GLD vs IAU Stock Comparison: AI Score, Valuation, Performance and Upside
GLD and IAU provide identical gold price exposure through physical gold backing, with the only meaningful differences being expense ratio (IAU is cheaper at 0.25% vs GLD's 0.40%), liquidity (GLD is more liquid with a deeper options market), and share price (GLD represents more gold per share). The choice comes down to whether an investor prioritizes long-term cost efficiency (IAU) or trading liquidity and options access (GLD).
GLD vs IAU is a cost-versus-liquidity trade-off for identical gold exposure — long-term investors minimize compounding expense drag with IAU, while traders and options investors pay the premium for GLD's superior liquidity.
GLD and IAU are closely matched — they split the tracked metrics evenly. IAU has delivered stronger 1-year price return (+19.68% vs +19.53% for GLD).
- prefer the most liquid physical gold ETF with the deepest options market for hedging or income strategies
- value GLD's institutional dominance and maximum secondary market liquidity for large block trades
- use gold options extensively for portfolio hedging or covered call writing
- are comfortable paying 0.15% per year more in expenses in exchange for superior execution quality
- prefer the lower expense ratio (0.25%) for long-term buy-and-hold physical gold exposure
- value cost minimization as the primary criterion when the underlying exposure is identical to GLD
- want granular position sizing from lower share prices (1/100th oz) suitable for retail account sizing
- are comfortable with lower options market liquidity since they do not actively trade gold options
| Metric | GLD | IAU |
|---|---|---|
| ETF scorei | 73.0 | 74.0 |
| Latest closei | $401.17 | $82.23 |
| 1M returni | -3.06% | -3.08% |
| 6M returni | -2.95% | -2.92% |
| 1Y returni | +19.53% | +19.68% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | GLD | IAU |
|---|---|---|
| 1Y ago | $11.95K (+19.5%) started 2025-09-18 | $11.97K (+19.7%) started 2025-09-18 |
| 5Y ago | $24.32K (+143.2%) started 2021-09-20 | $24.49K (+144.9%) started 2021-09-20 |
| 10Y ago | $32.01K (+220.1%) started 2016-09-19 | $32.5K (+225.0%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
| Metric | GLD | IAU |
|---|---|---|
| Expense ratioi | 0.40% | 0.25% |
| Total assets (AUM)i | $152.86B | $67.54B |
| Dividend yieldi | 0.00% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.18 | 0.18 |
| 52-week change | 19.53% | 19.68% |
| Metric | GLD | IAU |
|---|---|---|
| 1Y returni | +19.53% | +19.68% |
| 6M returni | -2.95% | -2.92% |
| 1M returni | -3.06% | -3.08% |
| 1Y Sharpe ratio | 0.61 | 0.61 |
| Betai | 0.18 | 0.18 |
| Dividend yieldi | 0.00% | 0.00% |
| 5Y CAGR | +19.48% | +19.64% |
Over the past year, GLD and IAU have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | GLD | IAU |
|---|---|---|---|
| 1Y | Growthi | +19.53% | +19.68% |
| CAGRi | +19.55% | +19.69% | |
| Volatilityi | 29.31% | 29.10% | |
| Sharpe ratioi | 0.61 | 0.61 | |
| Sortino ratioi | 0.81 | 0.82 | |
| Max drawdowni | 26.40% | 26.36% | |
| Current drawdowni | 19.10% | 19.04% | |
| Avg drawdowni | 11.28% | 11.24% | |
| Ulcer Indexi | 14.02% | 13.99% | |
| Max daily dropi | 10.27% | 10.21% | |
| Max wkly dropi | 12.25% | 12.24% | |
| 5Y | Growthi | +143.22% | +144.88% |
| CAGRi | +19.48% | +19.64% | |
| Volatilityi | 18.81% | 18.74% | |
| Sharpe ratioi | 0.81 | 0.81 | |
| Sortino ratioi | 1.13 | 1.15 | |
| Max drawdowni | 26.40% | 26.36% | |
| Current drawdowni | 19.10% | 19.04% | |
| Avg drawdowni | 6.46% | 6.39% | |
| Ulcer Indexi | 9.06% | 9.00% | |
| Max daily dropi | 10.27% | 10.21% | |
| Max wkly dropi | 12.25% | 12.24% | |
| 10Y | Growthi | +220.12% | +225.02% |
| CAGRi | +12.34% | +12.52% | |
| Volatilityi | 16.37% | 16.31% | |
| Sharpe ratioi | 0.52 | 0.53 | |
| Sortino ratioi | 0.73 | 0.74 | |
| Max drawdowni | 26.40% | 26.36% | |
| Current drawdowni | 19.10% | 19.04% | |
| Avg drawdowni | 7.18% | 7.11% | |
| Ulcer Indexi | 9.11% | 9.04% | |
| Max daily dropi | 10.27% | 10.21% | |
| Max wkly dropi | 12.25% | 12.24% |
| Category | GLD | IAU |
|---|---|---|
| Fund name | SPDR Gold Shares | iShares Gold Trust |
| Type | ETF | ETF |
| Expense ratioi | 0.40% | 0.25% |
| Total assets (AUM)i | $152.86B | $67.54B |
| Dividend yieldi | 0.00% | 0.00% |
- Largest gold ETF by AUM with the deepest options market for institutional hedging strategies
- First-mover in physically backed gold ETFs with the deepest institutional ownership base
- Exceptional daily trading volume ensures tight bid-ask spreads and minimal market impact for large trades
- 0.25% expense ratio saves 0.15% annually vs GLD, compounding to meaningful savings over long holding periods
- Lower share price per unit (1/100th oz vs GLD's 1/10th oz) provides more granular position sizing for retail investors
- BlackRock/iShares brand and custody infrastructure provide institutional-grade security for physical gold storage
- 0.40% expense ratio is 60% higher than IAU's 0.25%, a meaningful cost difference for long-term buy-and-hold investors
- Like all physical gold ETFs, GLD provides no yield, dividends, or income — the only return is gold price appreciation
- Each share represents 1/10th oz vs IAU's 1/100th oz, making GLD slightly less granular for small investors
- GLD's options market is significantly more liquid than IAU's, making GLD superior for gold options strategies
- Daily trading volume in IAU is lower than GLD, leading to wider bid-ask spreads for large institutional block trades
- Like GLD, IAU provides no income — gold's investment case rests entirely on price appreciation
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