AUAU vs. OUNZ

Last updated Jun 6, 2026

AUAU (Global X Gold Miners ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - AUAU is a Gold fund tracking the NYSE Arca Gold Miners Index, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Their correlation of 0.82 suggests significant overlap in exposure. AUAU charges 0.35%/yr vs 0.25%/yr for OUNZ.

Performance

AUAU vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Miners ETF (AUAU) and VanEck Merk Gold Trust (OUNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUAU achieves a -6.86% return, which is significantly lower than OUNZ's 0.07% return.

AUAU

• 1D: -8.34%
• 1M: -14.13%
• YTD: -6.86%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OUNZ

• 1D: -3.64%
• 1M: -8.04%
• YTD: 0.07%
• 6M: 2.65%
• 1Y: 28.32%
• 3Y*: 29.73%
• 5Y*: 17.66%
• 10Y*: 12.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AUAU vs. OUNZ - Yearly Performance Comparison

	2026 (YTD)	2025
AUAU Global X Gold Miners ETF	-6.86%	4.18%
OUNZ VanEck Merk Gold Trust	0.07%	1.87%

Correlation

The correlation between AUAU and OUNZ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.82

Return for Risk

AUAU vs. OUNZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OUNZ

OUNZ Risk / Return Rank: 30
OUNZ Sharpe Ratio Rank: 31
OUNZ Sortino Ratio Rank: 27
OUNZ Omega Ratio Rank: 33
OUNZ Calmar Ratio Rank: 30
OUNZ Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AUAU vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Miners ETF (AUAU) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AUAU	OUNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.07	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.64	-0.76

Drawdowns

AUAU vs. OUNZ - Drawdown Comparison

The maximum AUAU drawdown since its inception was -31.20%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for AUAU and OUNZ.

Drawdown Indicators

	AUAU	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-31.20%	-21.77%	-9.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.76%	—
Current Drawdown Current decline from peak	-31.20%	-20.00%	-11.20%
Average Drawdown Average peak-to-trough decline	-12.89%	-7.58%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.87%	—

Volatility

Volatility by Period

	AUAU	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	51.93%	26.66%	+25.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.93%	17.98%	+33.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.93%	16.00%	+35.93%

AUAU vs. OUNZ - Expense Ratio Comparison

AUAU has a 0.35% expense ratio, which is higher than OUNZ's 0.25% expense ratio.

Dividends

AUAU vs. OUNZ - Dividend Comparison

Neither AUAU nor OUNZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AUAU and OUNZ in my portfolio?

AUAU and OUNZ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AUAU or OUNZ?

On fees, OUNZ is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AUAU or OUNZ?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.35% for AUAU.

Which ETF pays a higher dividend yield, AUAU or OUNZ?

AUAU and OUNZ have nearly identical dividend yields, around 0.00%.

What is the main difference between AUAU and OUNZ?

AUAU is categorized as Gold, while OUNZ is Precious Metals. AUAU tracks NYSE Arca Gold Miners Index, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Global X and Merk. Their fees differ too: 0.35% for AUAU and 0.25% for OUNZ.