SIZE vs. IAU

Last updated Jun 4, 2026

SIZE (iShares MSCI USA Size Factor ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, SIZE returned 11.76%/yr vs 13.31%/yr for IAU. At a 0.03 correlation, their price movements are largely independent. SIZE charges 0.15%/yr vs 0.25%/yr for IAU.

Performance

SIZE vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) 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, SIZE achieves a 9.07% return, which is significantly higher than IAU's 2.98% return. Over the past 10 years, SIZE has underperformed IAU with an annualized return of 11.76%, while IAU has yielded a comparatively higher 13.31% annualized return.

SIZE

• 1D: -0.68%
• 1M: 3.62%
• YTD: 9.07%
• 6M: 8.29%
• 1Y: 18.11%
• 3Y*: 15.94%
• 5Y*: 8.07%
• 10Y*: 11.76%

IAU

• 1D: -0.98%
• 1M: -1.62%
• YTD: 2.98%
• 6M: 5.50%
• 1Y: 32.20%
• 3Y*: 31.29%
• 5Y*: 18.32%
• 10Y*: 13.31%

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

SIZE vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIZE iShares MSCI USA Size Factor ETF	9.07%	10.51%	14.37%	17.78%	-15.86%	25.05%	16.26%	28.97%	-6.59%	18.76%
IAU iShares Gold Trust	2.98%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between SIZE and IAU is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.03

The correlation between SIZE and IAU shifts across timeframes, from 0.03 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.

SIZE vs. IAU - Sectors Allocation Comparison

Sectors	SIZE	IAU
Technology	19.9%	-
Industrials	16.1%	-
Financial Services	13.5%	-
Consumer Cyclical	9.8%	-
Healthcare	9.6%	-
Real Estate	5.7%	100.0%
Consumer Defensive	5.7%	-
Utilities	5.5%	-
Energy	5.2%	-
Basic Materials	4.8%	-
Communication Services	4.1%	-

Return for Risk

SIZE vs. IAU — Risk / Return Rank

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

SIZE

SIZE Risk / Return Rank: 44
SIZE Sharpe Ratio Rank: 40
SIZE Sortino Ratio Rank: 42
SIZE Omega Ratio Rank: 38
SIZE Calmar Ratio Rank: 46
SIZE Martin Ratio Rank: 52

IAU

IAU Risk / Return Rank: 32
IAU Sharpe Ratio Rank: 33
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 36
IAU Calmar Ratio Rank: 33
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.

SIZE vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.

	SIZE	IAU	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.23	+0.21
Sortino ratio: Return per unit of downside risk	2.12	1.62	+0.50
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	2.28	1.69	+0.59
Martin ratio: Return relative to average drawdown	8.88	4.19	+4.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIZE vs. IAU - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.43, which is comparable to the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of SIZE 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

	SIZE	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.23	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	1.03	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.84	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.62	+0.06

Drawdowns

SIZE vs. IAU - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for SIZE and IAU.

Drawdown Indicators

	SIZE	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-45.14%	+5.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-19.18%	+11.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	-19.18%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-20.93%	-3.10%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-21.82%	-17.33%
Current Drawdown Current decline from peak	-0.68%	-17.70%	+17.02%
Average Drawdown Average peak-to-trough decline	-4.18%	-15.96%	+11.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	7.71%	-5.67%

Volatility

SIZE vs. IAU - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.17%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that SIZE experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIZE	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	5.50%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	23.02%	-13.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	26.42%	-13.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	17.95%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	15.90%	+2.79%

SIZE vs. IAU - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SIZE vs. IAU - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.42%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SIZE iShares MSCI USA Size Factor ETF	1.42%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%

Frequently Asked Questions

Can I hold both SIZE and IAU in my portfolio?

SIZE and IAU have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIZE or IAU?

IAU has higher volatility (5.50%) compared to SIZE (3.17%). In terms of maximum drawdown, SIZE dropped -39.15% vs IAU's -45.14%.

Which ETF is better, SIZE or IAU?

On 10-year performance, IAU leads with 13.31% vs 11.76% for SIZE. On fees, SIZE is cheaper at 0.15% per year. On volatility, SIZE has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIZE or IAU?

Over the 10-year period, IAU has performed better with a 13.31% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIZE or IAU?

SIZE is cheaper with a 0.15% expense ratio, compared with 0.25% for IAU.

Which ETF pays a higher dividend yield, SIZE or IAU?

SIZE has the higher dividend yield at 1.42%, compared with 0.00% for IAU.

What is the main difference between SIZE and IAU?

SIZE is categorized as Mid Cap Blend Equities, while IAU is Gold. SIZE tracks MSCI USA Low Size Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.15% for SIZE and 0.25% for IAU.

Which has better risk-adjusted returns?

SIZE currently has the higher Sharpe Ratio (1.43 vs 1.23), 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.