IYE vs. GLD
IYE (iShares U.S. Energy ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - IYE is a Energy Equities fund tracking the Dow Jones U.S. Oil & Gas Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IYE returned 8.66%/yr vs 12.15%/yr for GLD. At a 0.16 correlation, their price movements are largely independent. IYE charges 0.42%/yr vs 0.40%/yr for GLD.
Performance
IYE vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, IYE achieves a 28.97% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, IYE has underperformed GLD with an annualized return of 8.66%, while GLD has yielded a comparatively higher 12.15% annualized return.
IYE
- 1D
- 0.76%
- 1M
- -0.93%
- YTD
- 28.97%
- 6M
- 27.79%
- 1Y
- 33.59%
- 3Y*
- 15.75%
- 5Y*
- 19.07%
- 10Y*
- 8.66%
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
IYE vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYE iShares U.S. Energy ETF | 28.97% | 7.33% | 6.06% | -2.21% | 60.21% | 53.42% | -33.49% | 10.03% | -19.37% | -1.80% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between IYE and GLD is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004 | 0.16 |
The correlation between IYE and GLD shifts across timeframes, from 0.01 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IYE vs. GLD — Risk / Return Rank
IYE
GLD
IYE vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Energy ETF (IYE) 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.
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.
| IYE | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.18 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 0.98 | +2.06 |
| Martin ratioReturn relative to average drawdown | 8.58 | 2.81 | +5.77 |
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Drawdowns
IYE vs. GLD - Drawdown Comparison
The maximum IYE drawdown since its inception was -73.74%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for IYE and GLD.
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Drawdown Indicators
| IYE | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.74% | -45.56% | -28.18% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -24.46% | +12.54% |
Max Drawdown (3Y)Largest decline over 3 years | -20.37% | -24.46% | +4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -25.61% | -24.46% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -68.59% | -24.46% | -44.13% |
Current DrawdownCurrent decline from peak | -7.87% | -22.05% | +14.18% |
Average DrawdownAverage peak-to-trough decline | -19.35% | -16.16% | -3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.21% | 8.49% | -4.28% |
Volatility
IYE vs. GLD - Volatility Comparison
The current volatility for iShares U.S. Energy ETF (IYE) is 6.96%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that IYE 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.
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Volatility by Period
| IYE | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.96% | 7.79% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 16.36% | 24.10% | -7.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.04% | 27.37% | -7.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.75% | 18.22% | +7.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.51% | 16.08% | +13.43% |
IYE vs. GLD - Expense Ratio Comparison
IYE has a 0.42% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
IYE vs. GLD - Dividend Comparison
IYE's dividend yield for the trailing twelve months is around 2.18%, 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% |
IYE iShares U.S. Energy ETF | 2.18% | 2.85% | 2.75% | 2.99% | 3.37% | 2.98% | 4.75% | 6.60% | 3.16% | 2.66% | 2.11% | 3.39% |
Frequently Asked Questions
IYE and GLD have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to IYE (6.96%). In terms of maximum drawdown, IYE dropped -73.74% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.15% vs 8.66% for IYE. On fees, GLD is cheaper at 0.40% per year. On volatility, IYE has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.42% for IYE.
IYE has the higher dividend yield at 2.18%, compared with 0.00% for GLD.
IYE is categorized as Energy Equities, while GLD is Gold. IYE tracks Dow Jones U.S. Oil & Gas Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.42% for IYE and 0.40% for GLD.
IYE currently has the higher Sharpe Ratio (1.81 vs 0.87), 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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