CHPY vs. OUNZ

Last updated Jun 16, 2026

CHPY (YieldMax Semiconductor Portfolio Option Income ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - CHPY is a Derivative Income fund actively managed by YieldMax, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). CHPY is actively managed, while OUNZ is passively managed. Over the past year, CHPY returned 148.83% vs 25.45% for OUNZ. At a 0.13 correlation, their price movements are largely independent. CHPY charges 0.99%/yr vs 0.25%/yr for OUNZ.

Performance

CHPY vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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, CHPY achieves a 88.78% return, which is significantly higher than OUNZ's 0.07% return.

CHPY

• 1D: 5.00%
• 1M: 22.07%
• YTD: 88.78%
• 6M: 92.44%
• 1Y: 148.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OUNZ

• 1D: 2.54%
• 1M: -5.03%
• YTD: 0.07%
• 6M: 0.22%
• 1Y: 25.45%
• 3Y*: 29.89%
• 5Y*: 18.45%
• 10Y*: 12.42%

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

CHPY vs. OUNZ - Yearly Performance Comparison

	2026 (YTD)	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	88.78%	56.76%
OUNZ VanEck Merk Gold Trust	0.07%	37.67%

Correlation

The correlation between CHPY and OUNZ is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.13

Return for Risk

CHPY vs. OUNZ — Risk / Return Rank

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

CHPY

CHPY Risk / Return Rank: 97
CHPY Sharpe Ratio Rank: 98
CHPY Sortino Ratio Rank: 95
CHPY Omega Ratio Rank: 96
CHPY Calmar Ratio Rank: 98
CHPY Martin Ratio Rank: 97

OUNZ

OUNZ Risk / Return Rank: 27
OUNZ Sharpe Ratio Rank: 29
OUNZ Sortino Ratio Rank: 26
OUNZ Omega Ratio Rank: 31
OUNZ Calmar Ratio Rank: 24
OUNZ Martin Ratio Rank: 24

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.

CHPY vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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.

	CHPY	OUNZ	Difference
Sharpe ratio: Return per unit of total volatility	4.83	0.94	+3.89
Sortino ratio: Return per unit of downside risk	4.95	1.31	+3.64
Omega ratio: Gain probability vs. loss probability	1.73	1.19	+0.54
Calmar ratio: Return relative to maximum drawdown	12.31	1.05	+11.26
Martin ratio: Return relative to average drawdown	43.93	3.00	+40.93

CHPY vs. OUNZ - Sharpe Ratio Comparison

The current CHPY Sharpe Ratio is 4.83, which is higher than the OUNZ Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of CHPY 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.

Drawdowns

CHPY vs. OUNZ - Drawdown Comparison

The maximum CHPY drawdown since its inception was -12.19%, smaller than the maximum OUNZ drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for CHPY and OUNZ.

Drawdown Indicators

	CHPY	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-12.19%	-24.36%	+12.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-24.36%	+12.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.36%	—
Current Drawdown Current decline from peak	0.00%	-20.00%	+20.00%
Average Drawdown Average peak-to-trough decline	-2.12%	-7.60%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	8.54%	-5.14%

Volatility

CHPY vs. OUNZ - Volatility Comparison

YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a higher volatility of 17.55% compared to VanEck Merk Gold Trust (OUNZ) at 8.30%. This indicates that CHPY'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.

Volatility by Period

	CHPY	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.55%	8.30%	+9.25%
Volatility (6M) Calculated over the trailing 6-month period	26.62%	24.01%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	31.06%	27.27%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.45%	18.17%	+17.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.45%	16.11%	+19.34%

CHPY vs. OUNZ - Expense Ratio Comparison

CHPY has a 0.99% expense ratio, which is higher than OUNZ's 0.25% expense ratio.

Dividends

CHPY vs. OUNZ - Dividend Comparison

CHPY's dividend yield for the trailing twelve months is around 28.02%, while OUNZ has not paid dividends to shareholders.

Position	TTM	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	28.02%	28.19%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both CHPY and OUNZ in my portfolio?

CHPY and OUNZ have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHPY or OUNZ?

CHPY has higher volatility (17.55%) compared to OUNZ (8.30%). In terms of maximum drawdown, CHPY dropped -12.19% vs OUNZ's -24.36%.

Which ETF is better, CHPY or OUNZ?

On 1-year performance, CHPY leads with 148.83% vs 25.45% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHPY or OUNZ?

Over the 1-year period, CHPY has performed better with a 148.83% return vs 25.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHPY or OUNZ?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.99% for CHPY.

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

CHPY has the higher dividend yield at 28.02%, compared with 0.00% for OUNZ.

What is the main difference between CHPY and OUNZ?

CHPY is categorized as Derivative Income, while OUNZ is Precious Metals. They also come from different issuers: YieldMax and Merk. Their fees differ too: 0.99% for CHPY and 0.25% for OUNZ.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (4.83 vs 0.94), 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.