IAUP.L vs. XGLD.L
IAUP.L (iShares Gold Producers UCITS ETF USD Acc) and XGLD.L (Xtrackers Physical Gold ETC) are both Gold funds - IAUP.L tracks the S&P Commodity Producers Gold Index while XGLD.L tracks the Gold. Both are passively managed. Over the past 10 years, IAUP.L returned 10.57%/yr vs 11.49%/yr for XGLD.L. A 0.79 correlation means they provide meaningful diversification when combined. IAUP.L charges 0.55%/yr vs 0.25%/yr for XGLD.L.
Performance
IAUP.L vs. XGLD.L - Performance Comparison
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Returns By Period
In the year-to-date period, IAUP.L achieves a -13.19% return, which is significantly lower than XGLD.L's -6.12% return. Over the past 10 years, IAUP.L has underperformed XGLD.L with an annualized return of 10.57%, while XGLD.L has yielded a comparatively higher 11.49% annualized return.
IAUP.L
- 1D
- -2.74%
- 1M
- -14.44%
- 6M
- -22.89%
- YTD
- -13.19%
- 1Y
- 45.20%
- 3Y*
- 33.84%
- 5Y*
- 17.82%
- 10Y*
- 10.57%
XGLD.L
- 1D
- -0.88%
- 1M
- -7.03%
- 6M
- -12.51%
- YTD
- -6.12%
- 1Y
- 21.12%
- 3Y*
- 27.05%
- 5Y*
- 17.15%
- 10Y*
- 11.49%
IAUP.L vs. XGLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAUP.L iShares Gold Producers UCITS ETF USD Acc | -13.19% | 153.99% | 11.49% | 9.43% | -11.06% | -10.31% | 23.60% | 45.60% | -9.55% | 6.68% |
XGLD.L Xtrackers Physical Gold ETC | -6.12% | 64.60% | 25.87% | 13.37% | -0.24% | -4.19% | 24.11% | 18.35% | -1.36% | 11.68% |
Correlation
The correlation between IAUP.L and XGLD.L is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.79 |
The correlation between IAUP.L and XGLD.L has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
IAUP.L vs. XGLD.L — Risk / Return Rank
IAUP.L
XGLD.L
IAUP.L vs. XGLD.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 Xtrackers Physical Gold ETC (XGLD.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 | XGLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 0.86 | +0.38 |
| Martin ratioReturn relative to average drawdown | 2.94 | 2.08 | +0.86 |
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Drawdowns
IAUP.L vs. XGLD.L - Drawdown Comparison
The maximum IAUP.L drawdown since its inception was -79.88%, which is greater than XGLD.L's maximum drawdown of -45.34%. Use the drawdown chart below to compare losses from any high point for IAUP.L and XGLD.L.
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Drawdown Indicators
| IAUP.L | XGLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.88% | -45.34% | -34.54% |
Max Drawdown (1Y)Largest decline over 1 year | -36.39% | -24.53% | -11.86% |
Max Drawdown (3Y)Largest decline over 3 years | -36.39% | -24.53% | -11.86% |
Max Drawdown (5Y)Largest decline over 5 years | -44.90% | -24.53% | -20.37% |
Max Drawdown (10Y)Largest decline over 10 years | -51.26% | -24.53% | -26.73% |
Current DrawdownCurrent decline from peak | -35.11% | -23.91% | -11.20% |
Average DrawdownAverage peak-to-trough decline | -48.57% | -18.96% | -29.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.33% | 10.12% | +5.21% |
Volatility
IAUP.L vs. XGLD.L - Volatility Comparison
iShares Gold Producers UCITS ETF USD Acc (IAUP.L) has a higher volatility of 15.38% compared to Xtrackers Physical Gold ETC (XGLD.L) at 7.34%. This indicates that IAUP.L's price experiences larger fluctuations and is considered to be riskier than XGLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAUP.L | XGLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.38% | 7.34% | +8.04% |
Volatility (6M)Calculated over the trailing 6-month period | 38.05% | 23.02% | +15.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.86% | 26.36% | +20.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.26% | 17.63% | +18.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.92% | 15.65% | +19.27% |
IAUP.L vs. XGLD.L - Expense Ratio Comparison
IAUP.L has a 0.55% expense ratio, which is higher than XGLD.L's 0.25% expense ratio.
Dividends
IAUP.L vs. XGLD.L - Dividend Comparison
Neither IAUP.L nor XGLD.L has paid dividends to shareholders.
Frequently Asked Questions
IAUP.L and XGLD.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XGLD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XGLD.L is cheaper with a 0.25% expense ratio, compared with 0.55% for IAUP.L.
IAUP.L tracks S&P Commodity Producers Gold Index, while XGLD.L tracks Gold. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.55% for IAUP.L and 0.25% for XGLD.L.
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