IAU vs GLDM

Portfolio characteristics

Net assets are dated Nov 9, 2026 for both funds (IAU $60.99B; GLDM $31.38B). Figures an issuer page does not show are left out or marked Not captured, not estimated.

A physically backed trust has one holding, so there is no top-ten list. Each issuer publishes a bar list showing the bars held for the trust. Custodian and trustee are shown where the issuer page lists them, and gaps are marked Not captured.

What you actually own

All rows come from the issuer pages and are dated Sep 30, 2026 for both funds, so they compare like for like. NAV returns include fees; market price and benchmark returns are shown beside them. “Since inception” starts in different years (IAU 2005, GLDM 2018). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, both to Sep 30, 2026

Both funds derived from issuer NAV total returns on matched dates (compounded). Fund expenses are already in NAV. Illustration, not a forecast.

Both trusts trade on NYSE Arca. Spreads on the issuer pages were 0.01% for IAU and 0.01% for GLDM, and a spread of 0.01% is about $10 between the buy and sell price on $100,000. Larger trusts usually trade with tighter spreads, which matters more for frequent traders than for long-term holders. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

The expense ratio is taken from the trust by selling metal, not billed to you. Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Custody, valuation and fee terms sit in each prospectus; read them before relying on this summary.

Both trusts hold allocated gold bullion bars and nothing else, so they follow the same gold price. What separates them is the fee, the share price, the custodian and how heavily each one trades.

A physically backed trust has no manager choosing securities. Its NAV follows the LBMA Gold Price, and the main reason it trails that price is the fee. That is why the tracking table above matters more than any single year of returns: a trust that trails its benchmark by about its fee is doing its job.

Start with what separates them: Both trusts hold allocated gold bullion bars and nothing else, so they follow the same gold price. What separates them is the fee, the share price, the custodian and how heavily each one trades.

• Step 1 · Metal: both hold gold, so this step is settled.
• Step 2 · Cost: IAU 0.25% vs GLDM 0.10%, or $25 vs $10 a year per $10,000.
• Step 3 · Trading: if you trade often or use options, the larger trust usually has tighter spreads; if you buy and hold, the fee matters more.
• Step 4 · What you own: check whether you already hold gold through another fund with the Diversification Calculator.

Size the position against your whole portfolio. Precious metals pay no income and can fall for years, so they usually play a small, deliberate role.

IAU and GLDM are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.

Neither trust pays dividends, so U.S. dividend withholding tax is not the main issue here. Tax on gains depends on the account type and your own situation. Confirm the rules for your account with a tax professional. This is general education, not tax advice.

In the United States, physically backed metal trusts are generally treated as owning the metal directly, and long-term gains on gold and silver are generally taxed as collectibles at a maximum federal rate of 28%, which is higher than the usual long-term rate on stocks. The rule applies to both IAU and GLDM. Short-term gains are taxed as ordinary income.

For Canadian account types, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing IAU and GLDM often also look at the other physical metal trusts in this group: GLD, IAU, GLDM, SGOL, SLV and SIVR. See the other gold and silver ETFs comparisons, the futures-based commodity ETFs and the ETF research hub.

Is IAU or GLDM better?

In the IAU vs GLDM question, neither is better for everyone. IAU and GLDM hold the same metal. Both trusts hold allocated gold bullion bars and nothing else, so they follow the same gold price. What separates them is the fee, the share price, the custodian and how heavily each one trades.

Expense ratios are 0.25% and 0.10%, which is $25 and $10 a year per $10,000. NAV total returns, annualized (both to Sep 30, 2026): 1 year 8.90% vs 9.07%; 3 years 30.38% vs 30.54%; 5 years 18.80% vs 18.96%. Neither is better for everyone; the choice turns on cost, trading needs and what you already own.

IAU vs GLDM, what are the expense ratios?

IAU charges 0.25% and GLDM charges 0.10%, which is $25 and $10 a year per $10,000.

IAU vs GLDM, how much do the funds overlap?

On IAU vs GLDM, they overlap completely by metal. IAU and GLDM both hold only gold bullion, so owning both repeats one position.

IAU vs GLDM, what does each ETF hold?

IAU holds allocated gold bars valued at the LBMA Gold Price. GLDM holds allocated gold bars valued at the LBMA Gold Price PM. Neither holds futures or mining stocks.

IAU vs GLDM, which has performed better?

NAV total returns, annualized (both to Sep 30, 2026): 1 year 8.90% vs 9.07%; 3 years 30.38% vs 30.54%; 5 years 18.80% vs 18.96%. With the same metal behind both, the gap is close to the fee difference. Past performance does not guarantee future results.

IAU vs GLDM, how closely do they track the metal price?

Over 5 years to Sep 30, 2026, IAU trailed its benchmark by 0.29 percentage points a year and GLDM by 0.13, against fees of 0.25% and 0.10%.

IAU vs GLDM, can I own both?

On IAU vs GLDM, you can, but it adds nothing, because both hold the same metal. One trust is enough for the exposure.

IAU vs GLDM, do the funds pay dividends?

On IAU vs GLDM, no. IAU and GLDM hold bullion, which earns no income, so neither pays a dividend or has a yield.

IAU vs GLDM, how are gains taxed?

On IAU vs GLDM, in the United States, long-term gains on physically backed gold and silver trusts are generally taxed as collectibles at up to 28%. Rules differ by country and account, so confirm with a tax professional. This is general education, not tax advice.

IAU vs GLDM, are they suitable for Canadian investors?

On IAU vs GLDM, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. Neither pays dividends, so dividend withholding is not the main issue. Treatment of gains differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.

Third-party sources

iShares IAU fund page · State Street GLDM fund page.

Methodology and limits

• IAU figures come from the iShares fund page and GLDM figures from the State Street fund page.
• Dates are shown beside each figure; the issuer documents are linked below.
• Ounces per share: IAU uses issuer ounces in trust divided by shares outstanding, Nov 9, 2026; GLDM uses NAV divided by the LBMA Gold Price PM of $4,117.00, Nov 9, 2026.
• Overlap is stated by metal held, because a physically backed trust has a single holding.
• Tracking gap is the benchmark return minus the NAV return for the same period, both from the issuer page.
• Figures an issuer page does not show are marked Not captured, and nothing was filled from memory or from another fund.
• Growth of $10,000 is derived from annualized NAV total returns on matched dates; dollar values are approximate.

Pathways, not rankings or recommendations.