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BNDX vs. OUNZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNDX vs. OUNZ

Last updated Jun 13, 2026

BNDX (Vanguard Total International Bond ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, BNDX returned 1.72%/yr vs 12.24%/yr for OUNZ. At a 0.27 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.25%/yr for OUNZ.

Performance

BNDX vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond ETF (BNDX) and VanEck Merk Gold Trust (OUNZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BNDX achieves a 1.02% return, which is significantly higher than OUNZ's -2.41% return. Over the past 10 years, BNDX has underperformed OUNZ with an annualized return of 1.72%, while OUNZ has yielded a comparatively higher 12.24% annualized return.

BNDX

1D
0.17%
1M
0.99%
YTD
1.02%
6M
1.22%
1Y
1.94%
3Y*
4.32%
5Y*
0.32%
10Y*
1.72%

OUNZ

1D
0.07%
1M
-10.22%
YTD
-2.41%
6M
-2.20%
1Y
23.98%
3Y*
29.06%
5Y*
17.23%
10Y*
12.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDX vs. OUNZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNDX
Vanguard Total International Bond ETF		1.02%2.86%3.57%8.77%-12.76%-2.29%4.65%7.87%2.81%2.40%
OUNZ
VanEck Merk Gold Trust		-2.41%63.95%26.75%12.83%-0.51%-4.00%24.71%18.00%-2.06%12.82%

Correlation

The correlation between BNDX and OUNZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.29

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since May 16, 2014

0.27

BNDX vs. OUNZ - Sectors Allocation Comparison

Sectors
BNDX
OUNZ

Real Estate

0.0%
100.0%

Financial Services

0.0%

-

Industrials

0.0%

-

Energy

0.0%

-

Communication Services

0.0%

-

Utilities

0.0%

-

Healthcare

0.0%

-

Basic Materials

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Technology

-

-

Real Estate

BNDX
0.0%
OUNZ
100.0%

Financial Services

BNDX
0.0%
OUNZ

-

Industrials

BNDX
0.0%
OUNZ

-

Energy

BNDX
0.0%
OUNZ

-

Communication Services

BNDX
0.0%
OUNZ

-

Utilities

BNDX
0.0%
OUNZ

-

Healthcare

BNDX
0.0%
OUNZ

-

Basic Materials

BNDX

-

OUNZ

-

Consumer Cyclical

BNDX

-

OUNZ

-

Consumer Defensive

BNDX

-

OUNZ

-

Technology

BNDX

-

OUNZ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Total International Bond ETF

VanEck Merk Gold Trust

Often compared with BNDX:
BNDX vs. BNDBNDX vs. BNDWBNDX vs. VTABXBNDX vs. IAGGBNDX vs. FBIIXBNDX vs. IGOVBNDX vs. VWOB
Often compared with OUNZ:
OUNZ vs. GLDOUNZ vs. IAUOUNZ vs. GLDMOUNZ vs. IAUMOUNZ vs. GDXOUNZ vs. FGDLOUNZ vs. SGOL

Return for Risk

BNDX vs. OUNZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BNDX
BNDX Risk / Return Rank: 1818
Overall Rank
BNDX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
BNDX Sortino Ratio Rank: 1818
Sortino Ratio Rank
BNDX Omega Ratio Rank: 1818
Omega Ratio Rank
BNDX Calmar Ratio Rank: 1818
Calmar Ratio Rank
BNDX Martin Ratio Rank: 1919
Martin Ratio Rank
OUNZ
OUNZ Risk / Return Rank: 2626
Overall Rank
OUNZ Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
OUNZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
OUNZ Omega Ratio Rank: 3131
Omega Ratio Rank
OUNZ Calmar Ratio Rank: 2424
Calmar Ratio Rank
OUNZ Martin Ratio Rank: 2424
Martin Ratio Rank
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.

BNDX vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) 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.

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.

BNDXOUNZDifference
Sharpe ratioReturn per unit of total volatility
0.56
0.89

-0.33

Sortino ratioReturn per unit of downside risk
0.82
1.25

-0.43

Omega ratioGain probability vs. loss probability

1.10

1.19

-0.08

Calmar ratioReturn relative to maximum drawdown

0.66

0.99

-0.33

Martin ratioReturn relative to average drawdown

1.84

2.85

-1.00

BNDX vs. OUNZ - Sharpe Ratio Comparison

The current BNDX Sharpe Ratio is 0.56, which is lower than the OUNZ Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of BNDX and OUNZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BNDX vs. OUNZ - Drawdown Comparison

The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum OUNZ drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for BNDX and OUNZ.

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Drawdown Indicators

BNDXOUNZDifference

Max Drawdown

Largest peak-to-trough decline

-16.23%

-24.36%

+8.13%

Max Drawdown (1Y)

Largest decline over 1 year

-2.93%

-24.36%

+21.43%

Max Drawdown (3Y)

Largest decline over 3 years

-2.93%

-24.36%

+21.43%

Max Drawdown (5Y)

Largest decline over 5 years

-15.86%

-24.36%

+8.50%

Max Drawdown (10Y)

Largest decline over 10 years

-16.23%

-24.36%

+8.13%

Current Drawdown

Current decline from peak

-1.02%

-21.99%

+20.97%

Average Drawdown

Average peak-to-trough decline

-3.10%

-7.60%

+4.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

8.45%

-7.40%

Volatility

BNDX vs. OUNZ - Volatility Comparison

The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.49%, while VanEck Merk Gold Trust (OUNZ) has a volatility of 7.74%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky 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

BNDXOUNZDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.49%

7.74%

-6.25%

Volatility (6M)

Calculated over the trailing 6-month period

2.96%

23.90%

-20.94%

Volatility (1Y)

Calculated over the trailing 1-year period

3.47%

27.16%

-23.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.89%

18.14%

-13.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.10%

16.08%

-11.98%

BNDX vs. OUNZ - Expense Ratio Comparison

BNDX has a 0.07% 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

BNDX vs. OUNZ - Dividend Comparison

BNDX's dividend yield for the trailing twelve months is around 4.47%, while OUNZ has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BNDX
Vanguard Total International Bond ETF		4.47%4.39%4.18%4.42%1.51%3.74%1.11%3.40%3.01%2.23%1.89%1.63%
OUNZ
VanEck Merk Gold Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

BNDX and OUNZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

OUNZ has higher volatility (7.74%) compared to BNDX (1.49%). In terms of maximum drawdown, BNDX dropped -16.23% vs OUNZ's -24.36%.

On 10-year performance, OUNZ leads with 12.24% vs 1.72% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, OUNZ has performed better with a 12.24% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNDX is cheaper with a 0.07% expense ratio, compared with 0.25% for OUNZ.

BNDX has the higher dividend yield at 4.47%, compared with 0.00% for OUNZ.

BNDX is categorized as Global Bonds, while OUNZ is Precious Metals. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Vanguard and Merk. Their fees differ too: 0.07% for BNDX and 0.25% for OUNZ.

OUNZ currently has the higher Sharpe Ratio (0.89 vs 0.56), 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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