FXB vs. OUNZ
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and OUNZ (VanEck Merk Gold ETF) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, FXB returned 0.48%/yr vs 11.69%/yr for OUNZ. At a 0.34 correlation, their price movements are largely independent. FXB charges 0.40%/yr vs 0.25%/yr for OUNZ.
Performance
FXB vs. OUNZ - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly higher than OUNZ's -4.70% return. Over the past 10 years, FXB has underperformed OUNZ with an annualized return of 0.48%, while OUNZ has yielded a comparatively higher 11.69% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
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%
FXB vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
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 FXB and OUNZ is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.34 |
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Return for Risk
FXB vs. OUNZ — Risk / Return Rank
FXB
OUNZ
FXB vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.17 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.88 | -0.96 |
| Martin ratioReturn relative to average drawdown | -0.15 | 2.38 | -2.52 |
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Drawdowns
FXB vs. OUNZ - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, which is greater than OUNZ's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for FXB and OUNZ.
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Drawdown Indicators
| FXB | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -24.36% | -24.63% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -24.36% | +19.83% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -24.36% | +15.92% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -24.36% | +0.75% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -24.36% | -1.75% |
Current DrawdownCurrent decline from peak | -30.64% | -23.82% | -6.82% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -7.63% | -19.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 9.05% | -6.80% |
Volatility
FXB vs. OUNZ - Volatility Comparison
The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while VanEck Merk Gold ETF (OUNZ) has a volatility of 8.13%. This indicates that FXB 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
| FXB | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 8.13% | -6.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 24.19% | -19.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 27.36% | -20.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 18.15% | -9.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 16.05% | -7.18% |
FXB vs. OUNZ - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Dividends
FXB vs. OUNZ - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, while OUNZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% |
OUNZ VanEck Merk Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXB and OUNZ have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OUNZ has higher volatility (8.13%) compared to FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs OUNZ's -24.36%.
On 10-year performance, OUNZ leads with 11.69% vs 0.48% for FXB. On fees, OUNZ is cheaper at 0.25% per year. On volatility, FXB has been the lower-risk option at 1.62%. 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 0.48%. 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 0.40% for FXB.
FXB has the higher dividend yield at 2.24%, compared with 0.00% for OUNZ.
FXB is categorized as Currency, while OUNZ is Gold. FXB tracks British Pound, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.40% for FXB and 0.25% for OUNZ.
OUNZ currently has the higher Sharpe Ratio (0.79 vs -0.05), 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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