |
AUCP.L L&G Gold Mining UCITS ETF | -11.97% | 181.76% | 18.19% | 14.43% | -14.30% | -9.74% | 21.20% | 45.13% | -10.97% | 10.14% |
Correlation
The correlation between IAUP.L and AUCP.L 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 (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.94 |
The correlation between IAUP.L and AUCP.L has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
IAUP.L vs. AUCP.L — Risk / Return Rank
IAUP.L
AUCP.L
IAUP.L vs. AUCP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF USD Acc (IAUP.L) and L&G Gold Mining UCITS ETF (AUCP.L). 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.
| IAUP.L | AUCP.L | 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 | 1.20 | 1.19 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 1.39 | +0.06 |
| Martin ratioReturn relative to average drawdown | 3.73 | 3.58 | +0.15 |
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Drawdowns
IAUP.L vs. AUCP.L - Drawdown Comparison
The maximum IAUP.L drawdown since its inception was -79.88%, roughly equal to the maximum AUCP.L drawdown of -82.34%. Use the drawdown chart below to compare losses from any high point for IAUP.L and AUCP.L.
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Drawdown Indicators
| IAUP.L | AUCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.88% | -82.34% | +2.46% |
Max Drawdown (1Y)Largest decline over 1 year | -33.99% | -36.15% | +2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -33.99% | -36.15% | +2.16% |
Max Drawdown (5Y)Largest decline over 5 years | -44.90% | -49.52% | +4.62% |
Max Drawdown (10Y)Largest decline over 10 years | -51.26% | -54.94% | +3.68% |
Current DrawdownCurrent decline from peak | -33.07% | -34.31% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -48.63% | -52.16% | +3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.21% | 14.05% | -0.84% |
Volatility
IAUP.L vs. AUCP.L - Volatility Comparison
iShares Gold Producers UCITS ETF USD Acc (IAUP.L) and L&G Gold Mining UCITS ETF (AUCP.L) have volatilities of 17.69% and 18.35%, 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.
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Volatility by Period
| IAUP.L | AUCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.69% | 18.35% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 37.81% | 38.66% | -0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.92% | 48.27% | -2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.95% | 41.82% | -5.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.81% | 37.96% | -3.15% |
IAUP.L vs. AUCP.L - Expense Ratio Comparison
Both IAUP.L and AUCP.L have an expense ratio of 0.55%.
Dividends
IAUP.L vs. AUCP.L - Dividend Comparison
Neither IAUP.L nor AUCP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, IAUP.L and AUCP.L 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.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IAUP.L and AUCP.L have the same expense ratio: 0.55% per year.
IAUP.L tracks S&P Commodity Producers Gold Index, while AUCP.L tracks STOXX Global Gold Miners. They also come from different issuers: iShares and Legal & General.
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