ION vs. IAUM

Last updated Jun 9, 2026

ION (Proshares S&P Global Core Battery Metals ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - ION is a Energy Equities fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, ION returned 14.09%/yr vs 30.12%/yr for IAUM. At a 0.37 correlation, their price movements are largely independent. ION charges 0.58%/yr vs 0.09%/yr for IAUM.

Performance

ION vs. IAUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares S&P Global Core Battery Metals ETF (ION) and iShares Gold Trust Micro (IAUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ION achieves a 2.59% return, which is significantly higher than IAUM's 0.28% return.

ION

• 1D: -1.58%
• 1M: -20.78%
• YTD: 2.59%
• 6M: 12.15%
• 1Y: 90.17%
• 3Y*: 14.09%
• 5Y*: —
• 10Y*: —

IAUM

• 1D: 0.21%
• 1M: -8.41%
• YTD: 0.28%
• 6M: 3.16%
• 1Y: 30.56%
• 3Y*: 30.12%
• 5Y*: —
• 10Y*: —

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

ION vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	2.59%	108.37%	-20.02%	-14.10%	-8.86%
IAUM iShares Gold Trust Micro	0.28%	64.27%	27.04%	13.12%	1.11%

Correlation

The correlation between ION and IAUM is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022	0.37

ION vs. IAUM - Sectors Allocation Comparison

Sectors	ION	IAUM
Basic Materials	14.5%	-
Financial Services	13.0%	-
Energy	2.4%	-
Real Estate	2.4%	100.0%
Healthcare	1.7%	-
Industrials	1.6%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ION vs. IAUM — Risk / Return Rank

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

ION

ION Risk / Return Rank: 74
ION Sharpe Ratio Rank: 81
ION Sortino Ratio Rank: 66
ION Omega Ratio Rank: 67
ION Calmar Ratio Rank: 82
ION Martin Ratio Rank: 76

IAUM

IAUM Risk / Return Rank: 34
IAUM Sharpe Ratio Rank: 35
IAUM Sortino Ratio Rank: 31
IAUM Omega Ratio Rank: 39
IAUM Calmar Ratio Rank: 34
IAUM 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.

ION vs. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) and iShares Gold Trust Micro (IAUM). 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.

	ION	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.16	+1.19
Sortino ratio: Return per unit of downside risk	2.72	1.54	+1.18
Omega ratio: Gain probability vs. loss probability	1.35	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	3.89	1.53	+2.36
Martin ratio: Return relative to average drawdown	13.03	3.84	+9.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ION vs. IAUM - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 2.35, which is higher than the IAUM Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of ION and IAUM, 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

	ION	IAUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	1.16	+1.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.11	-0.83

Drawdowns

ION vs. IAUM - Drawdown Comparison

The maximum ION drawdown since its inception was -52.08%, which is greater than IAUM's maximum drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for ION and IAUM.

Drawdown Indicators

	ION	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-20.87%	-31.21%
Max Drawdown (1Y) Largest decline over 1 year	-23.30%	-20.02%	-3.28%
Max Drawdown (3Y) Largest decline over 3 years	-46.47%	-20.02%	-26.45%
Current Drawdown Current decline from peak	-22.62%	-19.85%	-2.77%
Average Drawdown Average peak-to-trough decline	-23.69%	-5.33%	-18.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.95%	7.98%	-1.03%

Volatility

ION vs. IAUM - Volatility Comparison

Proshares S&P Global Core Battery Metals ETF (ION) has a higher volatility of 12.49% compared to iShares Gold Trust Micro (IAUM) at 5.64%. This indicates that ION's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ION	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.49%	5.64%	+6.85%
Volatility (6M) Calculated over the trailing 6-month period	30.83%	23.20%	+7.63%
Volatility (1Y) Calculated over the trailing 1-year period	38.64%	26.57%	+12.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.28%	17.92%	+13.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.28%	17.92%	+13.36%

ION vs. IAUM - Expense Ratio Comparison

ION has a 0.58% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

ION vs. IAUM - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.55%, while IAUM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%	0.00%	0.00%
ION Proshares S&P Global Core Battery Metals ETF	1.55%	1.63%	1.74%	2.23%	0.13%

Frequently Asked Questions

Can I hold both ION and IAUM in my portfolio?

ION and IAUM have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ION or IAUM?

ION has higher volatility (12.49%) compared to IAUM (5.64%). In terms of maximum drawdown, ION dropped -52.08% vs IAUM's -20.87%.

Which ETF is better, ION or IAUM?

On 3-year performance, IAUM leads with 30.12% vs 14.09% for ION. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ION or IAUM?

Over the 3-year period, IAUM has performed better with a 30.12% return vs 14.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ION or IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.58% for ION.

Which ETF pays a higher dividend yield, ION or IAUM?

ION has the higher dividend yield at 1.55%, compared with 0.00% for IAUM.

What is the main difference between ION and IAUM?

ION is categorized as Energy Equities, while IAUM is Gold. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.58% for ION and 0.09% for IAUM.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (2.35 vs 1.16), 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.