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IEFA vs. GLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. GLD

Last updated Jun 13, 2026

IEFA (iShares Core MSCI EAFE ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IEFA returned 9.90%/yr vs 12.15%/yr for GLD. At a 0.16 correlation, their price movements are largely independent. IEFA charges 0.07%/yr vs 0.40%/yr for GLD.

Performance

IEFA vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEFA achieves a 9.51% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, IEFA has underperformed GLD with an annualized return of 9.90%, while GLD has yielded a comparatively higher 12.15% annualized return.

IEFA

1D
0.18%
1M
0.85%
YTD
9.51%
6M
11.08%
1Y
20.89%
3Y*
16.31%
5Y*
8.10%
10Y*
9.90%

GLD

1D
0.06%
1M
-10.21%
YTD
-2.47%
6M
-2.25%
1Y
23.81%
3Y*
28.89%
5Y*
17.08%
10Y*
12.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. GLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		9.51%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
GLD
SPDR Gold Shares		-2.47%63.68%26.66%12.69%-0.77%-4.15%24.81%17.86%-1.94%12.81%

Correlation

The correlation between IEFA and GLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.16

Over the past year, IEFA and GLD have become more correlated (0.39) than their long-term average of 0.16, meaning their price movements have been converging.

IEFA vs. GLD - Sectors Allocation Comparison

Sectors
IEFA
GLD

Financial Services

22.5%

-

Industrials

20.1%

-

Technology

10.8%

-

Healthcare

9.5%

-

Consumer Cyclical

8.0%

-

Basic Materials

7.0%
100.0%

Consumer Defensive

6.6%

-

Communication Services

4.4%

-

Energy

3.8%

-

Utilities

3.6%

-

Real Estate

3.0%

-

Financial Services

IEFA
22.5%
GLD

-

Industrials

IEFA
20.1%
GLD

-

Technology

IEFA
10.8%
GLD

-

Healthcare

IEFA
9.5%
GLD

-

Consumer Cyclical

IEFA
8.0%
GLD

-

Basic Materials

IEFA
7.0%
GLD
100.0%

Consumer Defensive

IEFA
6.6%
GLD

-

Communication Services

IEFA
4.4%
GLD

-

Energy

IEFA
3.8%
GLD

-

Utilities

IEFA
3.6%
GLD

-

Real Estate

IEFA
3.0%
GLD

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI EAFE ETF

SPDR Gold Shares

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with GLD:
GLD vs. IAUGLD vs. SPYGLD vs. SLVGLD vs. GOLDGLD vs. GDXGLD vs. GLDMGLD vs. SGOL

Return for Risk

IEFA vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4444
Overall Rank
IEFA Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4444
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4343
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4242
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4848
Martin Ratio Rank
GLD
GLD Risk / Return Rank: 2626
Overall Rank
GLD Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
GLD Sortino Ratio Rank: 2525
Sortino Ratio Rank
GLD Omega Ratio Rank: 3030
Omega Ratio Rank
GLD Calmar Ratio Rank: 2424
Calmar Ratio Rank
GLD Martin Ratio Rank: 2424
Martin Ratio Rank
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.

IEFA vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and SPDR Gold Shares (GLD). 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.

IEFAGLDDifference
Sharpe ratioReturn per unit of total volatility
1.35
0.87

+0.48

Sortino ratioReturn per unit of downside risk
1.97
1.24

+0.73

Omega ratioGain probability vs. loss probability

1.25

1.18

+0.06

Calmar ratioReturn relative to maximum drawdown

1.83

0.98

+0.85

Martin ratioReturn relative to average drawdown

6.93

2.81

+4.12

IEFA vs. GLD - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.35, which is higher than the GLD Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of IEFA and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IEFA vs. GLD - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for IEFA and GLD.

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Drawdown Indicators

IEFAGLDDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-45.56%

+10.78%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-24.46%

+12.96%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-24.46%

+10.70%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-24.46%

-5.95%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-24.46%

-10.32%

Current Drawdown

Current decline from peak

-0.60%

-22.05%

+21.45%

Average Drawdown

Average peak-to-trough decline

-6.68%

-16.16%

+9.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

8.49%

-5.46%

Volatility

IEFA vs. GLD - Volatility Comparison

The current volatility for iShares Core MSCI EAFE ETF (IEFA) is 5.50%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that IEFA experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFAGLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.50%

7.79%

-2.29%

Volatility (6M)

Calculated over the trailing 6-month period

13.11%

24.10%

-10.99%

Volatility (1Y)

Calculated over the trailing 1-year period

15.54%

27.37%

-11.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.61%

18.22%

-1.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.31%

16.08%

+1.23%

IEFA vs. GLD - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

IEFA vs. GLD - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.24%, while GLD has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GLD
SPDR Gold Shares		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IEFA
iShares Core MSCI EAFE ETF		3.24%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

IEFA and GLD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GLD has higher volatility (7.79%) compared to IEFA (5.50%). In terms of maximum drawdown, IEFA dropped -34.78% vs GLD's -45.56%.

On 10-year performance, GLD leads with 12.15% vs 9.90% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GLD has performed better with a 12.15% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.40% for GLD.

IEFA has the higher dividend yield at 3.24%, compared with 0.00% for GLD.

IEFA is categorized as Foreign Large Cap Equities, while GLD is Gold. IEFA tracks MSCI EAFE IMI Index (Net), while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IEFA and 0.40% for GLD.

IEFA currently has the higher Sharpe Ratio (1.35 vs 0.87), 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.

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