IAU observed max drawdown: 42.6%
iShares Gold Trust. From its 2011-08-31 peak, IAU fell 42.6% to the 2015-12-31 trough and needed 8.9 years to make a new high (2020-07-31). Computed from 261 months of observed fund history. Fund inception boundary (first available fund observation): 2005-01-28; the monthly analysis runs from 2005-01-31 through 2026-09-30.
Before 2005-01-28, the extended history is simulated. Observed fund drawdowns come first; simulation assumptions and results are separated below.
What is IAU's observed maximum drawdown?
IAU's observed maximum drawdown was 42.6%, from a peak in 2011-08-31 to a trough in 2015-12-31, based on monthly closes from fund prices first observed on 2005-01-28. The sample contains 261 monthly observations through 2026-09-30. Monthly closes can miss deeper daily losses.
| Measure | Value |
|---|---|
| Maximum drawdown | -42.6% |
| Peak | 2011-08-31 |
| Trough | 2015-12-31 |
| Recovered | 2020-07-31 |
| Monthly observations | 261 |
Last verified
What is IAU's observed maximum drawdown?
IAU's observed maximum drawdown was 42.6%, from a peak in 2011-08-31 to a trough in 2015-12-31, based on monthly closes from fund prices first observed on 2005-01-28.
How long did IAU take to recover from its worst drawdown?
IAU took 8.9 years from the 2011-08-31 peak to make a new high in 2020-07-31, based only on observed fund prices.
What was IAU's worst 12-month return?
IAU's worst observed rolling 12-month return was -28.3%, in the 12 months ending 2013-12-31.
IAU observed fund drawdown statistics
2011-08-31 peak to 2015-12-31 trough.
New high reached 2020-07-31.
Share of all months spent below a prior high.
Rolling year ending 2013-12-31.
The biggest IAU drawdowns in observed fund history
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -42.6% | 2011-08-31 | 2015-12-31 | 2020-07-31 | 52 mo | 8.9 years |
| -25.7% | 2008-02-29 | 2008-10-31 | 2009-09-30 | 8 mo | 19 months |
| -23.8% | 2026-02-28 | 2026-06-30 | not yet | 4 mo | 7 months |
| -17.9% | 2020-07-31 | 2022-10-31 | 2023-11-30 | 27 mo | 3.3 years |
| -8.7% | 2006-04-30 | 2006-09-30 | 2007-02-28 | 5 mo | 10 months |
Methodology: observed IAU fund prices only, first available from 2005-01-28. Monthly closing-price statistics cover 2005-01-31 through 2026-09-30; no proxy or pre-inception simulation is included in this table. Educational information, not investment advice.
Before 2005-01-28: simulated from the underlying index with assumptions
This separate series combines observed prices with a modeled pre-inception extension from 1970-01-31 through 2026-10-31. The 2026-10-31 endpoint is the legacy current partial-month bucket/month-end label, not evidence that IAU was observed through that future date. It is not observed IAU performance. The API's observed boundary is 2005-01-28; observed monthly statistics run from 2005-01-31 through 2026-09-30.
- Rebalancing convention: monthly rebalance at month-end close; drawdown statistics use monthly closing prices.
- Proxy source for IAU: GLD (proxy_etf), from 1920-01-31 to 2005-01-27.
- Proxy source for GLD: GC=F (proxy_index), from 2000-08-30 to 2004-11-17.
- Proxy source for GLD: GOLD_MONTHLY (static), from 1998-12-30 to 2000-08-29.
- Proxy source for GLD: GOLD_DAILY_BBK (static), from 1968-06-18 to 1998-12-29.
- Proxy source for GLD: GOLD_MONTHLY (static), from 1968-01-31 to 1968-06-17.
- Proxy source for GLD: gold (static_monthly), from 1920-01-31 to 1968-01-30.
- Proxy source for SPY: VFINX (proxy_etf), from 1987-01-06 to 1993-01-28.
- Proxy source for SPY: SP500_TR_DAILY (static), from 1976-08-31 to 1987-01-05.
- Proxy source for SPY: spy_tr (static_monthly), from 1900-01-31 to 1976-08-30.
Modeled extended statistics
1980-01-31 peak to 1999-07-31 trough.
New high reached 2007-09-30.
Share of all months spent below a prior high.
Rolling year ending 1982-03-31.
For context, SPY (the S&P 500 baseline) had a maximum drawdown of 50.8% over the same kind of monthly-close analysis.
Modeled extended drawdowns
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -61.9% | 1980-01-31 | 1999-07-31 | 2007-09-30 | 234 mo | 27.7 years |
| -46.7% | 1974-12-31 | 1976-08-31 | 1978-07-31 | 20 mo | 3.6 years |
| -42.6% | 2011-08-31 | 2015-12-31 | 2020-07-31 | 52 mo | 8.9 years |
| -25.7% | 2008-02-29 | 2008-10-31 | 2009-09-30 | 8 mo | 19 months |
| -24.1% | 2026-02-28 | 2026-10-31 | not yet | 8 mo | 8 months |
Monthly closing prices, peak-to-trough on total return where available. The pre-inception segment is a reconstruction, not a live fund record, and actual tracking, financing, taxes, spreads, and volatility drag can differ.
Drawdowns are the reason tactical strategies exist
Buy-and-hold IAU means living through every number on this page. BestFolio tracks published TAA strategies whose whole job is cutting these drawdowns, with out-of-sample track records.