IAU’s worst drop since 2005 was 45%
iShares Gold Trust (IAU) fell 45% from Aug 2011 to Dec 2015. It took 8.9 years from that peak to close at a new high, in Jul 2020. Over the same years the S&P 500 fell as much as 55%.
That drop is milder than most. It ranks 117th of the 203 ETFs PortfolioAutopsy tracks, counted from the deepest.
Drawdown from the last high, 2005 to now
How IAU held up in each crash
| Crash | Years | IAU | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −29.2% | −55.2% |
| COVID crash | 2020 | −12.5% | −33.7% |
| 2022 rate shock | 2022 | −20.9% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was IAU’s maximum drawdown?
IAU’s deepest fall since 2005 was 45.1%, from its high on August 22, 2011 to its low on December 2, 2015. The figure uses daily prices with dividends reinvested.
How long did IAU take to recover?
8.9 years. IAU first closed above its Aug 2011 high again on July 28, 2020.
Was IAU riskier than the S&P 500?
Over the same years, IAU’s worst drop was 45.1% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −29.2% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, January 31, 2005 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.