IESE.AS vs. GLD
IESE.AS (iShares MSCI Europe SRI UCITS ETF EUR (Acc)) and GLD (SPDR Gold Shares) are both exchange-traded funds - IESE.AS is a Europe Equities fund tracking the MSCI Europe NR EUR, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IESE.AS returned 7.82%/yr vs 12.98%/yr for GLD. At a 0.00 correlation, their price movements are largely independent. IESE.AS charges 0.20%/yr vs 0.40%/yr for GLD.
Performance
IESE.AS vs. GLD - Performance Comparison
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Different Trading Currencies
IESE.AS is traded in EUR, while GLD is traded in USD. To make them comparable, the GLD values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IESE.AS achieves a 6.26% return, which is significantly higher than GLD's 5.01% return. Over the past 10 years, IESE.AS has underperformed GLD with an annualized return of 7.82%, while GLD has yielded a comparatively higher 12.98% annualized return.
IESE.AS
- 1D
- -0.98%
- 1M
- 4.02%
- YTD
- 6.26%
- 6M
- 8.13%
- 1Y
- 5.45%
- 3Y*
- 6.57%
- 5Y*
- 5.21%
- 10Y*
- 7.82%
GLD
- 1D
- 0.00%
- 1M
- -0.13%
- YTD
- 5.01%
- 6M
- 6.88%
- 1Y
- 30.47%
- 3Y*
- 27.97%
- 5Y*
- 19.46%
- 10Y*
- 12.98%
IESE.AS vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IESE.AS iShares MSCI Europe SRI UCITS ETF EUR (Acc) | 6.26% | 2.40% | 6.46% | 16.38% | -14.87% | 27.26% | 3.74% | 29.04% | -6.71% | 11.41% |
GLD SPDR Gold Shares | 4.15% | 44.25% | 35.02% | 9.31% | 5.38% | 3.02% | 14.53% | 20.52% | 2.66% | -1.05% |
Correlation
The correlation between IESE.AS and GLD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2011 | 0.00 |
The correlation between IESE.AS and GLD shifts across timeframes, from 0.00 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IESE.AS vs. GLD — Risk / Return Rank
IESE.AS
GLD
IESE.AS vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) 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.
| IESE.AS | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.25 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.79 | -1.25 |
| Martin ratioReturn relative to average drawdown | 1.41 | 4.31 | -2.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IESE.AS | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.40 | 1.22 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 1.17 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.87 | -0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.66 | -0.15 |
Drawdowns
IESE.AS vs. GLD - Drawdown Comparison
The maximum IESE.AS drawdown since its inception was -33.34%, smaller than the maximum GLD drawdown of -37.47%. Use the drawdown chart below to compare losses from any high point for IESE.AS and GLD.
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Drawdown Indicators
| IESE.AS | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -37.47% | +4.13% |
Max Drawdown (1Y)Largest decline over 1 year | -10.05% | -17.14% | +7.09% |
Max Drawdown (3Y)Largest decline over 3 years | -15.79% | -17.14% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -23.66% | -17.14% | -6.52% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | -18.63% | -14.71% |
Current DrawdownCurrent decline from peak | -1.88% | -15.48% | +13.60% |
Average DrawdownAverage peak-to-trough decline | -6.13% | -12.16% | +6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 7.09% | -3.25% |
Volatility
IESE.AS vs. GLD - Volatility Comparison
iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) and SPDR Gold Shares (GLD) have volatilities of 4.74% and 4.58%, 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
| IESE.AS | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 4.58% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.86% | 21.79% | -10.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.40% | 25.15% | -11.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.49% | 16.70% | -2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.29% | 14.91% | +0.38% |
IESE.AS vs. GLD - Expense Ratio Comparison
IESE.AS has a 0.20% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
IESE.AS vs. GLD - Dividend Comparison
Neither IESE.AS nor GLD has paid dividends to shareholders.
Frequently Asked Questions
IESE.AS and GLD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IESE.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IESE.AS is cheaper with a 0.20% expense ratio, compared with 0.40% for GLD.
IESE.AS is categorized as Europe Equities, while GLD is Gold. IESE.AS tracks MSCI Europe NR EUR, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IESE.AS and 0.40% for GLD.
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