TURF vs. IAU

Last updated Jul 15, 2026

TURF (T. Rowe Price Natural Resources ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - TURF is a Natural Resources fund managed by T. Rowe Price, while IAU is a Gold fund tracking the LBMA Gold Price. Over the past year, TURF returned 27.08% vs 20.97% for IAU. A 0.56 correlation means they provide meaningful diversification when combined. TURF charges 0.44%/yr vs 0.25%/yr for IAU.

Performance

TURF vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Natural Resources ETF (TURF) 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, TURF achieves a 10.57% return, which is significantly higher than IAU's -6.04% return.

TURF

• 1D: 1.27%
• 1M: -3.36%
• 6M: 4.36%
• YTD: 10.57%
• 1Y: 27.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAU

• 1D: 1.36%
• 1M: -3.69%
• 6M: -11.68%
• YTD: -6.04%
• 1Y: 20.97%
• 3Y*: 27.24%
• 5Y*: 16.98%
• 10Y*: 11.52%

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

TURF vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025
TURF T. Rowe Price Natural Resources ETF	10.57%	17.82%
IAU iShares Gold Trust	-6.04%	28.60%

Correlation

The correlation between TURF and IAU is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.56

The correlation between TURF and IAU has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

Return for Risk

TURF vs. IAU — Risk / Return Rank

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

TURF

TURF Risk / Return Rank: 54
TURF Sharpe Ratio Rank: 59
TURF Sortino Ratio Rank: 54
TURF Omega Ratio Rank: 57
TURF Calmar Ratio Rank: 51
TURF Martin Ratio Rank: 50

IAU

IAU Risk / Return Rank: 24
IAU Sharpe Ratio Rank: 26
IAU Sortino Ratio Rank: 24
IAU Omega Ratio Rank: 28
IAU Calmar Ratio Rank: 22
IAU Martin Ratio Rank: 21

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.

TURF vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Natural Resources ETF (TURF) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TURF	IAU	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.76	+0.84
Sortino ratio: Return per unit of downside risk	2.11	1.11	+1.00
Omega ratio: Gain probability vs. loss probability	1.28	1.16	+0.12
Calmar ratio: Return relative to maximum drawdown	2.05	0.80	+1.25
Martin ratio: Return relative to average drawdown	6.91	1.95	+4.96

TURF vs. IAU - Sharpe Ratio Comparison

The current TURF Sharpe Ratio is 1.60, which is higher than the IAU Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of TURF 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.

Drawdowns

TURF vs. IAU - Drawdown Comparison

The maximum TURF drawdown since its inception was -13.24%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for TURF and IAU.

Drawdown Indicators

	TURF	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-45.14%	+31.90%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-26.17%	+12.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.17%	—
Current Drawdown Current decline from peak	-9.86%	-24.91%	+15.05%
Average Drawdown Average peak-to-trough decline	-2.36%	-16.00%	+13.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	10.78%	-6.85%

Volatility

TURF vs. IAU - Volatility Comparison

The current volatility for T. Rowe Price Natural Resources ETF (TURF) is 4.50%, while iShares Gold Trust (IAU) has a volatility of 6.98%. This indicates that TURF 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

	TURF	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	6.98%	-2.48%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	24.05%	-10.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	27.73%	-10.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	18.33%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	16.05%	+0.87%

TURF vs. IAU - Expense Ratio Comparison

TURF has a 0.44% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

TURF vs. IAU - Dividend Comparison

TURF's dividend yield for the trailing twelve months is around 1.35%, while IAU has not paid dividends to shareholders.

Position	TTM	2025
IAU iShares Gold Trust	0.00%	0.00%
TURF T. Rowe Price Natural Resources ETF	1.35%	1.49%

Frequently Asked Questions

Can I hold both TURF and IAU in my portfolio?

TURF and IAU have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TURF or IAU?

IAU has higher volatility (6.98%) compared to TURF (4.50%). In terms of maximum drawdown, TURF dropped -13.24% vs IAU's -45.14%.

Which ETF is better, TURF or IAU?

On 1-year performance, TURF leads with 27.08% vs 20.97% for IAU. On fees, IAU is cheaper at 0.25% per year. On volatility, TURF has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TURF or IAU?

Over the 1-year period, TURF has performed better with a 27.08% return vs 20.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TURF or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.44% for TURF.

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

TURF has the higher dividend yield at 1.35%, compared with 0.00% for IAU.

What is the main difference between TURF and IAU?

TURF is categorized as Natural Resources, while IAU is Gold. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.44% for TURF and 0.25% for IAU.

Which has better risk-adjusted returns?

TURF currently has the higher Sharpe Ratio (1.60 vs 0.76), 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.