BAR vs. OUNZ
BAR (GraniteShares Gold Trust) and OUNZ (VanEck Merk Gold ETF) are both Gold funds tracking the LBMA Gold Price PM ($/ozt), from GraniteShares and VanEck respectively. Both are passively managed. Over the past 5 years, BAR returned 18.08%/yr vs 18.01%/yr for OUNZ. With a 0.99 correlation, they move nearly in lockstep. BAR charges 0.17%/yr vs 0.25%/yr for OUNZ.
Performance
BAR vs. OUNZ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BAR having a -4.82% return and OUNZ slightly higher at -4.70%.
BAR
- 1D
- -1.94%
- 1M
- -8.92%
- YTD
- -4.82%
- 6M
- -8.73%
- 1Y
- 21.40%
- 3Y*
- 28.63%
- 5Y*
- 18.08%
- 10Y*
- —
OUNZ
- 1D
- -1.89%
- 1M
- -8.81%
- YTD
- -4.70%
- 6M
- -8.64%
- 1Y
- 21.44%
- 3Y*
- 28.59%
- 5Y*
- 18.01%
- 10Y*
- 11.69%
BAR vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAR GraniteShares Gold Trust | -4.82% | 64.12% | 26.97% | 12.96% | -0.55% | -3.92% | 25.02% | 18.16% | -1.87% | -0.79% |
OUNZ VanEck Merk Gold ETF | -4.70% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | -0.46% |
Correlation
The correlation between BAR 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 31, 2017 | 0.99 |
The correlation between BAR 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
BAR vs. OUNZ — Risk / Return Rank
BAR
OUNZ
BAR vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares Gold Trust (BAR) and VanEck Merk Gold ETF (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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BAR | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.88 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.37 | 2.38 | -0.01 |
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Drawdowns
BAR vs. OUNZ - Drawdown Comparison
The maximum BAR drawdown since its inception was -24.38%, roughly equal to the maximum OUNZ drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for BAR and OUNZ.
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Drawdown Indicators
| BAR | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -24.36% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -24.36% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -24.36% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -24.36% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.36% | — |
Current DrawdownCurrent decline from peak | -23.93% | -23.82% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -7.63% | +1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 9.05% | +0.02% |
Volatility
BAR vs. OUNZ - Volatility Comparison
GraniteShares Gold Trust (BAR) and VanEck Merk Gold ETF (OUNZ) have volatilities of 8.11% and 8.13%, 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
| BAR | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.11% | 8.13% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 24.24% | 24.19% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.39% | 27.36% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.14% | 18.15% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 16.05% | +0.49% |
BAR vs. OUNZ - Expense Ratio Comparison
BAR has a 0.17% 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
BAR vs. OUNZ - Dividend Comparison
Neither BAR nor OUNZ has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, BAR 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 (8.13%) compared to BAR (8.11%). In terms of maximum drawdown, BAR dropped -24.38% vs OUNZ's -24.36%.
On 5-year performance, BAR leads with 18.08% vs 18.01% for OUNZ. On fees, BAR is cheaper at 0.17% 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, BAR has performed better with a 18.08% return vs 18.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAR is cheaper with a 0.17% expense ratio, compared with 0.25% for OUNZ.
BAR and OUNZ have nearly identical dividend yields, around 0.00%.
Both ETFs track LBMA Gold Price PM ($/ozt). They also come from different issuers: GraniteShares and VanEck. Their fees differ too: 0.17% for BAR and 0.25% for OUNZ.
OUNZ currently has the higher Sharpe Ratio (0.79 vs 0.78), 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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