GLD vs IAU: fees, holdings and returns

GLD and IAU both hold physical gold bars in vaults, so both follow the price of gold. IAU charges a lower yearly fee. GLD trades in larger amounts each day. Over the same dates since January 2005, GLD returned about 10.6% a year and IAU returned about 10.8% a year.

Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.

GLD

Yearly fee
0.4%
about $40 on $10,000
Return per year
10.6%
since January 2005
Worst drop
−45.6%
since 2005
Started trading
Nov 2004
SPDR (State Street)

IAU

Yearly fee
0.25%
about $25 on $10,000
Return per year
10.8%
since January 2005
Worst drop
−45.1%
since 2005
Started trading
Jan 2005
iShares (BlackRock)

Key points

  • IAU costs less: 0.25% a year against 0.4%.
  • GLD started trading in November 2004. IAU started in January 2005.
  • Worst drops since 2005: GLD −45.6%, IAU −45.1%.
  • Daily correlation: 1.00 (1 means they always move together).

What is the difference between GLD and IAU?#

Both are trusts that own gold and let you hold a slice of it through one share. They are not regular funds, and they pay no dividends. The main difference is cost: IAU charges less each year, which adds up over long holds. GLD is larger and more heavily traded, which traders value.

FactGLDIAU
Full nameSPDR Gold SharesiShares Gold Trust
IssuerSPDR (State Street)iShares (BlackRock)
Expense ratio0.4% a year0.25% a year
Started tradingNovember 18, 2004January 21, 2005
TracksLBMA Gold Price PMLBMA Gold Price
Holdingsn/an/a
TypeGold, ETFGold, ETF

Fund facts checked on the SPDR (State Street) GLD page and the iShares (BlackRock) IAU page.

Is GLD or IAU cheaper?#

IAU costs less: 0.25% a year against 0.4%. On $10,000, that is about $40 a year for GLD and $25 for IAU. The fund takes its fee out of its own value a little each day, so you never get a bill.

GLD vs IAU performance over the same dates#

$10k$20k$50k$100k2006200920122015201820212024
GLDIAUGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from January 2005 to October 2026, the dates both traded. GLD returned about 10.6% a year and IAU returned about 10.8% a year. IAU came out ahead over this period, which does not mean it will again.

MeasureGLDIAU
$10,000 grew to$89,485$91,755
Total return794.9%817.5%
Return per year (CAGR)10.6%10.8%
Worst drop from a high−45.6%−45.1%
Volatility (how much it swings)18.3%18.3%
Last 12 months−3.6%−3.5%
Last 3 years, per year29.0%29.2%
Last 5 years, per year18.2%18.4%
Last 10 years, per year12.3%12.5%

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

GLD and IAU returns by year#

YearGLDIAU
2026 (part of the year)−3.6%−3.5%
202563.7%63.9%
202426.7%26.9%
202312.7%12.8%
2022−0.8%−0.6%
2021−4.2%−4.0%
202024.8%25.0%
201917.9%18.0%
2018−1.9%−1.8%
201712.8%12.9%
20168.0%8.3%
2015−10.7%−10.6%
2014−2.2%−2.1%
2013−28.3%−28.3%
20126.6%6.9%
20119.6%9.6%
201029.3%29.5%
200924.0%23.9%
20084.9%5.1%
200730.4%30.4%
200622.6%22.3%
2005 (part of the year)20.8%21.2%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. GLD’s worst fall was −45.6%, from August 22, 2011 to December 17, 2015. It got back to that high on July 29, 2020.

IAU’s worst fall was −45.1%, from August 22, 2011 to December 2, 2015. It got back to that high on July 27, 2020.

Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

Why people choose GLD or IAU#

GLD. Traders often pick GLD because it trades so much each day and has a busy options market.

IAU. Long-term holders often pick IAU for its lower yearly fee.

Strategies that hold GLD or IAU#

These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.

Other funds like GLD and IAU#

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: GLD alternatives and IAU alternatives.

Test a mix of GLD and IAU#

Open the builder, add GLD and IAU, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for GLD and IAU, or see more ETF comparisons.

The details#

Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.

Research and test it

Common questions#

Do GLD and IAU own real gold?#

Yes. Both trusts hold gold bars in vaults. Each share stands for a small amount of that gold, minus fees taken over time.

Does gold pay dividends?#

No. Gold earns no interest or dividends, so these funds return only what the gold price does, minus the yearly fee.

Which is cheaper, GLD or IAU?#

IAU costs less: 0.25% a year against 0.4%. Fees come from each issuer and were checked on October 16, 2026.

Which did better, GLD or IAU?#

From January 2005 to October 2026, GLD returned about 10.6% a year and IAU returned about 10.8% a year, with dividends reinvested. Their worst drops were −45.6% and −45.1%. Past returns do not tell you what comes next.

Sources#