IOO vs. GLD

Last updated Jun 9, 2026

IOO (iShares Global 100 ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - IOO is a Global Equities fund tracking the S&P Global 100 Index (Net), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IOO returned 16.53%/yr vs 12.56%/yr for GLD. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

IOO vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global 100 ETF (IOO) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IOO achieves a 9.70% return, which is significantly higher than GLD's 0.24% return. Over the past 10 years, IOO has outperformed GLD with an annualized return of 16.53%, while GLD has yielded a comparatively lower 12.56% annualized return.

IOO

• 1D: 0.27%
• 1M: -0.80%
• YTD: 9.70%
• 6M: 9.96%
• 1Y: 33.76%
• 3Y*: 24.64%
• 5Y*: 16.11%
• 10Y*: 16.53%

GLD

• 1D: 0.26%
• 1M: -8.41%
• YTD: 0.24%
• 6M: 3.07%
• 1Y: 30.18%
• 3Y*: 29.71%
• 5Y*: 17.55%
• 10Y*: 12.56%

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

IOO vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IOO iShares Global 100 ETF	9.70%	27.02%	26.54%	27.71%	-16.34%	26.03%	18.61%	30.01%	-6.22%	23.56%
GLD SPDR Gold Shares	0.24%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between IOO and GLD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.12

The correlation between IOO and GLD shifts across timeframes, from 0.09 (10 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.

IOO vs. GLD - Sectors Allocation Comparison

Sectors	IOO	GLD
Technology	46.2%	-
Communication Services	11.0%	-
Financial Services	9.1%	-
Consumer Cyclical	8.4%	-
Healthcare	8.4%	-
Consumer Defensive	5.6%	-
Industrials	4.8%	-
Energy	3.6%	-
Basic Materials	1.7%	100.0%
Utilities	0.5%	-
Real Estate	0.2%	-

Return for Risk

IOO vs. GLD — Risk / Return Rank

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

IOO

IOO Risk / Return Rank: 81
IOO Sharpe Ratio Rank: 84
IOO Sortino Ratio Rank: 82
IOO Omega Ratio Rank: 81
IOO Calmar Ratio Rank: 74
IOO Martin Ratio Rank: 84

GLD

GLD Risk / Return Rank: 33
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 34
GLD 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.

IOO vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global 100 ETF (IOO) 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.

	IOO	GLD	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.13	+1.32
Sortino ratio: Return per unit of downside risk	3.29	1.51	+1.78
Omega ratio: Gain probability vs. loss probability	1.44	1.23	+0.21
Calmar ratio: Return relative to maximum drawdown	3.41	1.51	+1.90
Martin ratio: Return relative to average drawdown	15.65	3.78	+11.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IOO vs. GLD - Sharpe Ratio Comparison

The current IOO Sharpe Ratio is 2.45, which is higher than the GLD Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of IOO 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.

Sharpe Ratios by Period

	IOO	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	1.13	+1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.98	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.79	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.59	-0.20

Drawdowns

IOO vs. GLD - Drawdown Comparison

The maximum IOO drawdown since its inception was -55.85%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for IOO and GLD.

Drawdown Indicators

	IOO	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-55.85%	-45.56%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.94%	-20.10%	+10.16%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-20.10%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-21.03%	-2.49%
Max Drawdown (10Y) Largest decline over 10 years	-31.43%	-22.00%	-9.43%
Current Drawdown Current decline from peak	-3.57%	-19.89%	+16.32%
Average Drawdown Average peak-to-trough decline	-11.27%	-16.16%	+4.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	8.01%	-5.85%

Volatility

IOO vs. GLD - Volatility Comparison

The current volatility for iShares Global 100 ETF (IOO) is 4.47%, while SPDR Gold Shares (GLD) has a volatility of 5.68%. This indicates that IOO 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.

Volatility by Period

	IOO	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	5.68%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	23.47%	-12.43%
Volatility (1Y) Calculated over the trailing 1-year period	13.88%	26.87%	-12.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	18.07%	-0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.80%	15.99%	+1.81%

IOO vs. GLD - Expense Ratio Comparison

Both IOO and GLD have an expense ratio of 0.40%.

Dividends

IOO vs. GLD - Dividend Comparison

IOO's dividend yield for the trailing twelve months is around 0.84%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IOO iShares Global 100 ETF	0.84%	0.92%	1.08%	1.49%	2.00%	1.53%	1.49%	2.02%	2.54%	2.23%	2.75%	2.89%

Frequently Asked Questions

Can I hold both IOO and GLD in my portfolio?

IOO and GLD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IOO or GLD?

GLD has higher volatility (5.68%) compared to IOO (4.47%). In terms of maximum drawdown, IOO dropped -55.85% vs GLD's -45.56%.

Which ETF is better, IOO or GLD?

On 10-year performance, IOO leads with 16.53% vs 12.56% for GLD. Both ETFs have the same 0.40% expense ratio. On volatility, IOO has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOO or GLD?

Over the 10-year period, IOO has performed better with a 16.53% return vs 12.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOO or GLD?

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

Which ETF pays a higher dividend yield, IOO or GLD?

IOO has the higher dividend yield at 0.84%, compared with 0.00% for GLD.

What is the main difference between IOO and GLD?

IOO is categorized as Global Equities, while GLD is Gold. IOO tracks S&P Global 100 Index (Net), while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

IOO currently has the higher Sharpe Ratio (2.45 vs 1.13), 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.