IWC vs. IAU
IWC (iShares Micro-Cap ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, IWC returned 11.37%/yr vs 11.37%/yr for IAU. At a 0.08 correlation, their price movements are largely independent. IWC charges 0.60%/yr vs 0.25%/yr for IAU.
Performance
IWC vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, IWC achieves a 23.21% return, which is significantly higher than IAU's -7.29% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: IWC at 11.37% and IAU at 11.37%.
IWC
- 1D
- -1.02%
- 1M
- 2.50%
- 6M
- 16.07%
- YTD
- 23.21%
- 1Y
- 48.46%
- 3Y*
- 21.80%
- 5Y*
- 7.27%
- 10Y*
- 11.37%
IAU
- 1D
- -2.60%
- 1M
- -4.98%
- 6M
- -13.00%
- YTD
- -7.29%
- 1Y
- 18.88%
- 3Y*
- 26.67%
- 5Y*
- 16.68%
- 10Y*
- 11.37%
IWC vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 23.21% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 22.20% | -13.13% | 12.79% |
IAU iShares Gold Trust | -7.29% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between IWC and IAU is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2005 | 0.08 |
Over the past year, IWC and IAU have become more correlated (0.30) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
IWC vs. IAU — Risk / Return Rank
IWC
IAU
IWC vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.
| IWC | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.15 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 0.72 | +3.19 |
| Martin ratioReturn relative to average drawdown | 12.71 | 1.77 | +10.94 |
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Drawdowns
IWC vs. IAU - Drawdown Comparison
The maximum IWC drawdown since its inception was -64.61%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for IWC and IAU.
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Drawdown Indicators
| IWC | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.61% | -45.14% | -19.47% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -26.17% | +13.74% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -26.17% | -3.29% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -26.17% | -14.44% |
Max Drawdown (10Y)Largest decline over 10 years | -47.21% | -26.17% | -21.04% |
Current DrawdownCurrent decline from peak | -3.40% | -25.91% | +22.51% |
Average DrawdownAverage peak-to-trough decline | -15.21% | -16.00% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.82% | 10.66% | -6.84% |
Volatility
IWC vs. IAU - Volatility Comparison
The current volatility for iShares Micro-Cap ETF (IWC) is 5.99%, while iShares Gold Trust (IAU) has a volatility of 7.54%. This indicates that IWC 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
| IWC | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 7.54% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 18.27% | 24.02% | -5.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.27% | 27.75% | -3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.53% | 18.33% | +6.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.47% | 16.04% | +8.43% |
IWC vs. IAU - Expense Ratio Comparison
IWC has a 0.60% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
IWC vs. IAU - Dividend Comparison
IWC's dividend yield for the trailing twelve months is around 0.98%, 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% |
IWC iShares Micro-Cap ETF | 0.98% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
Frequently Asked Questions
IWC and IAU have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (7.54%) compared to IWC (5.99%). In terms of maximum drawdown, IWC dropped -64.61% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.37% vs 11.37% for IWC. On fees, IAU is cheaper at 0.25% per year. On volatility, IWC has been the lower-risk option at 5.99%. 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 11.37% return vs 11.37%. 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 0.60% for IWC.
IWC has the higher dividend yield at 0.98%, compared with 0.00% for IAU.
IWC is categorized as Small Cap Blend Equities, while IAU is Gold. IWC tracks Russell Microcap Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.60% for IWC and 0.25% for IAU.
IWC currently has the higher Sharpe Ratio (2.01 vs 0.68), 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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