PHAU.AS vs. IAU
PHAU.AS (WisdomTree Physical Gold UCITS ETC) and IAU (iShares Gold Trust) are both Gold funds - PHAU.AS tracks the LBMA Gold Price PM while IAU tracks the LBMA Gold Price. Both are passively managed. Over the past 10 years, PHAU.AS returned 12.91%/yr vs 13.13%/yr for IAU. A 0.73 correlation means they provide meaningful diversification when combined. PHAU.AS charges 0.39%/yr vs 0.25%/yr for IAU.
Performance
PHAU.AS vs. IAU - Performance Comparison
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Different Trading Currencies
PHAU.AS is traded in EUR, while IAU is traded in USD. To make them comparable, the IAU values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, PHAU.AS achieves a 4.61% return, which is significantly lower than IAU's 5.01% return. Both investments have delivered pretty close results over the past 10 years, with PHAU.AS having a 12.91% annualized return and IAU not far ahead at 13.13%.
PHAU.AS
- 1D
- 0.56%
- 1M
- -1.68%
- YTD
- 4.61%
- 6M
- 6.21%
- 1Y
- 29.74%
- 3Y*
- 27.67%
- 5Y*
- 19.40%
- 10Y*
- 12.91%
IAU
- 1D
- 0.69%
- 1M
- -0.99%
- YTD
- 5.01%
- 6M
- 6.59%
- 1Y
- 30.25%
- 3Y*
- 27.89%
- 5Y*
- 19.62%
- 10Y*
- 13.13%
PHAU.AS vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHAU.AS WisdomTree Physical Gold UCITS ETC | 4.61% | 45.53% | 34.03% | 9.32% | 5.55% | 3.63% | 13.51% | 20.41% | 2.85% | -1.37% |
IAU iShares Gold Trust | 5.01% | 44.49% | 35.22% | 9.45% | 5.53% | 3.18% | 14.73% | 20.65% | 2.85% | -0.97% |
Correlation
The correlation between PHAU.AS and IAU is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 28, 2007 | 0.73 |
The correlation between PHAU.AS and IAU shifts across timeframes, from 0.73 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PHAU.AS vs. IAU — Risk / Return Rank
PHAU.AS
IAU
PHAU.AS vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold UCITS ETC (PHAU.AS) 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.
| PHAU.AS | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.77 | -0.02 |
| Martin ratioReturn relative to average drawdown | 4.43 | 4.24 | +0.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PHAU.AS | IAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.22 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.19 | 1.19 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.89 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.66 | 0.00 |
Drawdowns
PHAU.AS vs. IAU - Drawdown Comparison
The maximum PHAU.AS drawdown since its inception was -37.19%, roughly equal to the maximum IAU drawdown of -37.42%. Use the drawdown chart below to compare losses from any high point for PHAU.AS and IAU.
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Drawdown Indicators
| PHAU.AS | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.19% | -37.42% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -17.12% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -17.12% | +0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -16.74% | -17.12% | +0.38% |
Max Drawdown (10Y)Largest decline over 10 years | -18.59% | -18.61% | +0.02% |
Current DrawdownCurrent decline from peak | -15.26% | -15.49% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -12.01% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 7.15% | -0.49% |
Volatility
PHAU.AS vs. IAU - Volatility Comparison
WisdomTree Physical Gold UCITS ETC (PHAU.AS) has a higher volatility of 5.17% compared to iShares Gold Trust (IAU) at 4.60%. This indicates that PHAU.AS'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.
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Volatility by Period
| PHAU.AS | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 4.60% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 21.66% | -1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.04% | 24.99% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.99% | 16.63% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 14.86% | -0.57% |
PHAU.AS vs. IAU - Expense Ratio Comparison
PHAU.AS has a 0.39% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
PHAU.AS vs. IAU - Dividend Comparison
Neither PHAU.AS nor IAU has paid dividends to shareholders.
Frequently Asked Questions
PHAU.AS and IAU have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IAU is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IAU is cheaper with a 0.25% expense ratio, compared with 0.39% for PHAU.AS.
PHAU.AS tracks LBMA Gold Price PM, while IAU tracks LBMA Gold Price. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.39% for PHAU.AS and 0.25% for IAU.
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