ISCV vs. IAU

Last updated Jun 4, 2026

ISCV (iShares Morningstar Small Cap Value ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - ISCV is a Small Cap Value Equities fund tracking the Morningstar US Small Cap Broad Value Extended Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, ISCV returned 8.58%/yr vs 13.31%/yr for IAU. At a 0.06 correlation, their price movements are largely independent. ISCV charges 0.06%/yr vs 0.25%/yr for IAU.

Performance

ISCV vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Small Cap Value ETF (ISCV) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISCV achieves a 10.08% return, which is significantly higher than IAU's 2.98% return. Over the past 10 years, ISCV has underperformed IAU with an annualized return of 8.58%, while IAU has yielded a comparatively higher 13.31% annualized return.

ISCV

• 1D: -0.57%
• 1M: 2.04%
• YTD: 10.08%
• 6M: 10.27%
• 1Y: 27.98%
• 3Y*: 15.48%
• 5Y*: 6.54%
• 10Y*: 8.58%

IAU

• 1D: -0.98%
• 1M: -1.62%
• YTD: 2.98%
• 6M: 5.50%
• 1Y: 32.20%
• 3Y*: 31.29%
• 5Y*: 18.32%
• 10Y*: 13.31%

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

ISCV vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCV iShares Morningstar Small Cap Value ETF	10.08%	10.38%	9.31%	16.55%	-10.58%	29.15%	0.86%	19.51%	-17.39%	8.59%
IAU iShares Gold Trust	2.98%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between ISCV 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	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 31, 2005	0.06

The correlation between ISCV and IAU shifts across timeframes, from 0.04 (10 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.

ISCV vs. IAU - Sectors Allocation Comparison

Sectors	ISCV	IAU
Financial Services	21.1%	-
Consumer Cyclical	13.4%	-
Industrials	12.1%	-
Healthcare	11.1%	-
Real Estate	11.0%	100.0%
Technology	8.9%	-
Energy	7.2%	-
Basic Materials	5.8%	-
Consumer Defensive	3.7%	-
Utilities	3.6%	-
Communication Services	1.8%	-

Return for Risk

ISCV vs. IAU — Risk / Return Rank

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

ISCV

ISCV Risk / Return Rank: 54
ISCV Sharpe Ratio Rank: 49
ISCV Sortino Ratio Rank: 53
ISCV Omega Ratio Rank: 47
ISCV Calmar Ratio Rank: 61
ISCV Martin Ratio Rank: 59

IAU

IAU Risk / Return Rank: 32
IAU Sharpe Ratio Rank: 33
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 36
IAU Calmar Ratio Rank: 33
IAU 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.

ISCV vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Small Cap Value ETF (ISCV) 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.

	ISCV	IAU	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.23	+0.51
Sortino ratio: Return per unit of downside risk	2.58	1.62	+0.96
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	3.04	1.69	+1.35
Martin ratio: Return relative to average drawdown	10.55	4.19	+6.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISCV vs. IAU - Sharpe Ratio Comparison

The current ISCV Sharpe Ratio is 1.73, which is higher than the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of ISCV and IAU, 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

	ISCV	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.23	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	1.03	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.84	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.62	-0.26

Drawdowns

ISCV vs. IAU - Drawdown Comparison

The maximum ISCV drawdown since its inception was -63.14%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ISCV and IAU.

Drawdown Indicators

	ISCV	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-63.14%	-45.14%	-18.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.25%	-19.18%	+9.93%
Max Drawdown (3Y) Largest decline over 3 years	-25.35%	-19.18%	-6.17%
Max Drawdown (5Y) Largest decline over 5 years	-25.35%	-20.93%	-4.42%
Max Drawdown (10Y) Largest decline over 10 years	-51.56%	-21.82%	-29.74%
Current Drawdown Current decline from peak	-0.68%	-17.70%	+17.02%
Average Drawdown Average peak-to-trough decline	-9.14%	-15.96%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	7.71%	-5.05%

Volatility

ISCV vs. IAU - Volatility Comparison

The current volatility for iShares Morningstar Small Cap Value ETF (ISCV) is 3.80%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that ISCV 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.

Volatility by Period

	ISCV	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	5.50%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	23.02%	-12.57%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	26.42%	-10.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	17.95%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	15.90%	+7.40%

ISCV vs. IAU - Expense Ratio Comparison

ISCV has a 0.06% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ISCV vs. IAU - Dividend Comparison

ISCV's dividend yield for the trailing twelve months is around 1.88%, 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%
ISCV iShares Morningstar Small Cap Value ETF	1.88%	2.04%	2.01%	2.21%	2.12%	1.95%	2.01%	2.36%	2.48%	1.74%	2.49%	2.60%

Frequently Asked Questions

Can I hold both ISCV and IAU in my portfolio?

ISCV 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.

Which is riskier, ISCV or IAU?

IAU has higher volatility (5.50%) compared to ISCV (3.80%). In terms of maximum drawdown, ISCV dropped -63.14% vs IAU's -45.14%.

Which ETF is better, ISCV or IAU?

On 10-year performance, IAU leads with 13.31% vs 8.58% for ISCV. On fees, ISCV is cheaper at 0.06% per year. On volatility, ISCV has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCV or IAU?

Over the 10-year period, IAU has performed better with a 13.31% return vs 8.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCV or IAU?

ISCV is cheaper with a 0.06% expense ratio, compared with 0.25% for IAU.

Which ETF pays a higher dividend yield, ISCV or IAU?

ISCV has the higher dividend yield at 1.88%, compared with 0.00% for IAU.

What is the main difference between ISCV and IAU?

ISCV is categorized as Small Cap Value Equities, while IAU is Gold. ISCV tracks Morningstar US Small Cap Broad Value Extended Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.06% for ISCV and 0.25% for IAU.

Which has better risk-adjusted returns?

ISCV currently has the higher Sharpe Ratio (1.73 vs 1.23), 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.