GLD vs IAU: returns, risk and drawdowns compared
SPDR Gold Shares against iShares Gold Trust, over the same 20 years (November 2006 to October 2026) with dividends reinvested.
Data updated October 2026
GLD
SPDR Gold Shares
10,000 became
61,414
- A year on average
- +9.5%
- Annual volatility
- 17.4%
- Deepest fall
- −42.9%
- Worst month
- −16.1%
IAU
iShares Gold Trust
10,000 became
65,082
- A year on average
- +9.8%
- Annual volatility
- 17.4%
- Deepest fall
- −42.6%
- Worst month
- −16.3%
IAU came out ahead by 0.3 percentage points a year from November 2006 to October 2026. GLD swung more (17.4% against 17.4% a year). The correlation of monthly returns was 1.00: they moved almost in lockstep.
Growth of 10,000: GLD vs IAU
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero GLD had returned more, below zero IAU. GLD was ahead in 8% of the 205 three-year periods.
Annualised 3-year return of GLD minus that of IAU, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: GLD −42.9%, IAU −42.6%.
All the figures
| GLD | IAU | |
|---|---|---|
| Annual return (CAGR) | +9.5% | +9.8% |
| Total return | +514% | +551% |
| Annual volatility | 17.4% | 17.4% |
| Deepest fall (month-end) | −42.9% | −42.6% |
| Worst month | −16.1% | −16.3% |
| Best month | +12.8% | +12.7% |
| Positive months | 53% | 53% |
| Best year | 2025: +63.7% | 2025: +63.9% |
| Worst year | 2013: −28.3% | 2013: −28.2% |
| 1-year return | −2.0% | +0.4% |
| 5 years, a year | +17.1% | +18.0% |
| 10 years, a year | +11.8% | +12.4% |
| Trading currency | USD | USD |
First nine rows: the same 240 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half GLD, half IAU
| GLD alone | IAU alone | 50/50 | |
|---|---|---|---|
| A year on average | +9.5% | +9.8% | +9.7% |
| Annual volatility | 17.4% | 17.4% | 17.4% |
| Deepest fall (month-end) | −42.9% | −42.6% | −42.8% |
| Worst month | −16.1% | −16.3% | −16.2% |
With a correlation of 1.00 the mix behaved almost like either fund alone: its volatility of 17.4% sits between the two. Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, GLD or IAU?
From November 2006 to October 2026, GLD returned +9.5% a year and IAU +9.8% a year, with dividends reinvested. Over rolling 3-year periods GLD did better in 8% of cases. Past returns do not predict future returns.
Which is riskier, GLD or IAU?
Over the same months annual volatility was 17.4% for GLD and 17.4% for IAU; the deepest fall from a month-end high was 42.9% and 42.6%, and the worst single month −16.1% and −16.3%.
How correlated are GLD and IAU?
The correlation of their monthly returns was 1.00: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
What about holding both GLD and IAU?
Half in each, rebalanced every month, returned +9.7% a year over the same period, with 17.4% annual volatility and a deepest month-end fall of 42.8%.
More comparisons
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.