THRO vs. IAU

Last updated Jun 4, 2026

THRO (iShares U.S. Thematic Rotation Active ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - THRO is a Tactical Allocation fund actively managed by iShares, while IAU is a Gold fund tracking the LBMA Gold Price. THRO is actively managed, while IAU is passively managed. Over the past 3 years, THRO returned 24.41%/yr vs 31.29%/yr for IAU. At a 0.13 correlation, their price movements are largely independent. THRO charges 0.60%/yr vs 0.25%/yr for IAU.

Performance

THRO vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Thematic Rotation Active ETF (THRO) 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, THRO achieves a 12.78% return, which is significantly higher than IAU's 2.98% return.

THRO

• 1D: -0.55%
• 1M: 6.78%
• YTD: 12.78%
• 6M: 12.56%
• 1Y: 26.45%
• 3Y*: 24.41%
• 5Y*: —
• 10Y*: —

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)

THRO vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
THRO iShares U.S. Thematic Rotation Active ETF	12.78%	15.04%	32.03%	24.40%	-17.85%	2.14%
IAU iShares Gold Trust	2.98%	63.95%	26.85%	12.84%	-0.63%	1.72%

Correlation

The correlation between THRO and IAU is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.13

THRO vs. IAU - Sectors Allocation Comparison

Sectors	THRO	IAU
Technology	40.7%	-
Financial Services	12.1%	-
Communication Services	11.6%	-
Industrials	10.4%	-
Consumer Cyclical	8.6%	-
Consumer Defensive	7.1%	-
Healthcare	6.6%	-
Energy	1.7%	-
Basic Materials	0.9%	-
Utilities	0.1%	-
Real Estate	-	100.0%

Return for Risk

THRO vs. IAU — Risk / Return Rank

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

THRO

THRO Risk / Return Rank: 57
THRO Sharpe Ratio Rank: 60
THRO Sortino Ratio Rank: 60
THRO Omega Ratio Rank: 57
THRO Calmar Ratio Rank: 49
THRO Martin Ratio Rank: 60

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.

THRO vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) 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.

	THRO	IAU	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.23	+0.82
Sortino ratio: Return per unit of downside risk	2.86	1.62	+1.24
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	2.44	1.69	+0.76
Martin ratio: Return relative to average drawdown	10.84	4.19	+6.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THRO vs. IAU - Sharpe Ratio Comparison

The current THRO Sharpe Ratio is 2.05, which is higher than the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of THRO 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

	THRO	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.23	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.62	+0.13

Drawdowns

THRO vs. IAU - Drawdown Comparison

The maximum THRO drawdown since its inception was -26.54%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for THRO and IAU.

Drawdown Indicators

	THRO	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-26.54%	-45.14%	+18.60%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-19.18%	+8.31%
Max Drawdown (3Y) Largest decline over 3 years	-19.07%	-19.18%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.82%	—
Current Drawdown Current decline from peak	-0.55%	-17.70%	+17.15%
Average Drawdown Average peak-to-trough decline	-6.69%	-15.96%	+9.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	7.71%	-5.26%

Volatility

THRO vs. IAU - Volatility Comparison

The current volatility for iShares U.S. Thematic Rotation Active ETF (THRO) is 3.47%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that THRO 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

	THRO	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	5.50%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	23.02%	-12.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	26.42%	-13.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	17.95%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	15.90%	+2.82%

THRO vs. IAU - Expense Ratio Comparison

THRO has a 0.60% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

THRO vs. IAU - Dividend Comparison

THRO's dividend yield for the trailing twelve months is around 0.16%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%
THRO iShares U.S. Thematic Rotation Active ETF	0.16%	0.15%	0.73%	0.55%	0.90%

Frequently Asked Questions

Can I hold both THRO and IAU in my portfolio?

THRO and IAU have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THRO or IAU?

IAU has higher volatility (5.50%) compared to THRO (3.47%). In terms of maximum drawdown, THRO dropped -26.54% vs IAU's -45.14%.

Which ETF is better, THRO or IAU?

On 3-year performance, IAU leads with 31.29% vs 24.41% for THRO. On fees, IAU is cheaper at 0.25% per year. On volatility, THRO has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THRO or IAU?

Over the 3-year period, IAU has performed better with a 31.29% return vs 24.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THRO or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.60% for THRO.

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

THRO has the higher dividend yield at 0.16%, compared with 0.00% for IAU.

What is the main difference between THRO and IAU?

THRO is categorized as Tactical Allocation, while IAU is Gold. Their fees differ too: 0.60% for THRO and 0.25% for IAU.

Which has better risk-adjusted returns?

THRO currently has the higher Sharpe Ratio (2.05 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.