GOLD.AS vs. OUNZ

Last updated Jun 4, 2026

GOLD.AS (Amundi Physical Gold ETC C) and OUNZ (VanEck Merk Gold Trust) are both Precious Metals funds - GOLD.AS tracks the LMBA Gold Price PM USD while OUNZ tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, GOLD.AS returned 18.45%/yr vs 18.34%/yr for OUNZ. A 0.80 correlation means they provide meaningful diversification when combined. GOLD.AS charges 0.12%/yr vs 0.25%/yr for OUNZ.

Performance

GOLD.AS vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Physical Gold ETC C (GOLD.AS) 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 GOLD.AS having a 2.90% return and OUNZ slightly higher at 3.01%.

GOLD.AS

• 1D: -1.46%
• 1M: -2.12%
• YTD: 2.90%
• 6M: 5.08%
• 1Y: 32.45%
• 3Y*: 31.11%
• 5Y*: 18.45%
• 10Y*: —

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)

GOLD.AS vs. OUNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GOLD.AS Amundi Physical Gold ETC C	2.90%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
OUNZ VanEck Merk Gold Trust	3.01%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.06%

Correlation

The correlation between GOLD.AS and OUNZ is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.80

The correlation between GOLD.AS and OUNZ has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

GOLD.AS vs. OUNZ — Risk / Return Rank

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

GOLD.AS

GOLD.AS Risk / Return Rank: 34
GOLD.AS Sharpe Ratio Rank: 35
GOLD.AS Sortino Ratio Rank: 31
GOLD.AS Omega Ratio Rank: 37
GOLD.AS Calmar Ratio Rank: 36
GOLD.AS Martin Ratio Rank: 32

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.

GOLD.AS vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) 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.

	GOLD.AS	OUNZ	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.23	+0.05
Sortino ratio: Return per unit of downside risk	1.70	1.62	+0.08
Omega ratio: Gain probability vs. loss probability	1.25	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.80	1.69	+0.10
Martin ratio: Return relative to average drawdown	4.78	4.20	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOLD.AS vs. OUNZ - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 1.28, which is comparable to the OUNZ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GOLD.AS 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

	GOLD.AS	OUNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.23	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	1.03	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.66	+0.45

Drawdowns

GOLD.AS vs. OUNZ - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -21.14%, roughly equal to the maximum OUNZ drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and OUNZ.

Drawdown Indicators

	GOLD.AS	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-21.77%	+0.63%
Max Drawdown (1Y) Largest decline over 1 year	-17.83%	-19.14%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-17.83%	-19.14%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	-21.01%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.76%	—
Current Drawdown Current decline from peak	-16.22%	-17.65%	+1.43%
Average Drawdown Average peak-to-trough decline	-6.29%	-7.57%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	7.69%	-0.95%

Volatility

GOLD.AS vs. OUNZ - Volatility Comparison

Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 6.67% compared to VanEck Merk Gold Trust (OUNZ) at 5.52%. This indicates that GOLD.AS'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.

Volatility by Period

	GOLD.AS	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	5.52%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	22.08%	22.98%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	25.04%	26.40%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	17.91%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	15.96%	+1.06%

GOLD.AS vs. OUNZ - Expense Ratio Comparison

GOLD.AS has a 0.12% expense ratio, which is lower than OUNZ's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GOLD.AS vs. OUNZ - Dividend Comparison

Neither GOLD.AS nor OUNZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GOLD.AS and OUNZ in my portfolio?

GOLD.AS and OUNZ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GOLD.AS or OUNZ?

On fees, GOLD.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GOLD.AS or OUNZ?

GOLD.AS is cheaper with a 0.12% expense ratio, compared with 0.25% for OUNZ.

What is the main difference between GOLD.AS and OUNZ?

GOLD.AS tracks LMBA Gold Price PM USD, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Amundi and Merk. Their fees differ too: 0.12% for GOLD.AS and 0.25% for OUNZ.