IHI vs. IAU
IHI (iShares U.S. Medical Devices ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, IHI returned 9.29%/yr vs 11.45%/yr for IAU. At a 0.06 correlation, their price movements are largely independent. IHI charges 0.38%/yr vs 0.25%/yr for IAU.
Performance
IHI vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, IHI achieves a -19.12% return, which is significantly lower than IAU's -6.73% return. Over the past 10 years, IHI has underperformed IAU with an annualized return of 9.29%, while IAU has yielded a comparatively higher 11.45% annualized return.
IHI
- 1D
- 1.07%
- 1M
- -0.29%
- YTD
- -19.12%
- 6M
- -19.87%
- 1Y
- -18.46%
- 3Y*
- -2.75%
- 5Y*
- -3.09%
- 10Y*
- 9.29%
IAU
- 1D
- 0.96%
- 1M
- -10.73%
- YTD
- -6.73%
- 6M
- -10.23%
- 1Y
- 20.46%
- 3Y*
- 27.63%
- 5Y*
- 17.45%
- 10Y*
- 11.45%
IHI vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | -19.12% | 6.88% | 8.62% | 3.24% | -19.80% | 21.03% | 24.17% | 32.75% | 15.45% | 30.81% |
IAU iShares Gold Trust | -6.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between IHI and IAU 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 | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | 0.06 |
The correlation between IHI and IAU shifts across timeframes, from 0.06 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IHI vs. IAU — Risk / Return Rank
IHI
IAU
IHI vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) 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.
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.
| IHI | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.16 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 0.79 | -1.49 |
| Martin ratioReturn relative to average drawdown | -1.59 | 2.19 | -3.79 |
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Drawdowns
IHI vs. IAU - Drawdown Comparison
The maximum IHI drawdown since its inception was -49.65%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for IHI and IAU.
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Drawdown Indicators
| IHI | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.65% | -45.14% | -4.51% |
Max Drawdown (1Y)Largest decline over 1 year | -26.11% | -26.17% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -26.64% | -26.17% | -0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -33.12% | -26.17% | -6.95% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -26.17% | -7.08% |
Current DrawdownCurrent decline from peak | -23.63% | -25.46% | +1.83% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -15.98% | +7.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.61% | 9.35% | +2.26% |
Volatility
IHI vs. IAU - Volatility Comparison
The current volatility for iShares U.S. Medical Devices ETF (IHI) is 6.93%, while iShares Gold Trust (IAU) has a volatility of 8.63%. This indicates that IHI 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.
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Volatility by Period
| IHI | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.93% | 8.63% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 13.89% | 24.32% | -10.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.54% | 27.52% | -9.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 18.24% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.81% | 16.01% | +3.80% |
IHI vs. IAU - Expense Ratio Comparison
IHI has a 0.38% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
IHI vs. IAU - Dividend Comparison
IHI's dividend yield for the trailing twelve months is around 0.48%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IHI iShares U.S. Medical Devices ETF | 0.48% | 0.34% | 0.46% | 0.53% | 0.45% | 0.25% | 0.25% | 0.33% | 0.26% | 0.37% | 0.55% | 1.28% |
Frequently Asked Questions
IHI and IAU 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.
IAU has higher volatility (8.63%) compared to IHI (6.93%). In terms of maximum drawdown, IHI dropped -49.65% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.45% vs 9.29% for IHI. On fees, IAU is cheaper at 0.25% per year. On volatility, IHI has been the lower-risk option at 6.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.45% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.38% for IHI.
IHI has the higher dividend yield at 0.48%, compared with 0.00% for IAU.
IHI is categorized as Health & Biotech Equities, while IAU is Gold. IHI tracks Dow Jones U.S. Select Medical Equipment Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.38% for IHI and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.75 vs -1.06), 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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