IAUP.L vs. ISLN.L

Last updated Jun 5, 2026

IAUP.L (iShares Gold Producers UCITS ETF USD Acc) and ISLN.L (iShares Physical Silver ETC) are both exchange-traded funds - IAUP.L is a Gold fund tracking the S&P Commodity Producers Gold Index, while ISLN.L is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, IAUP.L returned 14.14%/yr vs 15.84%/yr for ISLN.L. A 0.71 correlation means they provide meaningful diversification when combined. IAUP.L charges 0.55%/yr vs 0.20%/yr for ISLN.L.

Performance

IAUP.L vs. ISLN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Producers UCITS ETF USD Acc (IAUP.L) and iShares Physical Silver ETC (ISLN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAUP.L achieves a 1.67% return, which is significantly lower than ISLN.L's 2.87% return. Over the past 10 years, IAUP.L has underperformed ISLN.L with an annualized return of 14.14%, while ISLN.L has yielded a comparatively higher 15.84% annualized return.

IAUP.L

• 1D: 0.89%
• 1M: -0.28%
• YTD: 1.67%
• 6M: 7.47%
• 1Y: 63.58%
• 3Y*: 42.10%
• 5Y*: 18.73%
• 10Y*: 14.14%

ISLN.L

• 1D: 0.43%
• 1M: 0.11%
• YTD: 2.87%
• 6M: 29.09%
• 1Y: 113.78%
• 3Y*: 45.97%
• 5Y*: 21.30%
• 10Y*: 15.84%

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

IAUP.L vs. ISLN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAUP.L iShares Gold Producers UCITS ETF USD Acc	1.67%	153.95%	11.53%	9.39%	-11.06%	-10.31%	23.60%	45.64%	-9.60%	6.75%
ISLN.L iShares Physical Silver ETC	2.87%	147.59%	21.12%	-0.77%	3.39%	-12.85%	45.85%	16.35%	-8.76%	3.68%

Correlation

The correlation between IAUP.L and ISLN.L is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 20, 2011	0.71

The correlation between IAUP.L and ISLN.L has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

IAUP.L vs. ISLN.L - Sectors Allocation Comparison

Sectors	IAUP.L	ISLN.L
Basic Materials	99.8%	6.6%
Industrials	0.2%	6.0%
Communication Services	-	0.4%
Consumer Cyclical	-	2.3%
Consumer Defensive	-	0.4%
Energy	-	2.9%
Financial Services	-	2.5%
Healthcare	-	5.9%
Real Estate	-	3.5%
Technology	-	2.8%
Utilities	-	2.0%

Return for Risk

IAUP.L vs. ISLN.L — Risk / Return Rank

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

IAUP.L

IAUP.L Risk / Return Rank: 40
IAUP.L Sharpe Ratio Rank: 42
IAUP.L Sortino Ratio Rank: 38
IAUP.L Omega Ratio Rank: 38
IAUP.L Calmar Ratio Rank: 45
IAUP.L Martin Ratio Rank: 37

ISLN.L

ISLN.L Risk / Return Rank: 52
ISLN.L Sharpe Ratio Rank: 60
ISLN.L Sortino Ratio Rank: 48
ISLN.L Omega Ratio Rank: 58
ISLN.L Calmar Ratio Rank: 57
ISLN.L Martin Ratio Rank: 39

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.

IAUP.L vs. ISLN.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 iShares Physical Silver ETC (ISLN.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.

	IAUP.L	ISLN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.99	-0.53
Sortino ratio: Return per unit of downside risk	1.95	2.33	-0.38
Omega ratio: Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	2.21	2.78	-0.57
Martin ratio: Return relative to average drawdown	5.66	6.08	-0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAUP.L vs. ISLN.L - Sharpe Ratio Comparison

The current IAUP.L Sharpe Ratio is 1.46, which is comparable to the ISLN.L Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of IAUP.L and ISLN.L, 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

	IAUP.L	ISLN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.99	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.60	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.51	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.12	-0.03

Drawdowns

IAUP.L vs. ISLN.L - Drawdown Comparison

The maximum IAUP.L drawdown since its inception was -79.95%, roughly equal to the maximum ISLN.L drawdown of -76.63%. Use the drawdown chart below to compare losses from any high point for IAUP.L and ISLN.L.

Drawdown Indicators

	IAUP.L	ISLN.L	Difference
Max Drawdown Largest peak-to-trough decline	-79.95%	-76.63%	-3.32%
Max Drawdown (1Y) Largest decline over 1 year	-28.57%	-40.67%	+12.10%
Max Drawdown (3Y) Largest decline over 3 years	-28.57%	-40.67%	+12.10%
Max Drawdown (5Y) Largest decline over 5 years	-44.90%	-40.67%	-4.23%
Max Drawdown (10Y) Largest decline over 10 years	-51.26%	-42.90%	-8.36%
Current Drawdown Current decline from peak	-24.01%	-35.25%	+11.24%
Average Drawdown Average peak-to-trough decline	-49.54%	-54.28%	+4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.20%	18.63%	-7.43%

Volatility

IAUP.L vs. ISLN.L - Volatility Comparison

The current volatility for iShares Gold Producers UCITS ETF USD Acc (IAUP.L) is 14.96%, while iShares Physical Silver ETC (ISLN.L) has a volatility of 17.61%. This indicates that IAUP.L experiences smaller price fluctuations and is considered to be less risky than ISLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAUP.L	ISLN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.96%	17.61%	-2.65%
Volatility (6M) Calculated over the trailing 6-month period	35.03%	54.22%	-19.19%
Volatility (1Y) Calculated over the trailing 1-year period	43.36%	56.90%	-13.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.32%	35.49%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.55%	30.92%	+3.63%

IAUP.L vs. ISLN.L - Expense Ratio Comparison

IAUP.L has a 0.55% expense ratio, which is higher than ISLN.L's 0.20% expense ratio.

Dividends

IAUP.L vs. ISLN.L - Dividend Comparison

Neither IAUP.L nor ISLN.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAUP.L and ISLN.L in my portfolio?

IAUP.L and ISLN.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IAUP.L or ISLN.L?

On fees, ISLN.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IAUP.L or ISLN.L?

ISLN.L is cheaper with a 0.20% expense ratio, compared with 0.55% for IAUP.L.

What is the main difference between IAUP.L and ISLN.L?

IAUP.L is categorized as Gold, while ISLN.L is Silver. IAUP.L tracks S&P Commodity Producers Gold Index, while ISLN.L tracks LBMA Silver Price. Their fees differ too: 0.55% for IAUP.L and 0.20% for ISLN.L.