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IEUX.L vs. GLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUX.L vs. GLD

Last updated Jun 5, 2026

IEUX.L (iShares MSCI Europe ex-UK UCITS) and GLD (SPDR Gold Shares) are both exchange-traded funds - IEUX.L is a Europe Equities fund tracking the MSCI Europe ex-UK NR EUR, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IEUX.L returned 10.42%/yr vs 13.96%/yr for GLD. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

IEUX.L vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Europe ex-UK UCITS (IEUX.L) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IEUX.L is traded in GBp, while GLD is traded in USD. To make them comparable, the GLD values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEUX.L achieves a 7.00% return, which is significantly higher than GLD's 3.30% return. Over the past 10 years, IEUX.L has underperformed GLD with an annualized return of 10.42%, while GLD has yielded a comparatively higher 13.96% annualized return.

IEUX.L

1D
0.97%
1M
4.29%
YTD
7.00%
6M
9.12%
1Y
18.55%
3Y*
13.29%
5Y*
9.21%
10Y*
10.42%

GLD

1D
0.00%
1M
-1.63%
YTD
3.30%
6M
4.59%
1Y
32.41%
3Y*
27.53%
5Y*
19.42%
10Y*
13.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUX.L vs. GLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEUX.L
iShares MSCI Europe ex-UK UCITS		7.00%25.52%1.87%14.91%-6.98%16.31%7.53%20.67%-9.95%16.33%
GLD
SPDR Gold Shares		4.20%52.02%28.87%7.06%11.03%-3.24%21.15%13.37%3.87%3.05%

Correlation

The correlation between IEUX.L and GLD is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.17

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

0.11

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

0.05

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

0.08

Correlation (All Time)
Calculated using the full available price history since Jul 3, 2007

0.06

The correlation between IEUX.L and GLD shifts across timeframes, from 0.05 (5 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.

IEUX.L vs. GLD - Sectors Allocation Comparison

Sectors
IEUX.L
GLD

Financial Services

22.7%

-

Industrials

21.2%

-

Healthcare

12.7%

-

Technology

11.9%

-

Consumer Cyclical

7.1%

-

Consumer Defensive

6.9%

-

Utilities

4.7%

-

Basic Materials

4.5%
100.0%

Communication Services

4.3%

-

Energy

3.2%

-

Real Estate

0.8%

-

Financial Services

IEUX.L
22.7%
GLD

-

Industrials

IEUX.L
21.2%
GLD

-

Healthcare

IEUX.L
12.7%
GLD

-

Technology

IEUX.L
11.9%
GLD

-

Consumer Cyclical

IEUX.L
7.1%
GLD

-

Consumer Defensive

IEUX.L
6.9%
GLD

-

Utilities

IEUX.L
4.7%
GLD

-

Basic Materials

IEUX.L
4.5%
GLD
100.0%

Communication Services

IEUX.L
4.3%
GLD

-

Energy

IEUX.L
3.2%
GLD

-

Real Estate

IEUX.L
0.8%
GLD

-

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iShares MSCI Europe ex-UK UCITS

SPDR Gold Shares

Often compared with IEUX.L:
IEUX.L vs. VERX.ASIEUX.L vs. VERX.LIEUX.L vs. ^GSPCIEUX.L vs. VUKG.LIEUX.L vs. VUAG.LIEUX.L vs. VMIG.LIEUX.L vs. XDEM.L
Often compared with GLD:
GLD vs. IAUGLD vs. SPYGLD vs. SLVGLD vs. GOLDGLD vs. GDXGLD vs. GLDMGLD vs. SGOL

Return for Risk

IEUX.L vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUX.L
IEUX.L Risk / Return Rank: 4040
Overall Rank
IEUX.L Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEUX.L Sortino Ratio Rank: 4242
Sortino Ratio Rank
IEUX.L Omega Ratio Rank: 4343
Omega Ratio Rank
IEUX.L Calmar Ratio Rank: 3535
Calmar Ratio Rank
IEUX.L Martin Ratio Rank: 3939
Martin Ratio Rank
GLD
GLD Risk / Return Rank: 3434
Overall Rank
GLD Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
GLD Sortino Ratio Rank: 3131
Sortino Ratio Rank
GLD Omega Ratio Rank: 3838
Omega Ratio Rank
GLD Calmar Ratio Rank: 3535
Calmar Ratio Rank
GLD Martin Ratio Rank: 2929
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.

IEUX.L vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe ex-UK UCITS (IEUX.L) 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.

IEUX.LGLDDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.29

+0.14

Sortino ratioReturn per unit of downside risk
2.08
1.70

+0.38

Omega ratioGain probability vs. loss probability

1.27

1.26

+0.01

Calmar ratioReturn relative to maximum drawdown

1.72

1.83

-0.11

Martin ratioReturn relative to average drawdown

6.10

4.53

+1.57

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEUX.L vs. GLD - Sharpe Ratio Comparison

The current IEUX.L Sharpe Ratio is 1.43, which is comparable to the GLD Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of IEUX.L 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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Sharpe Ratios by Period

IEUX.LGLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

1.29

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

1.17

-0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.86

-0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.70

-0.30

Drawdowns

IEUX.L vs. GLD - Drawdown Comparison

The maximum IEUX.L drawdown since its inception was -45.67%, which is greater than GLD's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for IEUX.L and GLD.

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Drawdown Indicators

IEUX.LGLDDifference

Max Drawdown

Largest peak-to-trough decline

-45.67%

-41.89%

-3.78%

Max Drawdown (1Y)

Largest decline over 1 year

-10.76%

-17.78%

+7.02%

Max Drawdown (3Y)

Largest decline over 3 years

-13.16%

-17.78%

+4.62%

Max Drawdown (5Y)

Largest decline over 5 years

-19.67%

-17.78%

-1.89%

Max Drawdown (10Y)

Largest decline over 10 years

-27.53%

-22.78%

-4.75%

Current Drawdown

Current decline from peak

-0.19%

-16.88%

+16.69%

Average Drawdown

Average peak-to-trough decline

-7.45%

-13.21%

+5.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

7.18%

-4.15%

Volatility

IEUX.L vs. GLD - Volatility Comparison

The current volatility for iShares MSCI Europe ex-UK UCITS (IEUX.L) is 4.10%, while SPDR Gold Shares (GLD) has a volatility of 4.79%. This indicates that IEUX.L 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

IEUX.LGLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.10%

4.79%

-0.69%

Volatility (6M)

Calculated over the trailing 6-month period

10.65%

21.78%

-11.13%

Volatility (1Y)

Calculated over the trailing 1-year period

12.91%

25.30%

-12.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.69%

16.71%

-2.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.44%

16.23%

-0.79%

IEUX.L vs. GLD - Expense Ratio Comparison

Both IEUX.L and GLD have an expense ratio of 0.40%.

Dividends

IEUX.L vs. GLD - Dividend Comparison

IEUX.L's dividend yield for the trailing twelve months is around 1.96%, 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%
IEUX.L
iShares MSCI Europe ex-UK UCITS		1.96%2.12%2.41%2.33%2.25%1.65%1.44%2.42%2.60%2.23%2.17%2.11%

Frequently Asked Questions

IEUX.L and GLD have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IEUX.L and GLD have the same expense ratio: 0.40% per year.

IEUX.L is categorized as Europe Equities, while GLD is Gold. IEUX.L tracks MSCI Europe ex-UK NR EUR, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street.

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