GLD vs IAU: Returns, Drawdowns and Dividends Since 2016
GLD (SPDR Gold Shares) and IAU (iShares Gold Trust) moved almost in lockstep: their daily returns had a correlation of 0.998, where 1 would mean identical. IAU came out ahead, returning 12.8% a year from January 2016 to November 2026, against 12.6% for GLD.
With returns this close, the choice comes down to cost and convenience: each fund's current expense ratio, from its issuer, and what your broker charges to trade it. Both fell about 28% at their worst, in October 2026.
| Measure | GLD | IAU |
|---|---|---|
| Annual return | 12.6% | 12.8% |
| $10,000 grew to | $36,225 | $36,787 |
| Worst decline | −28.2%Oct 2026 | −28.2%Oct 2026 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 16.5% | 16.5% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.67 | 0.68 |
| Best year | +63.7%2025 | +63.9%2025 |
| Worst year | −4.1%2021 | −4.0%2021 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.998 | |
GLD: SPDR Gold SharesIAU: iShares Gold Trust
Jan 4, 2016 to Nov 4, 2026, dividends reinvested.
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Worst declines
GLD fell 28.2% from Jan 29, 2026 to Oct 30, 2026 and had not regained that high by Nov 4, 2026. IAU fell 28.2% from Jan 29, 2026 to Oct 30, 2026 and had not regained that high by Nov 4, 2026.
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Year by year
GLD was ahead in 0 of the 11 calendar years.
| Year | GLD | IAU | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | −6.0% | −5.9% | Even |
| 2025 | +63.7% | +63.9% | IAU+0.3 |
| 2024 | +26.7% | +26.9% | IAU+0.2 |
| 2023 | +12.7% | +12.8% | IAU+0.1 |
| 2022 | −0.8% | −0.6% | IAU+0.1 |
| 2021 | −4.1% | −4.0% | IAU+0.2 |
| 2020 | +24.8% | +25.0% | IAU+0.2 |
| 2019 | +17.9% | +18.0% | IAU+0.1 |
| 2018 | −1.9% | −1.8% | IAU+0.2 |
| 2017 | +12.8% | +12.9% | IAU+0.1 |
| 2016 (from Jan 4) | +6.5% | +6.7% | IAU+0.2 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Jan 4, 2016, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 2,474 | IAU98% | +0.2 |
| 3 years | 1,970 | IAU100% | +0.6 |
| 5 years | 1,466 | IAU100% | +1.2 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Neither fund pays dividends: their returns come from the price alone.
The two funds
- GLD
- SPDR Gold Shares, an ETF launched Nov 18, 2004. FinLab prices start Jan 4, 2016.
- GLD price and signal backtests
- IAU
- iShares Gold Trust, an ETF launched Jan 28, 2005. FinLab prices start Jan 4, 2016.
- IAU price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Jan 4, 2016 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.