GDXW vs. OUNZ

Last updated Jun 5, 2026

GDXW (Roundhill Gold Miners Weeklypay ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - GDXW is a Gold fund actively managed by Roundhill, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). GDXW is actively managed, while OUNZ is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. GDXW charges 0.99%/yr vs 0.25%/yr for OUNZ.

Performance

GDXW vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Gold Miners Weeklypay ETF (GDXW) 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, GDXW achieves a -3.22% return, which is significantly lower than OUNZ's 3.86% return.

GDXW

• 1D: 1.75%
• 1M: 0.20%
• YTD: -3.22%
• 6M: 3.82%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OUNZ

• 1D: 0.82%
• 1M: -1.67%
• YTD: 3.86%
• 6M: 6.32%
• 1Y: 32.47%
• 3Y*: 31.37%
• 5Y*: 18.53%
• 10Y*: 13.31%

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

GDXW vs. OUNZ - Yearly Performance Comparison

	2026 (YTD)	2025
GDXW Roundhill Gold Miners Weeklypay ETF	-3.22%	21.25%
OUNZ VanEck Merk Gold Trust	3.86%	7.07%

Correlation

The correlation between GDXW and OUNZ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 31, 2025	0.82

Return for Risk

GDXW vs. OUNZ — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 34
OUNZ Sharpe Ratio Rank: 35
OUNZ Sortino Ratio Rank: 31
OUNZ Omega Ratio Rank: 39
OUNZ Calmar Ratio Rank: 36
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.

GDXW vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Gold Miners Weeklypay ETF (GDXW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GDXW	OUNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.24	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.66	-0.15

Drawdowns

GDXW vs. OUNZ - Drawdown Comparison

The maximum GDXW drawdown since its inception was -36.83%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for GDXW and OUNZ.

Drawdown Indicators

	GDXW	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-21.77%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-19.14%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.76%	—
Current Drawdown Current decline from peak	-31.82%	-16.98%	-14.84%
Average Drawdown Average peak-to-trough decline	-13.58%	-7.57%	-6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.77%	—

Volatility

Volatility by Period

	GDXW	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	61.21%	26.39%	+34.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.21%	17.91%	+43.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.21%	15.96%	+45.25%

GDXW vs. OUNZ - Expense Ratio Comparison

GDXW has a 0.99% expense ratio, which is higher than OUNZ's 0.25% expense ratio.

Dividends

GDXW vs. OUNZ - Dividend Comparison

GDXW's dividend yield for the trailing twelve months is around 38.71%, while OUNZ has not paid dividends to shareholders.

Position	TTM	2025
GDXW Roundhill Gold Miners Weeklypay ETF	38.71%	7.48%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXW and OUNZ in my portfolio?

GDXW and OUNZ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDXW or OUNZ?

On fees, OUNZ is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDXW or OUNZ?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.99% for GDXW.

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

GDXW has the higher dividend yield at 38.71%, compared with 0.00% for OUNZ.

What is the main difference between GDXW and OUNZ?

GDXW is categorized as Gold, while OUNZ is Precious Metals. They also come from different issuers: Roundhill and Merk. Their fees differ too: 0.99% for GDXW and 0.25% for OUNZ.