AUMI vs. OUNZ
Compare and contrast key facts about Themes Gold Miners ETF (AUMI) and VanEck Merk Gold Trust (OUNZ).
AUMI and OUNZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AUMI is a passively managed fund by Themes that tracks the performance of the Solactive Global Pure Gold Miners Index. It was launched on Dec 12, 2023. OUNZ is a passively managed fund by Merk that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on May 16, 2014. Both AUMI and OUNZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
AUMI vs. OUNZ - Performance Comparison
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AUMI vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AUMI Themes Gold Miners ETF | 10.53% | 164.18% | 30.61% | 4.25% |
OUNZ VanEck Merk Gold Trust | 10.51% | 63.95% | 26.75% | 1.94% |
Returns By Period
The year-to-date returns for both stocks are quite close, with AUMI having a 10.53% return and OUNZ slightly lower at 10.51%.
AUMI
- 1D
- 5.17%
- 1M
- -16.46%
- YTD
- 10.53%
- 6M
- 26.21%
- 1Y
- 116.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OUNZ
- 1D
- 1.75%
- 1M
- -10.64%
- YTD
- 10.51%
- 6M
- 23.09%
- 1Y
- 52.39%
- 3Y*
- 33.89%
- 5Y*
- 22.16%
- 10Y*
- 14.20%
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AUMI vs. OUNZ - Expense Ratio Comparison
AUMI has a 0.35% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Return for Risk
AUMI vs. OUNZ — Risk / Return Rank
AUMI
OUNZ
AUMI vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Gold Miners ETF (AUMI) 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.
| AUMI | OUNZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.35 | 1.91 | +0.45 |
Sortino ratioReturn per unit of downside risk | 2.57 | 2.33 | +0.24 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.72 | +0.94 |
Martin ratioReturn relative to average drawdown | 12.93 | 9.98 | +2.96 |
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
| AUMI | OUNZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.35 | 1.91 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.26 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.90 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 0.71 | +1.30 |
Correlation
The correlation between AUMI and OUNZ is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
AUMI vs. OUNZ - Dividend Comparison
AUMI's dividend yield for the trailing twelve months is around 0.78%, while OUNZ has not paid dividends to shareholders.
| TTM | 2025 | 2024 | |
|---|---|---|---|
AUMI Themes Gold Miners ETF | 0.78% | 0.86% | 1.84% |
OUNZ VanEck Merk Gold Trust | 0.00% | 0.00% | 0.00% |
Drawdowns
AUMI vs. OUNZ - Drawdown Comparison
The maximum AUMI drawdown since its inception was -31.88%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for AUMI and OUNZ.
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Drawdown Indicators
| AUMI | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.88% | -21.77% | -10.11% |
Max Drawdown (1Y)Largest decline over 1 year | -31.88% | -19.14% | -12.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.01% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.76% | — |
Current DrawdownCurrent decline from peak | -16.84% | -11.66% | -5.18% |
Average DrawdownAverage peak-to-trough decline | -6.00% | -7.48% | +1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.03% | 5.22% | +3.81% |
Volatility
AUMI vs. OUNZ - Volatility Comparison
Themes Gold Miners ETF (AUMI) has a higher volatility of 18.77% compared to VanEck Merk Gold Trust (OUNZ) at 10.39%. This indicates that AUMI's price experiences larger fluctuations and is considered to be riskier than OUNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AUMI | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.77% | 10.39% | +8.38% |
Volatility (6M)Calculated over the trailing 6-month period | 40.65% | 24.13% | +16.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.65% | 27.61% | +22.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.38% | 17.66% | +23.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.38% | 15.89% | +25.49% |