GOLD.AS vs. OUNZ
GOLD.AS (Amundi Physical Gold ETC C) and OUNZ (VanEck Merk Gold ETF) are both exchange-traded funds - GOLD.AS is a Precious Metals fund tracking the LMBA Gold Price PM USD, while OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, GOLD.AS returned 17.46%/yr vs 17.45%/yr for OUNZ. A 0.79 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
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Returns By Period
In the year-to-date period, GOLD.AS achieves a -7.16% return, which is significantly lower than OUNZ's -6.68% return.
GOLD.AS
- 1D
- 0.00%
- 1M
- -11.07%
- YTD
- -7.16%
- 6M
- -10.84%
- 1Y
- 20.41%
- 3Y*
- 27.48%
- 5Y*
- 17.46%
- 10Y*
- —
OUNZ
- 1D
- 0.94%
- 1M
- -10.70%
- YTD
- -6.68%
- 6M
- -10.23%
- 1Y
- 20.52%
- 3Y*
- 27.61%
- 5Y*
- 17.45%
- 10Y*
- 11.40%
GOLD.AS vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GOLD.AS Amundi Physical Gold ETC C | -7.16% | 64.94% | 26.36% | 13.35% | -0.13% | -4.09% | 24.31% | 18.40% |
OUNZ VanEck Merk Gold ETF | -6.68% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.99% |
Correlation
The correlation between GOLD.AS and OUNZ is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since May 23, 2019 | 0.79 |
The correlation between GOLD.AS and OUNZ has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.
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Return for Risk
GOLD.AS vs. OUNZ — Risk / Return Rank
GOLD.AS
OUNZ
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 ETF (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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GOLD.AS | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.16 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 0.79 | +0.04 |
| Martin ratioReturn relative to average drawdown | 2.41 | 2.20 | +0.20 |
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Drawdowns
GOLD.AS vs. OUNZ - Drawdown Comparison
The maximum GOLD.AS drawdown since its inception was -24.41%, smaller than the maximum OUNZ drawdown of -26.09%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and OUNZ.
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Drawdown Indicators
| GOLD.AS | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.41% | -26.09% | +1.68% |
Max Drawdown (1Y)Largest decline over 1 year | -24.41% | -26.09% | +1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -24.41% | -26.09% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -24.41% | -26.09% | +1.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.09% | — |
Current DrawdownCurrent decline from peak | -24.41% | -25.40% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -6.41% | -7.64% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 9.33% | -0.89% |
Volatility
GOLD.AS vs. OUNZ - Volatility Comparison
Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 9.08% compared to VanEck Merk Gold ETF (OUNZ) at 8.64%. 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.
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Volatility by Period
| GOLD.AS | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | 8.64% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 23.34% | 24.28% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.21% | 27.49% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.52% | 18.21% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 16.08% | +1.15% |
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.
Frequently Asked Questions
GOLD.AS and OUNZ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GOLD.AS is cheaper with a 0.12% expense ratio, compared with 0.25% for OUNZ.
GOLD.AS is categorized as Precious Metals, while OUNZ is Gold. GOLD.AS tracks LMBA Gold Price PM USD, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Amundi and VanEck. Their fees differ too: 0.12% for GOLD.AS and 0.25% for OUNZ.
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