WPM vs. IAU

Last updated Jun 3, 2026

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 21.95%/yr vs 13.42%/yr for IAU. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

WPM vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wheaton Precious Metals Corp. (WPM) 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, WPM achieves a 11.22% return, which is significantly higher than IAU's 4.00% return. Over the past 10 years, WPM has outperformed IAU with an annualized return of 21.95%, while IAU has yielded a comparatively lower 13.42% annualized return.

WPM

• 1D: 1.16%
• 1M: 3.71%
• YTD: 11.22%
• 6M: 21.31%
• 1Y: 42.82%
• 3Y*: 43.50%
• 5Y*: 23.86%
• 10Y*: 21.95%

IAU

• 1D: 0.18%
• 1M: -2.65%
• YTD: 4.00%
• 6M: 6.47%
• 1Y: 32.38%
• 3Y*: 31.72%
• 5Y*: 18.82%
• 10Y*: 13.42%

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

WPM vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPM Wheaton Precious Metals Corp.	11.22%	110.52%	15.24%	27.91%	-7.53%	4.22%	41.82%	54.62%	-10.04%	16.41%
IAU iShares Gold Trust	4.00%	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 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.69

The correlation between WPM and IAU has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

WPM vs. IAU — Risk / Return Rank

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

WPM

WPM Risk / Return Rank: 68
WPM Sharpe Ratio Rank: 70
WPM Sortino Ratio Rank: 62
WPM Omega Ratio Rank: 64
WPM Calmar Ratio Rank: 71
WPM Martin Ratio Rank: 73

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 34
IAU Sortino Ratio Rank: 30
IAU Omega Ratio Rank: 37
IAU Calmar Ratio Rank: 37
IAU Martin Ratio Rank: 31

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.

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.

	WPM	IAU	Difference
Sharpe ratio Return per unit of total volatility	0.97	1.23	-0.26
Sortino ratio Return per unit of downside risk	1.39	1.63	-0.24
Omega ratio Gain probability vs. loss probability	1.19	1.25	-0.05
Calmar ratio Return relative to maximum drawdown	1.66	1.87	-0.21
Martin ratio Return relative to average drawdown	4.63	4.69	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WPM vs. IAU - Sharpe Ratio Comparison

The current WPM Sharpe Ratio is 0.97, which is comparable to the IAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of WPM 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

	WPM	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.23	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	1.05	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.85	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.63	+0.10

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.

Drawdown Indicators

	WPM	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-48.64%	-45.14%	-3.50%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-19.18%	-11.66%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-19.18%	-11.66%
Max Drawdown (5Y) Largest decline over 5 years	-43.29%	-20.93%	-22.36%
Max Drawdown (10Y) Largest decline over 10 years	-48.64%	-21.82%	-26.82%
Current Drawdown Current decline from peak	-21.13%	-16.88%	-4.25%
Average Drawdown Average peak-to-trough decline	-18.84%	-15.96%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.05%	7.63%	+3.42%

Volatility

WPM vs. IAU - Volatility Comparison

Wheaton Precious Metals Corp. (WPM) has a higher volatility of 14.68% compared to iShares Gold Trust (IAU) at 5.78%. 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.

Volatility by Period

	WPM	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	5.78%	+8.90%
Volatility (6M) Calculated over the trailing 6-month period	37.29%	23.00%	+14.29%
Volatility (1Y) Calculated over the trailing 1-year period	44.54%	26.51%	+18.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.05%	17.96%	+17.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.57%	15.90%	+20.67%

Dividends

WPM vs. IAU - Dividend Comparison

WPM's dividend yield for the trailing twelve months is around 0.55%, 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.	0.55%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%

Frequently Asked Questions

Can I hold both WPM and IAU in my portfolio?

WPM and IAU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WPM or IAU?

WPM has higher volatility (14.68%) compared to IAU (5.78%). In terms of maximum drawdown, WPM dropped -48.64% vs IAU's -45.14%.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.23 vs 0.97), 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.