iShares Gold Trust (IAU)
$78.34−0.17%close of Oct 16, 2026
iShares Gold Trust (IAU) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds gold bars stored in vaults. It charges 0.25% a year. From January 2005 to October 2026 it returned about 10.8% a year, and its worst drop was −45.1%.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.
- Yearly fee
- 0.25%
- about $25 on $10,000
- 1-year return
- −3.5%
- to Oct 16, 2026
- Return per year
- 10.8%
- since January 2005
- Worst drop
- −45.1%
- since 2005
- Below its high
- −22.9%
- now
- Volatility
- 18.3%
- yearly swings
- Issuer
- iShares (BlackRock)
- Tracks
- LBMA Gold Price
- Started trading
- January 21, 2005
- Type
- Gold, ETF
- Expense ratio
- 0.25% a year
How has IAU done since 2005?#
From January 2005 to October 2026, IAU returned about 10.8% a year. The S&P 500 returned about 11.0% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $91,755 at the end, with every dividend reinvested.
| Period | IAU | S&P 500 (SPY) |
|---|---|---|
| 1 month | −2.5% | 1.5% |
| 3 months | 4.7% | 1.9% |
| 6 months | −13.1% | 9.3% |
| Year to date | −3.5% | 12.8% |
| 1 year | −3.5% | 16.8% |
| 3 years per year | 29.2% | 22.0% |
| 5 years per year | 18.4% | 12.8% |
| 10 years per year | 12.5% | 15.4% |
| Since 2005 per year | 10.8% | 11.0% |
Periods longer than a year show the return per year (CAGR). 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.
IAU returns by month and year#
IAU rose in 139 of its 262 months (53%). Its best month was November 2009, at 12.7%. Its worst was October 2008, at −16.3%.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −3.5% | 12.4 | 8.6 | −11.0 | −1.5 | −1.6 | −11.7 | 0.9 | 9.9 | −6.7 | 0.3 | ||
| 2025 | 63.9% | 6.8 | 1.9 | 9.5 | 5.4 | 0.0 | 0.3 | −0.6 | 5.0 | 11.8 | 3.6 | 5.3 | 2.2 |
| 2024 | 26.9% | −1.4 | 0.4 | 8.7 | 3.1 | 1.6 | −0.1 | 5.4 | 2.1 | 5.1 | 4.3 | −3.1 | −1.5 |
| 2023 | 12.8% | 5.8 | −5.4 | 7.9 | 0.9 | −1.3 | −2.2 | 2.2 | −1.2 | −4.8 | 7.4 | 2.5 | 1.3 |
| 2022 | −0.6% | −1.7 | 6.1 | 1.4 | −2.1 | −3.2 | −1.6 | −2.5 | −3.0 | −2.9 | −1.7 | 8.5 | 3.0 |
| 2021 | −4.0% | −3.2 | −6.3 | −1.1 | 3.6 | 7.6 | −7.0 | 2.5 | −0.1 | −3.2 | 1.6 | −0.7 | 3.4 |
| 2020 | 25.0% | 4.6 | −0.7 | 0.0 | 6.9 | 2.6 | 2.8 | 11.0 | −0.5 | −4.2 | −0.6 | −5.2 | 7.0 |
| 2019 | 18.0% | 2.9 | −0.5 | −1.6 | −0.7 | 1.8 | 7.9 | 0.2 | 7.7 | −3.2 | 2.6 | −3.3 | 3.7 |
| 2018 | −1.8% | 3.3 | −2.0 | 0.6 | −0.9 | −1.3 | −3.5 | −2.3 | −2.0 | −0.6 | 2.1 | 0.3 | 5.0 |
| 2017 | 12.9% | 5.3 | 3.2 | −0.2 | 1.7 | −0.1 | −2.1 | 2.4 | 4.1 | −3.2 | −0.8 | 0.3 | 2.1 |
| 2016 | 8.3% | 5.4 | 11.2 | −0.9 | 5.1 | −6.1 | 8.9 | 2.0 | −3.2 | 0.7 | −2.9 | −8.4 | −1.9 |
| 2015 | −10.6% | 8.7 | −5.8 | −2.2 | −0.1 | 0.6 | −1.5 | −6.7 | 3.8 | −1.8 | 2.2 | −6.7 | −0.5 |
| 2014 | −2.1% | 3.3 | 6.5 | −3.2 | 0.5 | −3.0 | 6.2 | −3.6 | 0.3 | −6.1 | −3.0 | −0.5 | 1.3 |
| 2013 | −28.3% | −0.5 | −5.1 | 1.0 | −7.5 | −6.2 | −10.9 | 7.3 | 5.2 | −4.7 | −0.3 | −5.6 | −3.7 |
| 2012 | 6.9% | 11.5 | −2.9 | −1.3 | −0.2 | −6.3 | 2.3 | 1.0 | 4.8 | 4.8 | −2.9 | −0.5 | −2.4 |
| 2011 | 9.6% | −6.4 | 6.0 | 1.7 | 8.9 | −1.8 | −2.3 | 8.4 | 12.3 | −11.2 | 5.9 | 1.7 | −10.7 |
| 2010 | 29.5% | −1.3 | 3.2 | −0.4 | 5.9 | 3.0 | 2.4 | −5.0 | 5.7 | 4.8 | 3.8 | 2.1 | 2.5 |
| 2009 | 23.9% | 5.4 | 1.4 | −2.4 | −3.4 | 10.2 | −5.2 | 2.5 | 0.0 | 5.9 | 3.8 | 12.7 | −7.2 |
| 2008 | 5.1% | 11.0 | 5.3 | −5.9 | −4.6 | 1.1 | 4.3 | −1.2 | −9.0 | 4.3 | −16.2 | 12.2 | 7.9 |
| 2007 | 30.4% | 2.5 | 2.5 | −1.0 | 2.1 | −2.4 | −1.8 | 2.3 | 1.1 | 10.5 | 6.8 | −1.4 | 6.4 |
| 2006 | 22.3% | 9.8 | −1.3 | 3.9 | 11.9 | −1.5 | −4.6 | 3.3 | −1.5 | −4.5 | 1.0 | 7.1 | −1.8 |
| 2005 | 21.2% | −1.0 | 3.2 | −1.7 | 1.3 | −4.0 | 4.3 | −1.3 | 1.3 | 7.8 | −0.7 | 5.8 | 5.3 |
Each month runs from the last close of the month before. The first month counts from the first close.
