WPM vs. IAU
WPM (Wheaton Precious Metals Corp.) is a stock, while IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price. Over the past 10 years, WPM returned 15.55%/yr vs 11.21%/yr for IAU. Their 0.69 correlation means they have sometimes moved together and sometimes differently.
Performance
WPM vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, WPM achieves a -6.94% return, which is significantly lower than IAU's -6.16% return. Over the past 10 years, WPM has outperformed IAU with an annualized return of 15.55%, while IAU has yielded a comparatively lower 11.21% annualized return.
WPM
- 1D
- -3.84%
- 1M
- -5.79%
- 6M
- -17.07%
- YTD
- -6.94%
- 1Y
- 19.15%
- 3Y*
- 36.80%
- 5Y*
- 20.12%
- 10Y*
- 15.55%
- ALL TIME*
- 24.12%
IAU
- 1D
- -1.46%
- 1M
- -1.73%
- 6M
- -16.48%
- YTD
- -6.16%
- 1Y
- 20.35%
- 3Y*
- 27.40%
- 5Y*
- 17.12%
- 10Y*
- 11.21%
- ALL TIME*
- 10.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $349.43M | $363.40M | $472.72M | |
| $176.53M | $177.75M | $238.45M |
WPM vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WPM Wheaton Precious Metals Corp. | -6.94% | 110.52% | 15.24% | 27.91% | -7.53% | 4.22% | 41.82% | 54.62% | -10.04% | 16.41% |
IAU iShares Gold Trust | -6.16% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between WPM and IAU is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.69 |
The correlation between WPM and IAU has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
WPM vs. IAU — Risk / Return Rank
WPM
IAU
WPM vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wheaton Precious Metals Corp. (WPM) 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.
| WPM | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.17 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 0.87 | -0.34 |
| Martin ratioReturn relative to average drawdown | 1.19 | 1.88 | -0.70 |
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Drawdowns
WPM vs. IAU - Drawdown Comparison
The maximum WPM drawdown since its inception was -48.64%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for WPM and IAU.
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Drawdown Indicators
| WPM | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.64% | -45.14% | -3.50% |
Max Drawdown (1Y)Largest decline over 1 year | -37.38% | -26.36% | -11.02% |
Max Drawdown (3Y)Largest decline over 3 years | -37.38% | -26.36% | -11.02% |
Max Drawdown (5Y)Largest decline over 5 years | -43.29% | -26.36% | -16.93% |
Max Drawdown (10Y)Largest decline over 10 years | -48.64% | -26.36% | -22.28% |
Current DrawdownCurrent decline from peak | -34.01% | -25.01% | -9.00% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -16.02% | -3.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.81% | 12.16% | +4.65% |
Volatility
WPM vs. IAU - Volatility Comparison
Wheaton Precious Metals Corp. (WPM) has a higher volatility of 12.22% compared to iShares Gold Trust (IAU) at 6.35%. This indicates that WPM's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WPM | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 6.35% | +5.87% |
Volatility (6M)Calculated over the trailing 6-month period | 39.66% | 23.35% | +16.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.09% | 27.92% | +19.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.92% | 18.42% | +17.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.82% | 16.08% | +20.74% |
Dividends
WPM vs. IAU - Dividend Comparison
WPM's dividend yield for the trailing twelve months is around 0.66%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
WPM Wheaton Precious Metals Corp. | 0.66% | 0.56% | 1.10% | 1.22% | 1.54% | 1.33% | 1.01% | 1.21% | 1.84% | 1.49% | 1.09% |
Frequently Asked Questions
WPM and IAU have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WPM has higher volatility (12.22%) compared to IAU (6.35%). In terms of maximum drawdown, WPM dropped -48.64% vs IAU's -45.14%.
IAU currently has the higher Sharpe Ratio (0.82 vs 0.42), 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.
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