IAU vs. OUNZ
Compare and contrast key facts about iShares Gold Trust (IAU) and VanEck Merk Gold Trust (OUNZ).
IAU and OUNZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005. OUNZ is a passively managed fund by Merk that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on May 16, 2014. Both IAU and OUNZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IAU vs. OUNZ - Performance Comparison
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IAU vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 10.48% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
OUNZ VanEck Merk Gold Trust | 10.51% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
Returns By Period
The year-to-date returns for both investments are quite close, with IAU having a 10.48% return and OUNZ slightly higher at 10.51%. Both investments have delivered pretty close results over the past 10 years, with IAU having a 14.27% annualized return and OUNZ not far behind at 14.20%.
IAU
- 1D
- 1.72%
- 1M
- -10.66%
- YTD
- 10.48%
- 6M
- 23.05%
- 1Y
- 52.36%
- 3Y*
- 33.88%
- 5Y*
- 22.19%
- 10Y*
- 14.27%
OUNZ
- 1D
- 1.75%
- 1M
- -10.64%
- YTD
- 10.51%
- 6M
- 23.09%
- 1Y
- 52.39%
- 3Y*
- 33.89%
- 5Y*
- 22.16%
- 10Y*
- 14.20%
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IAU vs. OUNZ - Expense Ratio Comparison
Both IAU and OUNZ have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
IAU vs. OUNZ — Risk / Return Rank
IAU
OUNZ
IAU vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.
| IAU | OUNZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.90 | 1.91 | 0.00 |
Sortino ratioReturn per unit of downside risk | 2.33 | 2.33 | 0.00 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.35 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.72 | -0.01 |
Martin ratioReturn relative to average drawdown | 9.95 | 9.98 | -0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAU | OUNZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 1.91 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.26 | 1.26 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.90 | 0.90 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.71 | -0.07 |
Correlation
The correlation between IAU and OUNZ is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IAU vs. OUNZ - Dividend Comparison
Neither IAU nor OUNZ has paid dividends to shareholders.
Drawdowns
IAU vs. OUNZ - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for IAU and OUNZ.
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Drawdown Indicators
| IAU | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -21.77% | -23.37% |
Max Drawdown (1Y)Largest decline over 1 year | -19.18% | -19.14% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -20.93% | -21.01% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -21.82% | -21.76% | -0.06% |
Current DrawdownCurrent decline from peak | -11.71% | -11.66% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -15.98% | -7.48% | -8.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.23% | 5.22% | +0.01% |
Volatility
IAU vs. OUNZ - Volatility Comparison
iShares Gold Trust (IAU) and VanEck Merk Gold Trust (OUNZ) have volatilities of 10.44% and 10.39%, 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
| IAU | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.44% | 10.39% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 24.15% | 24.13% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.64% | 27.61% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.70% | 17.66% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.83% | 15.89% | -0.06% |