How risky is IAU compared with the S&P 500?#
Measured from October 2021 to October 2026, on the days both traded.
- Beta 0.17. When the S&P 500 moved 1% in a day, IAU tended to move about 0.17%.
- Correlation 0.16. IAU moved mostly on its own, apart from the S&P 500.
- Up and down months. In months the S&P 500 rose, IAU rose 67% as much on average. In months it fell, IAU fell 6% as much.
| Measure | IAU | S&P 500 (SPY) |
|---|---|---|
| Return per year | 18.5% | 12.8% |
| Volatility | 18.9% | 17.1% |
| Worst drop | −26.4% | −24.5% |
| Sharpe ratio | 1.00 | 0.79 |
| Sortino ratio | 1.41 | 1.15 |
| Calmar ratio | 0.70 | 0.52 |
Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.
Is IAU above its 200-day average?#
IAU closed 7.9% below its 200-day average on October 16, 2026. A rule that holds IAU only above that average would be out of it today.
- vs 200-day average
- −7.9%
- below it
- 50-day vs 200-day
- −4.2%
- trend falling
- vs 52-week high
- −22.9%
- high of $101.57
A moving average is the average close over the last so many days. Trend rules such as the 10-month moving average strategy hold a fund only while it is above one. You can build that rule for IAU and backtest it in a minute.
What was IAU’s worst drop?#
A drawdown is how far a fund falls from its last high point. 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. On October 16, 2026 it was 22.9% below its highest close.
| Drop | From the high | To the bottom | Back to the high |
|---|---|---|---|
| −45.1% | Aug 22, 2011 | Dec 2, 20154.3 years | Jul 27, 20204.7 years |
| −29.2% | Mar 17, 2008 | Nov 12, 20088 months | Sep 16, 200910 months |
| −26.4% | Jan 29, 2026 | Jul 16, 20266 months | Not yet |
| −22.0% | May 11, 2006 | Jun 14, 200634 days | Sep 18, 200715 months |
| −21.8% | Aug 6, 2020 | Sep 26, 20222.1 years | Mar 4, 202417 months |
Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
What does IAU hold?#
This fund holds gold bars stored in vaults. Its price aims to follow the price of gold, minus the yearly fee. It does not pay interest or dividends, so any gain or loss comes from changes in the gold price.
It tracks the LBMA Gold Price.
What is the IAU expense ratio?#
IAU charges 0.25% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.25% fee comes to about $25 a year. Of the 162 ETFs on Tactfolio, 28% charge more.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
Which Tactfolio strategies hold IAU?#
2 classic strategies hold IAU at least some of the time. Each is a set of written rules you can open, test and copy.
- Mama Bear Portfolio (Muscular Portfolios), by Brian Livingston, 2018
- Papa Bear Portfolio (Muscular Portfolios), by Brian Livingston, 2018
How does IAU compare with similar ETFs?#
Side-by-side pages measure both funds over the same dates:
- GLD vs IAU: two funds that hold real gold, with different fees.
Funds that can stand in for IAU:
- GLDM: SPDR Gold MiniShares, 0.1% a year
- SGOL: abrdn Physical Gold Shares ETF, 0.17% a year
- BAR: GraniteShares Gold Trust, 0.1749% a year
- AAAU: Goldman Sachs Physical Gold ETF, 0.18% a year
See all 8 IAU alternatives, compared on the same dates as IAU.
Test IAU in your own rules#
Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add IAU, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.
The details#
Prices come from Tactfolio’s stored daily prices for IAU and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.
Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.
Common questions#
What is the expense ratio of IAU?#
IAU charges 0.25% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $25 a year for every $10,000 you hold.
When did IAU start trading?#
IAU started trading on January 21, 2005. It is run by iShares (BlackRock).
What does IAU track?#
IAU tracks the LBMA Gold Price. This fund holds gold bars stored in vaults.
How much has IAU returned per year?#
From January 2005 to October 2026, IAU returned about 10.8% a year with dividends reinvested. Its worst drop was −45.1%. Past returns do not tell you what it will do next.
Is IAU above its 200-day moving average?#
On October 16, 2026, IAU closed 7.9% below its 200-day moving average. This page updates after each US market close.
Which strategies use IAU?#
2 of Tactfolio’s classic strategies hold IAU, including Mama Bear Portfolio (Muscular Portfolios), Papa Bear Portfolio (Muscular Portfolios).