PHYS vs. IAU

Last updated Jun 3, 2026

PHYS (Sprott Physical Gold Trust) is a stock, while IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price. Over the past 10 years, PHYS returned 12.52%/yr vs 13.42%/yr for IAU. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

PHYS vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Gold Trust (PHYS) 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, PHYS achieves a 2.76% return, which is significantly lower than IAU's 4.00% return. Over the past 10 years, PHYS has underperformed IAU with an annualized return of 12.52%, while IAU has yielded a comparatively higher 13.42% annualized return.

PHYS

• 1D: 0.24%
• 1M: -2.78%
• YTD: 2.76%
• 6M: 5.34%
• 1Y: 31.72%
• 3Y*: 30.46%
• 5Y*: 17.81%
• 10Y*: 12.52%

IAU

• 1D: 0.18%
• 1M: -2.65%
• YTD: 4.00%
• 6M: 6.47%
• 1Y: 32.38%
• 3Y*: 31.72%
• 5Y*: 18.82%
• 10Y*: 13.42%

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

PHYS vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYS Sprott Physical Gold Trust	2.76%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%
IAU iShares Gold Trust	4.00%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between PHYS and IAU is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 1, 2010	0.94

The correlation between PHYS and IAU has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

Return for Risk

PHYS vs. IAU — Risk / Return Rank

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

PHYS

PHYS Risk / Return Rank: 71
PHYS Sharpe Ratio Rank: 75
PHYS Sortino Ratio Rank: 66
PHYS Omega Ratio Rank: 71
PHYS Calmar Ratio Rank: 72
PHYS Martin Ratio Rank: 73

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 34
IAU Sortino Ratio Rank: 30
IAU Omega Ratio Rank: 37
IAU Calmar Ratio Rank: 37
IAU Martin Ratio Rank: 31

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.

PHYS vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold Trust (PHYS) 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.

	PHYS	IAU	Difference
Sharpe ratio Return per unit of total volatility	1.16	1.23	-0.07
Sortino ratio Return per unit of downside risk	1.53	1.63	-0.10
Omega ratio Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio Return relative to maximum drawdown	1.80	1.87	-0.06
Martin ratio Return relative to average drawdown	4.51	4.69	-0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYS vs. IAU - Sharpe Ratio Comparison

The current PHYS Sharpe Ratio is 1.16, which is comparable to the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of PHYS 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

	PHYS	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.23	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	1.05	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.85	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.63	-0.18

Drawdowns

PHYS vs. IAU - Drawdown Comparison

The maximum PHYS drawdown since its inception was -48.16%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for PHYS and IAU.

Drawdown Indicators

	PHYS	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-48.16%	-45.14%	-3.02%
Max Drawdown (1Y) Largest decline over 1 year	-19.35%	-19.18%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-19.18%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-21.80%	-20.93%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-23.75%	-21.82%	-1.93%
Current Drawdown Current decline from peak	-17.10%	-16.88%	-0.22%
Average Drawdown Average peak-to-trough decline	-21.00%	-15.96%	-5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.74%	7.63%	+0.11%

Volatility

PHYS vs. IAU - Volatility Comparison

Sprott Physical Gold Trust (PHYS) and iShares Gold Trust (IAU) have volatilities of 5.96% and 5.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYS	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	5.78%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	23.84%	23.00%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	27.50%	26.51%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.32%	17.96%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	15.90%	+0.40%

Dividends

PHYS vs. IAU - Dividend Comparison

Neither PHYS nor IAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PHYS and IAU in my portfolio?

With a correlation of 0.99, PHYS and IAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PHYS or IAU?

PHYS has higher volatility (5.96%) compared to IAU (5.78%). In terms of maximum drawdown, PHYS dropped -48.16% vs IAU's -45.14%.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.23 vs 1.16), 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.