GBSP.L vs. OUNZ
Compare and contrast key facts about WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) and VanEck Merk Gold Trust (OUNZ).
GBSP.L and OUNZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GBSP.L is a passively managed fund by WisdomTree that tracks the performance of the Gold (GBP Hedged). It was launched on Mar 18, 2013. OUNZ is a passively managed fund by Merk that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on May 16, 2014. Both GBSP.L and OUNZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GBSP.L vs. OUNZ - Performance Comparison
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GBSP.L vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 10.40% | 63.29% | 25.01% | 11.75% | -1.73% | -4.92% | 21.84% | 14.56% | -4.55% | 8.43% |
OUNZ VanEck Merk Gold Trust | 12.34% | 52.27% | 28.97% | 7.19% | 11.32% | -3.09% | 21.05% | 13.51% | 3.75% | 3.06% |
Different Trading Currencies
GBSP.L is traded in GBp, while OUNZ is traded in USD. To make them comparable, the OUNZ values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GBSP.L achieves a 10.40% return, which is significantly lower than OUNZ's 12.34% return. Over the past 10 years, GBSP.L has underperformed OUNZ with an annualized return of 12.17%, while OUNZ has yielded a comparatively higher 15.01% annualized return.
GBSP.L
- 1D
- 3.48%
- 1M
- -10.08%
- YTD
- 10.40%
- 6M
- 22.85%
- 1Y
- 50.71%
- 3Y*
- 32.60%
- 5Y*
- 20.94%
- 10Y*
- 12.17%
OUNZ
- 1D
- 1.52%
- 1M
- -5.79%
- YTD
- 12.34%
- 6M
- 25.20%
- 1Y
- 49.21%
- 3Y*
- 30.71%
- 5Y*
- 23.20%
- 10Y*
- 15.01%
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GBSP.L vs. OUNZ - Expense Ratio Comparison
Both GBSP.L and OUNZ have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
GBSP.L vs. OUNZ — Risk / Return Rank
GBSP.L
OUNZ
GBSP.L vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) 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.
| GBSP.L | OUNZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.93 | 1.90 | +0.03 |
Sortino ratioReturn per unit of downside risk | 2.40 | 2.34 | +0.06 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.36 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.72 | +0.18 |
Martin ratioReturn relative to average drawdown | 10.97 | 10.37 | +0.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBSP.L | OUNZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.90 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | 1.41 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.93 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.84 | -0.42 |
Correlation
The correlation between GBSP.L and OUNZ is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
GBSP.L vs. OUNZ - Dividend Comparison
Neither GBSP.L nor OUNZ has paid dividends to shareholders.
Drawdowns
GBSP.L vs. OUNZ - Drawdown Comparison
The maximum GBSP.L drawdown since its inception was -37.30%, which is greater than OUNZ's maximum drawdown of -22.64%. Use the drawdown chart below to compare losses from any high point for GBSP.L and OUNZ.
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Drawdown Indicators
| GBSP.L | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.30% | -21.77% | -15.53% |
Max Drawdown (1Y)Largest decline over 1 year | -17.53% | -19.14% | +1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -22.05% | -21.01% | -1.04% |
Max Drawdown (10Y)Largest decline over 10 years | -22.99% | -21.76% | -1.23% |
Current DrawdownCurrent decline from peak | -10.08% | -11.66% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -17.58% | -7.48% | -10.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.63% | 5.22% | -0.59% |
Volatility
GBSP.L vs. OUNZ - Volatility Comparison
WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) has a higher volatility of 11.69% compared to VanEck Merk Gold Trust (OUNZ) at 10.72%. This indicates that GBSP.L'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
| GBSP.L | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.69% | 10.72% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 22.25% | 23.06% | -0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.14% | 25.73% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 16.51% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.44% | 16.25% | -0.81% |