RMAU.L vs. IAUP.L

Last updated Jun 4, 2026

RMAU.L (The Royal Mint Physical Gold ETC Securities) and IAUP.L (iShares Gold Producers UCITS ETF USD Acc) are both exchange-traded funds - RMAU.L is a Commodities fund tracking the LBMA Gold PM Price, while IAUP.L is a Gold fund tracking the S&P Commodity Producers Gold Index. Both are passively managed. Over the past 5 years, RMAU.L returned 18.29%/yr vs 18.52%/yr for IAUP.L. A 0.71 correlation means they provide meaningful diversification when combined. RMAU.L charges 0.22%/yr vs 0.55%/yr for IAUP.L.

Performance

RMAU.L vs. IAUP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Royal Mint Physical Gold ETC Securities (RMAU.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMAU.L achieves a 3.03% return, which is significantly higher than IAUP.L's 0.78% return.

RMAU.L

• 1D: -1.45%
• 1M: -4.23%
• YTD: 3.03%
• 6M: 5.15%
• 1Y: 32.29%
• 3Y*: 30.94%
• 5Y*: 18.29%
• 10Y*: —

IAUP.L

• 1D: -2.16%
• 1M: -2.16%
• YTD: 0.78%
• 6M: 6.21%
• 1Y: 62.81%
• 3Y*: 41.50%
• 5Y*: 18.52%
• 10Y*: 14.32%

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

RMAU.L vs. IAUP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RMAU.L The Royal Mint Physical Gold ETC Securities	3.03%	64.57%	25.96%	13.29%	-0.19%	-4.14%	14.46%
IAUP.L iShares Gold Producers UCITS ETF USD Acc	0.78%	153.95%	11.53%	9.39%	-11.06%	-10.31%	19.21%

Correlation

The correlation between RMAU.L and IAUP.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 24, 2020	0.71

The correlation between RMAU.L and IAUP.L has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

Return for Risk

RMAU.L vs. IAUP.L — Risk / Return Rank

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

RMAU.L

RMAU.L Risk / Return Rank: 35
RMAU.L Sharpe Ratio Rank: 36
RMAU.L Sortino Ratio Rank: 32
RMAU.L Omega Ratio Rank: 38
RMAU.L Calmar Ratio Rank: 36
RMAU.L Martin Ratio Rank: 32

IAUP.L

IAUP.L Risk / Return Rank: 39
IAUP.L Sharpe Ratio Rank: 41
IAUP.L Sortino Ratio Rank: 37
IAUP.L Omega Ratio Rank: 37
IAUP.L Calmar Ratio Rank: 44
IAUP.L Martin Ratio Rank: 37

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.

RMAU.L vs. IAUP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Royal Mint Physical Gold ETC Securities (RMAU.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.L). 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.

	RMAU.L	IAUP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.44	-0.15
Sortino ratio: Return per unit of downside risk	1.72	1.93	-0.21
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.77	2.19	-0.42
Martin ratio: Return relative to average drawdown	4.76	5.64	-0.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RMAU.L vs. IAUP.L - Sharpe Ratio Comparison

The current RMAU.L Sharpe Ratio is 1.30, which is comparable to the IAUP.L Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of RMAU.L and IAUP.L, 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

	RMAU.L	IAUP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.44	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.52	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.09	+0.72

Drawdowns

RMAU.L vs. IAUP.L - Drawdown Comparison

The maximum RMAU.L drawdown since its inception was -21.56%, smaller than the maximum IAUP.L drawdown of -79.95%. Use the drawdown chart below to compare losses from any high point for RMAU.L and IAUP.L.

Drawdown Indicators

	RMAU.L	IAUP.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.56%	-79.95%	+58.39%
Max Drawdown (1Y) Largest decline over 1 year	-18.15%	-28.57%	+10.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.15%	-28.57%	+10.42%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-44.90%	+23.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.26%	—
Current Drawdown Current decline from peak	-16.50%	-24.68%	+8.18%
Average Drawdown Average peak-to-trough decline	-7.08%	-49.54%	+42.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	11.10%	-4.33%

Volatility

RMAU.L vs. IAUP.L - Volatility Comparison

The current volatility for The Royal Mint Physical Gold ETC Securities (RMAU.L) is 6.47%, while iShares Gold Producers UCITS ETF USD Acc (IAUP.L) has a volatility of 14.96%. This indicates that RMAU.L experiences smaller price fluctuations and is considered to be less risky than IAUP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMAU.L	IAUP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	14.96%	-8.49%
Volatility (6M) Calculated over the trailing 6-month period	21.86%	35.03%	-13.17%
Volatility (1Y) Calculated over the trailing 1-year period	24.82%	43.38%	-18.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	35.32%	-17.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	34.55%	-13.20%

RMAU.L vs. IAUP.L - Expense Ratio Comparison

RMAU.L has a 0.22% expense ratio, which is lower than IAUP.L's 0.55% expense ratio.

Dividends

RMAU.L vs. IAUP.L - Dividend Comparison

Neither RMAU.L nor IAUP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RMAU.L and IAUP.L in my portfolio?

RMAU.L and IAUP.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RMAU.L or IAUP.L?

On fees, RMAU.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RMAU.L or IAUP.L?

RMAU.L is cheaper with a 0.22% expense ratio, compared with 0.55% for IAUP.L.

What is the main difference between RMAU.L and IAUP.L?

RMAU.L is categorized as Commodities, while IAUP.L is Gold. RMAU.L tracks LBMA Gold PM Price, while IAUP.L tracks S&P Commodity Producers Gold Index. They also come from different issuers: HANetf and iShares. Their fees differ too: 0.22% for RMAU.L and 0.55% for IAUP.L.