AAAU vs. OUNZ
AAAU (Goldman Sachs Physical Gold ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, AAAU returned 18.60%/yr vs 18.53%/yr for OUNZ. With a 0.99 correlation, they move nearly in lockstep. AAAU charges 0.18%/yr vs 0.25%/yr for OUNZ.
Performance
AAAU vs. OUNZ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with AAAU having a 3.83% return and OUNZ slightly higher at 3.86%.
AAAU
- 1D
- 0.87%
- 1M
- -1.63%
- YTD
- 3.83%
- 6M
- 6.34%
- 1Y
- 32.55%
- 3Y*
- 31.47%
- 5Y*
- 18.60%
- 10Y*
- —
OUNZ
- 1D
- 0.82%
- 1M
- -1.67%
- YTD
- 3.86%
- 6M
- 6.32%
- 1Y
- 32.47%
- 3Y*
- 31.37%
- 5Y*
- 18.53%
- 10Y*
- 13.31%
AAAU vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 3.83% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
OUNZ VanEck Merk Gold Trust | 3.86% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | 8.96% |
Correlation
The correlation between AAAU and OUNZ is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.99 |
The correlation between AAAU and OUNZ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
AAAU vs. OUNZ — Risk / Return Rank
AAAU
OUNZ
AAAU vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and VanEck Merk Gold Trust (OUNZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| AAAU | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.70 | 0.00 |
| Martin ratioReturn relative to average drawdown | 4.21 | 4.19 | +0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAAU | OUNZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.24 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 1.04 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.84 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 0.66 | +0.43 |
Drawdowns
AAAU vs. OUNZ - Drawdown Comparison
The maximum AAAU drawdown since its inception was -21.63%, roughly equal to the maximum OUNZ drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for AAAU and OUNZ.
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Drawdown Indicators
| AAAU | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -21.77% | +0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -19.13% | -19.14% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -19.13% | -19.14% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -20.94% | -21.01% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.76% | — |
Current DrawdownCurrent decline from peak | -16.97% | -16.98% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -7.57% | +1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.76% | 7.77% | -0.01% |
Volatility
AAAU vs. OUNZ - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) and VanEck Merk Gold Trust (OUNZ) have volatilities of 5.51% and 5.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 5.51% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 22.94% | 22.98% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 26.39% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.83% | 17.91% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 15.96% | +1.03% |
AAAU vs. OUNZ - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is lower than OUNZ's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
AAAU vs. OUNZ - Dividend Comparison
Neither AAAU nor OUNZ has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, AAAU and OUNZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
OUNZ has higher volatility (5.51%) compared to AAAU (5.51%). In terms of maximum drawdown, AAAU dropped -21.63% vs OUNZ's -21.77%.
On 5-year performance, AAAU leads with 18.60% vs 18.53% for OUNZ. On fees, AAAU is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 18.60% return vs 18.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for OUNZ.
AAAU and OUNZ have nearly identical dividend yields, around 0.00%.
AAAU is categorized as Gold, while OUNZ is Precious Metals. AAAU tracks LBMA Gold PM Price, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Goldman Sachs and Merk. Their fees differ too: 0.18% for AAAU and 0.25% for OUNZ.
AAAU currently has the higher Sharpe Ratio (1.24 vs 1.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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