IAU vs PHAU: returns, risk and drawdowns compared
iShares Gold Trust against WisdomTree Physical Gold, over the same 16 years (February 2010 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2010 to October 2026, IAU returned 8.1% a year and PHAU 9.2% a year on average, so PHAU came out ahead by 1.1% a year. IAU was the more volatile of the two (16.5% against 15.7% a year), and the deepest falls from a month-end high were 42.6% for IAU and 37.2% for PHAU.
The correlation of monthly returns was 0.85: they usually moved together. Over 166 rolling 3-year periods, IAU did better in 40% and PHAU in 60%.
IAU trades in USD and PHAU in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| IAU | PHAU | |
|---|---|---|
| Annual return (CAGR) | +8.1% | +9.2% |
| Total return | +269% | +338% |
| Annual volatility | 16.5% | 15.7% |
| Maximum drawdown (month-end) | −42.6% | −37.2% |
| Worst month | −11.7% | −13.1% |
| Best month | +12.4% | +14.0% |
| Positive months | 52% | 55% |
| Best year | 2025: +63.9% | 2025: +47.9% |
| Worst year | 2013: −28.2% | 2013: −30.6% |
| 1-year return | +0.4% | +3.8% |
| 5 years, a year | +18.0% | +18.1% |
| 10 years, a year | +12.4% | +11.6% |
| Trading currency | USD | EUR |
First nine rows: the same 201 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IAU vs PHAU
Returns by calendar year
| Year | IAU | PHAU |
|---|---|---|
| 2025 | +63.9% | +47.9% |
| 2024 | +26.9% | +33.5% |
| 2023 | +12.8% | +9.5% |
| 2022 | −0.6% | +5.8% |
| 2021 | −3.9% | +3.8% |
| 2020 | +25.8% | +13.2% |
| 2019 | +18.0% | +20.5% |
| 2018 | −1.8% | +2.5% |
| 2017 | +12.9% | −1.3% |
| 2016 | +8.3% | +12.3% |
| 2015 | −10.6% | −2.1% |
| 2014 | −2.1% | +13.0% |
| 2013 | −28.2% | −30.6% |
| 2012 | +6.9% | +2.9% |
| 2011 | +9.6% | +14.2% |
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 PHAU?
From February 2010 to October 2026, IAU returned +8.1% a year and PHAU +9.2% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods IAU did better in 40% of cases. Past returns do not predict future returns.
Which is riskier, IAU or PHAU?
Over the same months annual volatility was 16.5% for IAU and 15.7% for PHAU; the deepest fall from a month-end high was 42.6% and 37.2%, and the worst single month −11.7% and −13.1%.
How correlated are IAU and PHAU?
The correlation of their monthly returns was 0.85: they usually moved together. Combining them has historically given some diversification.
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.