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 17.17%/yr vs 17.02%/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
The year-to-date returns for both stocks are quite close, with GOLD.AS having a -7.09% return and OUNZ slightly lower at -7.16%.
GOLD.AS
- 1D
- 0.00%
- 1M
- -3.39%
- 6M
- -14.19%
- YTD
- -7.09%
- 1Y
- 19.46%
- 3Y*
- 26.76%
- 5Y*
- 17.17%
- 10Y*
- —
- ALL TIME*
- 17.09%
OUNZ
- 1D
- -0.23%
- 1M
- -5.03%
- 6M
- -12.66%
- YTD
- -7.16%
- 1Y
- 19.37%
- 3Y*
- 26.53%
- 5Y*
- 17.02%
- 10Y*
- 11.37%
- ALL TIME*
- 9.39%
GOLD.AS vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GOLD.AS Amundi Physical Gold ETC C | -7.09% | 64.94% | 26.36% | 13.35% | -0.13% | -4.09% | 24.31% | 18.40% |
OUNZ VanEck Merk Gold ETF | -7.16% | 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 | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.74 | +0.05 |
| Martin ratioReturn relative to average drawdown | 1.87 | 1.73 | +0.14 |
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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 -26.31%. 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% | -26.31% | +1.90% |
Max Drawdown (1Y)Largest decline over 1 year | -24.41% | -26.31% | +1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -24.41% | -26.31% | +1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -24.41% | -26.31% | +1.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.31% | — |
Current DrawdownCurrent decline from peak | -24.36% | -25.79% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -7.73% | +1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.35% | 11.23% | -0.88% |
Volatility
GOLD.AS vs. OUNZ - Volatility Comparison
Amundi Physical Gold ETC C (GOLD.AS) and VanEck Merk Gold ETF (OUNZ) have volatilities of 6.72% and 6.41%, 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.
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Volatility by Period
| GOLD.AS | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 6.41% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 23.20% | 23.99% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 27.86% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.68% | 18.33% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.28% | 16.12% | +1.16% |
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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