GLD vs. OUNZ

Last updated Jun 4, 2026

GLD (SPDR Gold Shares) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, GLD returned 13.12%/yr vs 13.22%/yr for OUNZ. With a 0.99 correlation, they move nearly in lockstep. GLD charges 0.40%/yr vs 0.25%/yr for OUNZ.

Performance

GLD vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and VanEck Merk Gold Trust (OUNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GLD having a 2.92% return and OUNZ slightly higher at 3.01%. Both investments have delivered pretty close results over the past 10 years, with GLD having a 13.12% annualized return and OUNZ not far ahead at 13.22%.

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

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)

GLD vs. OUNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
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 GLD and OUNZ is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 19, 2014	0.99

The correlation between GLD and OUNZ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

GLD vs. OUNZ - Sectors Allocation Comparison

Sectors	GLD	OUNZ
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Technology	-	-
Utilities	-	-

Return for Risk

GLD vs. OUNZ — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

GLD vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.

	GLD	OUNZ	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.23	-0.02
Sortino ratio: Return per unit of downside risk	1.60	1.62	-0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.68	1.69	-0.02
Martin ratio: Return relative to average drawdown	4.15	4.20	-0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLD vs. OUNZ - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 1.21, which is comparable to the OUNZ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GLD 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

	GLD	OUNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	1.23	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	1.03	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.83	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.66	-0.06

Drawdowns

GLD vs. OUNZ - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for GLD and OUNZ.

Drawdown Indicators

	GLD	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-21.77%	-23.79%
Max Drawdown (1Y) Largest decline over 1 year	-19.21%	-19.14%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-19.14%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-21.01%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	-21.76%	-0.24%
Current Drawdown Current decline from peak	-17.75%	-17.65%	-0.10%
Average Drawdown Average peak-to-trough decline	-16.16%	-7.57%	-8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.73%	7.69%	+0.04%

Volatility

GLD vs. OUNZ - Volatility Comparison

SPDR Gold Shares (GLD) and VanEck Merk Gold Trust (OUNZ) have volatilities of 5.51% and 5.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	5.52%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	23.16%	22.98%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	26.61%	26.40%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	17.91%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	15.96%	-0.01%

GLD vs. OUNZ - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than OUNZ's 0.25% expense ratio.

Dividends

GLD vs. OUNZ - Dividend Comparison

Neither GLD nor OUNZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLD and OUNZ in my portfolio?

With a correlation of 1.00, GLD 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.

Which is riskier, GLD or OUNZ?

OUNZ has higher volatility (5.52%) compared to GLD (5.51%). In terms of maximum drawdown, GLD dropped -45.56% vs OUNZ's -21.77%.

Which ETF is better, GLD or OUNZ?

On 10-year performance, OUNZ leads with 13.22% vs 13.12% for GLD. On fees, OUNZ is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or OUNZ?

Over the 10-year period, OUNZ has performed better with a 13.22% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or OUNZ?

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

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

GLD and OUNZ have nearly identical dividend yields, around 0.00%.

What is the main difference between GLD and OUNZ?

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

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (1.23 vs 1.21), 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.