IAU vs GLDM: returns, risk and drawdowns compared
iShares Gold Trust against SPDR Gold MiniShares Trust, over the same 8 years (July 2018 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2018 to October 2026, IAU returned 15.2% a year and GLDM 15.3% a year on average, so GLDM came out ahead by 0.0% a year. GLDM was the more volatile of the two (16.1% against 16.0% a year), and the deepest falls from a month-end high were 23.8% for IAU and 23.7% for GLDM.
The correlation of monthly returns was 1.00: they moved almost in lockstep. Over 65 rolling 3-year periods, IAU did better in 46% and GLDM in 54%.
Side by side
| IAU | GLDM | |
|---|---|---|
| Annual return (CAGR) | +15.2% | +15.3% |
| Total return | +226% | +227% |
| Annual volatility | 16.0% | 16.1% |
| Maximum drawdown (month-end) | −23.8% | −23.7% |
| Worst month | −11.7% | −11.7% |
| Best month | +12.4% | +12.5% |
| Positive months | 55% | 55% |
| Best year | 2025: +63.9% | 2025: +64.2% |
| Worst year | 2021: −3.9% | 2021: −4.0% |
| 1-year return | +0.4% | +0.6% |
| 5 years, a year | +18.0% | +18.2% |
| 10 years, a year | +12.4% | — |
| Trading currency | USD | USD |
First nine rows: the same 100 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IAU vs GLDM
Returns by calendar year
| Year | IAU | GLDM |
|---|---|---|
| 2025 | +63.9% | +64.2% |
| 2024 | +26.9% | +27.1% |
| 2023 | +12.8% | +13.0% |
| 2022 | −0.6% | −0.5% |
| 2021 | −3.9% | −4.0% |
| 2020 | +25.8% | +25.1% |
| 2019 | +18.0% | +18.1% |
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.
Questions
Which has returned more, IAU or GLDM?
From July 2018 to October 2026, IAU returned +15.2% a year and GLDM +15.3% a year, with dividends reinvested. Over rolling 3-year periods IAU did better in 46% of cases. Past returns do not predict future returns.
Which is riskier, IAU or GLDM?
Over the same months annual volatility was 16.0% for IAU and 16.1% for GLDM; the deepest fall from a month-end high was 23.8% and 23.7%, and the worst single month −11.7% and −11.7%.
How correlated are IAU and GLDM?
The correlation of their monthly returns was 1.00: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
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.