FXB vs. OUNZ

Last updated Jun 4, 2026

FXB (Invesco CurrencyShares® British Pound Sterling Trust) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, FXB returned 0.00%/yr vs 13.22%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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, FXB achieves a 0.38% return, which is significantly lower than OUNZ's 3.01% return.

FXB

• 1D: -0.35%
• 1M: -0.76%
• YTD: 0.38%
• 6M: 1.56%
• 1Y: 1.45%
• 3Y*: 5.39%
• 5Y*: 0.78%
• 10Y*: 0.00%

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)

FXB vs. OUNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXB Invesco CurrencyShares® British Pound Sterling Trust	0.38%	10.37%	1.35%	8.58%	-10.45%	-1.54%	2.87%	3.87%	-5.75%	9.10%
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 FXB and OUNZ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.41
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 19, 2014	0.34

Return for Risk

FXB vs. OUNZ — Risk / Return Rank

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

FXB

FXB Risk / Return Rank: 11
FXB Sharpe Ratio Rank: 12
FXB Sortino Ratio Rank: 11
FXB Omega Ratio Rank: 10
FXB Calmar Ratio Rank: 13
FXB Martin Ratio Rank: 12

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.

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 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.

	FXB	OUNZ	Difference
Sharpe ratio: Return per unit of total volatility	0.22	1.23	-1.00
Sortino ratio: Return per unit of downside risk	0.36	1.62	-1.26
Omega ratio: Gain probability vs. loss probability	1.04	1.24	-0.20
Calmar ratio: Return relative to maximum drawdown	0.32	1.69	-1.37
Martin ratio: Return relative to average drawdown	0.67	4.20	-3.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXB vs. OUNZ - Sharpe Ratio Comparison

The current FXB Sharpe Ratio is 0.22, which is lower than the OUNZ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FXB 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

	FXB	OUNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	1.23	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	1.03	-0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	0.83	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.66	-0.74

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 -21.77%. Use the drawdown chart below to compare losses from any high point for FXB and OUNZ.

Drawdown Indicators

	FXB	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-48.99%	-21.77%	-27.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-19.14%	+14.61%
Max Drawdown (3Y) Largest decline over 3 years	-8.44%	-19.14%	+10.70%
Max Drawdown (5Y) Largest decline over 5 years	-24.83%	-21.01%	-3.82%
Max Drawdown (10Y) Largest decline over 10 years	-29.30%	-21.76%	-7.54%
Current Drawdown Current decline from peak	-29.55%	-17.65%	-11.90%
Average Drawdown Average peak-to-trough decline	-27.54%	-7.57%	-19.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	7.69%	-5.53%

Volatility

FXB vs. OUNZ - Volatility Comparison

The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.78%, while VanEck Merk Gold Trust (OUNZ) has a volatility of 5.52%. 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.

Volatility by Period

	FXB	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	5.52%	-3.74%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	22.98%	-18.14%
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	26.40%	-19.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	17.91%	-9.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.30%	15.96%	-6.66%

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 2.20%, while OUNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FXB Invesco CurrencyShares® British Pound Sterling Trust	2.20%	2.44%	3.25%	2.59%	0.29%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXB and OUNZ in my portfolio?

FXB and OUNZ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXB or OUNZ?

OUNZ has higher volatility (5.52%) compared to FXB (1.78%). In terms of maximum drawdown, FXB dropped -48.99% vs OUNZ's -21.77%.

Which ETF is better, FXB or OUNZ?

On 10-year performance, OUNZ leads with 13.22% vs 0.00% for FXB. On fees, OUNZ is cheaper at 0.25% per year. On volatility, FXB has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXB or OUNZ?

Over the 10-year period, OUNZ has performed better with a 13.22% return vs 0.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXB or OUNZ?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.40% for FXB.

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

FXB has the higher dividend yield at 2.20%, compared with 0.00% for OUNZ.

What is the main difference between FXB and OUNZ?

FXB is categorized as Currency, while OUNZ is Precious Metals. FXB tracks British Pound, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and Merk. Their fees differ too: 0.40% for FXB and 0.25% for OUNZ.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (1.23 vs 0.22), 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.