TOK vs. IAU

Last updated Jun 4, 2026

TOK (iShares MSCI Kokusai ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, TOK returned 13.60%/yr vs 13.31%/yr for IAU. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

TOK vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) 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, TOK achieves a 9.75% return, which is significantly higher than IAU's 2.98% return. Both investments have delivered pretty close results over the past 10 years, with TOK having a 13.60% annualized return and IAU not far behind at 13.31%.

TOK

• 1D: -0.80%
• 1M: 4.53%
• YTD: 9.75%
• 6M: 10.43%
• 1Y: 25.70%
• 3Y*: 20.98%
• 5Y*: 12.18%
• 10Y*: 13.60%

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)

TOK vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOK iShares MSCI Kokusai ETF	9.75%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	22.09%
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 TOK and IAU is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Dec 13, 2007	0.11

The correlation between TOK and IAU shifts across timeframes, from 0.11 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

TOK vs. IAU - Sectors Allocation Comparison

Sectors	TOK	IAU
Technology	31.3%	-
Financial Services	14.9%	-
Industrials	9.8%	-
Communication Services	9.0%	-
Consumer Cyclical	9.0%	-
Healthcare	8.7%	-
Consumer Defensive	5.2%	-
Energy	4.0%	-
Basic Materials	3.2%	-
Utilities	2.8%	-
Real Estate	1.7%	100.0%

Return for Risk

TOK vs. IAU — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 64
TOK Sharpe Ratio Rank: 65
TOK Sortino Ratio Rank: 65
TOK Omega Ratio Rank: 63
TOK Calmar Ratio Rank: 58
TOK Martin Ratio Rank: 70

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.

TOK vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) 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.

	TOK	IAU	Difference
Sharpe ratio Return per unit of total volatility	2.16	1.23	+0.94
Sortino ratio Return per unit of downside risk	3.03	1.62	+1.41
Omega ratio Gain probability vs. loss probability	1.39	1.24	+0.14
Calmar ratio Return relative to maximum drawdown	2.85	1.69	+1.16
Martin ratio Return relative to average drawdown	13.07	4.19	+8.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOK vs. IAU - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 2.16, which is higher than the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of TOK 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

	TOK	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	1.23	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	1.03	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.84	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.62	-0.19

Drawdowns

TOK vs. IAU - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for TOK and IAU.

Drawdown Indicators

	TOK	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-45.14%	-11.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-19.18%	+10.11%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-19.18%	+2.95%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-20.93%	-4.93%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	-21.82%	-13.00%
Current Drawdown Current decline from peak	-0.80%	-17.70%	+16.90%
Average Drawdown Average peak-to-trough decline	-8.52%	-15.96%	+7.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	7.71%	-5.74%

Volatility

TOK vs. IAU - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 3.23%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that TOK 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

	TOK	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	5.50%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	23.02%	-13.66%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	26.42%	-14.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	17.95%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	15.90%	+1.25%

TOK vs. IAU - Expense Ratio Comparison

Both TOK and IAU have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TOK vs. IAU - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.25%, 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%
TOK iShares MSCI Kokusai ETF	1.25%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and IAU in my portfolio?

TOK and IAU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOK or IAU?

IAU has higher volatility (5.50%) compared to TOK (3.23%). In terms of maximum drawdown, TOK dropped -56.18% vs IAU's -45.14%.

Which ETF is better, TOK or IAU?

On 10-year performance, TOK leads with 13.60% vs 13.31% for IAU. Both ETFs have the same 0.25% expense ratio. On volatility, TOK has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or IAU?

Over the 10-year period, TOK has performed better with a 13.60% return vs 13.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or IAU?

TOK and IAU have the same expense ratio: 0.25% per year.

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

TOK has the higher dividend yield at 1.25%, compared with 0.00% for IAU.

What is the main difference between TOK and IAU?

TOK is categorized as Large Cap Growth Equities, while IAU is Gold. TOK tracks MSCI Kokusai Index, while IAU tracks LBMA Gold Price.

Which has better risk-adjusted returns?

TOK currently has the higher Sharpe Ratio (2.16 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.