DBP vs. OUNZ

Last updated Jun 4, 2026

DBP (Invesco DB Precious Metals Fund) and OUNZ (VanEck Merk Gold Trust) are both Precious Metals funds - DBP tracks the DBIQ Optimum Yield Precious Metals Index Excess Return while OUNZ tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, DBP returned 12.31%/yr vs 13.22%/yr for OUNZ. With a 0.96 correlation, they move nearly in lockstep. DBP charges 0.78%/yr vs 0.25%/yr for OUNZ.

Performance

DBP vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) 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, DBP achieves a 2.13% return, which is significantly lower than OUNZ's 3.01% return. Over the past 10 years, DBP has underperformed OUNZ with an annualized return of 12.31%, while OUNZ has yielded a comparatively higher 13.22% annualized return.

DBP

• 1D: -1.42%
• 1M: -1.48%
• YTD: 2.13%
• 6M: 8.68%
• 1Y: 42.65%
• 3Y*: 32.54%
• 5Y*: 17.43%
• 10Y*: 12.31%

OUNZ

• 1D: -0.97%
• 1M: -1.63%
• YTD: 3.01%
• 6M: 5.51%
• 1Y: 32.21%
• 3Y*: 31.27%
• 5Y*: 18.34%
• 10Y*: 13.22%

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

DBP vs. OUNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBP Invesco DB Precious Metals Fund	2.13%	73.43%	26.71%	8.68%	-1.51%	-7.10%	26.79%	15.89%	-4.31%	10.58%
OUNZ VanEck Merk Gold Trust	3.01%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.00%	-2.06%	12.82%

Correlation

The correlation between DBP and OUNZ is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 19, 2014	0.96

The correlation between DBP and OUNZ has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

DBP vs. OUNZ - Sectors Allocation Comparison

Sectors	DBP	OUNZ
Financial Services	100.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Technology	-	-
Utilities	-	-

Return for Risk

DBP vs. OUNZ — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 34
DBP Sharpe Ratio Rank: 36
DBP Sortino Ratio Rank: 30
DBP Omega Ratio Rank: 40
DBP Calmar Ratio Rank: 34
DBP Martin Ratio Rank: 28

OUNZ

OUNZ Risk / Return Rank: 32
OUNZ Sharpe Ratio Rank: 33
OUNZ Sortino Ratio Rank: 29
OUNZ Omega Ratio Rank: 36
OUNZ Calmar Ratio Rank: 33
OUNZ Martin Ratio Rank: 29

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.

DBP vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) 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.

	DBP	OUNZ	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.23	+0.09
Sortino ratio: Return per unit of downside risk	1.65	1.62	+0.03
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	1.68	1.69	-0.01
Martin ratio: Return relative to average drawdown	4.01	4.20	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBP vs. OUNZ - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 1.32, which is comparable to the OUNZ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of DBP 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.

Sharpe Ratios by Period

	DBP	OUNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.23	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	1.03	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.83	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.66	-0.23

Drawdowns

DBP vs. OUNZ - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for DBP and OUNZ.

Drawdown Indicators

	DBP	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-21.77%	-32.12%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-19.14%	-6.34%
Max Drawdown (3Y) Largest decline over 3 years	-25.48%	-19.14%	-6.34%
Max Drawdown (5Y) Largest decline over 5 years	-25.48%	-21.01%	-4.47%
Max Drawdown (10Y) Largest decline over 10 years	-28.36%	-21.76%	-6.60%
Current Drawdown Current decline from peak	-23.04%	-17.65%	-5.39%
Average Drawdown Average peak-to-trough decline	-25.42%	-7.57%	-17.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.67%	7.69%	+2.98%

Volatility

DBP vs. OUNZ - Volatility Comparison

Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.57% compared to VanEck Merk Gold Trust (OUNZ) at 5.52%. This indicates that DBP'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

	DBP	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	5.52%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	29.87%	22.98%	+6.89%
Volatility (1Y) Calculated over the trailing 1-year period	32.57%	26.40%	+6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	17.91%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	15.96%	+2.76%

DBP vs. OUNZ - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than OUNZ's 0.25% expense ratio.

Dividends

DBP vs. OUNZ - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.38%, while OUNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBP Invesco DB Precious Metals Fund	2.38%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%
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%

Frequently Asked Questions

Can I hold both DBP and OUNZ in my portfolio?

With a correlation of 0.96, DBP 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.

Which is riskier, DBP or OUNZ?

DBP has higher volatility (7.57%) compared to OUNZ (5.52%). In terms of maximum drawdown, DBP dropped -53.89% vs OUNZ's -21.77%.

Which ETF is better, DBP or OUNZ?

On 10-year performance, OUNZ leads with 13.22% vs 12.31% for DBP. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBP or OUNZ?

Over the 10-year period, OUNZ has performed better with a 13.22% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBP or OUNZ?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.78% for DBP.

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

DBP has the higher dividend yield at 2.38%, compared with 0.00% for OUNZ.

What is the main difference between DBP and OUNZ?

DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and Merk. Their fees differ too: 0.78% for DBP and 0.25% for OUNZ.

Which has better risk-adjusted returns?

DBP currently has the higher Sharpe Ratio (1.32 vs 1.23), 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.