DBP vs. OUNZ
DBP (Invesco DB Precious Metals Fund) and OUNZ (VanEck Merk Gold ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs 11.69%/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
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Returns By Period
In the year-to-date period, DBP achieves a -7.35% return, which is significantly lower than OUNZ's -4.70% return. Over the past 10 years, DBP has underperformed OUNZ with an annualized return of 10.50%, while OUNZ has yielded a comparatively higher 11.69% annualized return.
DBP
- 1D
- -2.46%
- 1M
- -11.00%
- YTD
- -7.35%
- 6M
- -11.28%
- 1Y
- 27.61%
- 3Y*
- 29.27%
- 5Y*
- 16.74%
- 10Y*
- 10.50%
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%
DBP vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -7.35% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
OUNZ VanEck Merk Gold ETF | -4.70% | 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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 16, 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.
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Return for Risk
DBP vs. OUNZ — Risk / Return Rank
DBP
OUNZ
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 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.
| DBP | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 0.88 | +0.03 |
| Martin ratioReturn relative to average drawdown | 2.25 | 2.38 | -0.13 |
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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 -24.36%. Use the drawdown chart below to compare losses from any high point for DBP and OUNZ.
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Drawdown Indicators
| DBP | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -24.36% | -29.53% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -24.36% | -5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -24.36% | -5.82% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -24.36% | -5.82% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -24.36% | -5.82% |
Current DrawdownCurrent decline from peak | -30.18% | -23.82% | -6.36% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -7.63% | -17.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 9.05% | +3.25% |
Volatility
DBP vs. OUNZ - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 8.93% compared to VanEck Merk Gold ETF (OUNZ) at 8.13%. 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.
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Volatility by Period
| DBP | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 8.13% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 24.19% | +6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 27.36% | +6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 18.15% | +3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 16.05% | +2.78% |
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 2.63%, 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 | 2.63% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
OUNZ VanEck Merk Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
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.
DBP has higher volatility (8.93%) compared to OUNZ (8.13%). In terms of maximum drawdown, DBP dropped -53.89% vs OUNZ's -24.36%.
On 10-year performance, OUNZ leads with 11.69% vs 10.50% for DBP. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 8.13%. 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 11.69% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUNZ is cheaper with a 0.25% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 0.00% for OUNZ.
DBP is categorized as Precious Metals, while OUNZ is Gold. 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 VanEck. Their fees differ too: 0.78% for DBP and 0.25% for OUNZ.
DBP currently has the higher Sharpe Ratio (0.82 vs 0.79), 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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