IBTO vs. IAU

Last updated Jun 4, 2026

IBTO (iShares iBonds Dec 2033 Term Treasury ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - IBTO is a Intermediate Core Bond fund tracking the ICE 2033 Maturity US Treasury Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past year, IBTO returned 4.04% vs 32.20% for IAU. At a 0.24 correlation, their price movements are largely independent. IBTO charges 0.07%/yr vs 0.25%/yr for IAU.

Performance

IBTO vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTO achieves a -0.58% return, which is significantly lower than IAU's 2.98% return.

IBTO

• 1D: -0.21%
• 1M: -0.17%
• YTD: -0.58%
• 6M: -1.02%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAU

• 1D: -0.98%
• 1M: -1.62%
• YTD: 2.98%
• 6M: 5.50%
• 1Y: 32.20%
• 3Y*: 31.29%
• 5Y*: 18.32%
• 10Y*: 13.31%

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

IBTO vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.58%	8.23%	-0.87%	1.71%
IAU iShares Gold Trust	2.98%	63.95%	26.85%	7.97%

Correlation

The correlation between IBTO and IAU is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.24

Return for Risk

IBTO vs. IAU — Risk / Return Rank

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

IBTO

IBTO Risk / Return Rank: 25
IBTO Sharpe Ratio Rank: 26
IBTO Sortino Ratio Rank: 26
IBTO Omega Ratio Rank: 24
IBTO Calmar Ratio Rank: 24
IBTO Martin Ratio Rank: 25

IAU

IAU Risk / Return Rank: 32
IAU Sharpe Ratio Rank: 33
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 36
IAU Calmar Ratio Rank: 33
IAU Martin Ratio Rank: 29

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.

IBTO vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and iShares Gold Trust (IAU). 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.

	IBTO	IAU	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.23	-0.32
Sortino ratio: Return per unit of downside risk	1.38	1.62	-0.24
Omega ratio: Gain probability vs. loss probability	1.16	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	1.11	1.69	-0.58
Martin ratio: Return relative to average drawdown	3.21	4.19	-0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTO vs. IAU - Sharpe Ratio Comparison

The current IBTO Sharpe Ratio is 0.91, which is comparable to the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of IBTO and IAU, 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

	IBTO	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.23	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.62	-0.19

Drawdowns

IBTO vs. IAU - Drawdown Comparison

The maximum IBTO drawdown since its inception was -8.36%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for IBTO and IAU.

Drawdown Indicators

	IBTO	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-8.36%	-45.14%	+36.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	-19.18%	+15.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.82%	—
Current Drawdown Current decline from peak	-2.63%	-17.70%	+15.07%
Average Drawdown Average peak-to-trough decline	-2.37%	-15.96%	+13.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	7.71%	-6.45%

Volatility

IBTO vs. IAU - Volatility Comparison

The current volatility for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) is 1.32%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that IBTO experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTO	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	5.50%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	23.02%	-20.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	26.42%	-21.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	17.95%	-11.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	15.90%	-9.29%

IBTO vs. IAU - Expense Ratio Comparison

IBTO has a 0.07% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBTO vs. IAU - Dividend Comparison

IBTO's dividend yield for the trailing twelve months is around 4.15%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%

Frequently Asked Questions

Can I hold both IBTO and IAU in my portfolio?

IBTO and IAU have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTO or IAU?

IAU has higher volatility (5.50%) compared to IBTO (1.32%). In terms of maximum drawdown, IBTO dropped -8.36% vs IAU's -45.14%.

Which ETF is better, IBTO or IAU?

On 1-year performance, IAU leads with 32.20% vs 4.04% for IBTO. On fees, IBTO is cheaper at 0.07% per year. On volatility, IBTO has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTO or IAU?

Over the 1-year period, IAU has performed better with a 32.20% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTO or IAU?

IBTO is cheaper with a 0.07% expense ratio, compared with 0.25% for IAU.

Which ETF pays a higher dividend yield, IBTO or IAU?

IBTO has the higher dividend yield at 4.15%, compared with 0.00% for IAU.

What is the main difference between IBTO and IAU?

IBTO is categorized as Intermediate Core Bond, while IAU is Gold. IBTO tracks ICE 2033 Maturity US Treasury Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.07% for IBTO and 0.25% for IAU.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.23 vs 0.91), 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.