PA=F vs. IAU

Last updated Jun 5, 2026

PA=F (Palladium) is an asset, while IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price. Over the past 10 years, PA=F returned 9.07%/yr vs 13.38%/yr for IAU. At a 0.37 correlation, their price movements are largely independent.

Performance

PA=F vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palladium (PA=F) 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, PA=F achieves a -18.52% return, which is significantly lower than IAU's 3.83% return. Over the past 10 years, PA=F has underperformed IAU with an annualized return of 9.07%, while IAU has yielded a comparatively higher 13.38% annualized return.

PA=F

• 1D: 0.79%
• 1M: -11.92%
• YTD: -18.52%
• 6M: -10.55%
• 1Y: 31.72%
• 3Y*: -1.66%
• 5Y*: -14.14%
• 10Y*: 9.07%

IAU

• 1D: 0.83%
• 1M: -1.65%
• YTD: 3.83%
• 6M: 6.31%
• 1Y: 32.47%
• 3Y*: 31.39%
• 5Y*: 18.52%
• 10Y*: 13.38%

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

PA=F vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PA=F Palladium	-18.52%	79.07%	-17.98%	-38.30%	-5.52%	-22.50%	28.42%	59.67%	13.49%	54.27%
IAU iShares Gold Trust	3.83%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between PA=F and IAU is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 9, 2006	0.37

The correlation between PA=F and IAU shifts across timeframes, from 0.31 (10 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PA=F vs. IAU — Risk / Return Rank

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

PA=F

PA=F Risk / Return Rank: 7
PA=F Sharpe Ratio Rank: 7
PA=F Sortino Ratio Rank: 8
PA=F Omega Ratio Rank: 7
PA=F Calmar Ratio Rank: 7
PA=F Martin Ratio Rank: 7

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 32
IAU Omega Ratio Rank: 39
IAU Calmar Ratio Rank: 35
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.

PA=F vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palladium (PA=F) 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.

	PA=F	IAU	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.24	-0.71
Sortino ratio: Return per unit of downside risk	0.99	1.63	-0.65
Omega ratio: Gain probability vs. loss probability	1.14	1.25	-0.11
Calmar ratio: Return relative to maximum drawdown	0.71	1.70	-0.99
Martin ratio: Return relative to average drawdown	1.51	4.18	-2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PA=F vs. IAU - Sharpe Ratio Comparison

The current PA=F Sharpe Ratio is 0.53, which is lower than the IAU Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of PA=F 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

	PA=F	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	1.24	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	1.04	-1.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.84	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.63	-0.44

Drawdowns

PA=F vs. IAU - Drawdown Comparison

The maximum PA=F drawdown since its inception was -74.88%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for PA=F and IAU.

Drawdown Indicators

	PA=F	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-74.88%	-45.14%	-29.74%
Max Drawdown (1Y) Largest decline over 1 year	-39.30%	-19.18%	-20.12%
Max Drawdown (3Y) Largest decline over 3 years	-41.53%	-19.18%	-22.35%
Max Drawdown (5Y) Largest decline over 5 years	-74.88%	-20.93%	-53.95%
Max Drawdown (10Y) Largest decline over 10 years	-74.88%	-21.82%	-53.06%
Current Drawdown Current decline from peak	-59.64%	-17.02%	-42.62%
Average Drawdown Average peak-to-trough decline	-26.90%	-15.96%	-10.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.45%	7.79%	+11.66%

Volatility

PA=F vs. IAU - Volatility Comparison

Palladium (PA=F) has a higher volatility of 9.89% compared to iShares Gold Trust (IAU) at 5.50%. This indicates that PA=F's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PA=F	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	5.50%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	47.86%	23.03%	+24.83%
Volatility (1Y) Calculated over the trailing 1-year period	52.69%	26.41%	+26.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.23%	17.94%	+26.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.62%	15.90%	+21.72%

Frequently Asked Questions

Can I hold both PA=F and IAU in my portfolio?

PA=F and IAU have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PA=F or IAU?

PA=F has higher volatility (9.89%) compared to IAU (5.50%). In terms of maximum drawdown, PA=F dropped -74.88% vs IAU's -45.14%.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.24 vs 0.53), 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.