IAU vs. OUNZ
IAU (iShares Gold Trust) and OUNZ (VanEck Merk Gold ETF) are both Gold funds - IAU tracks the LBMA Gold Price while OUNZ tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, IAU returned 11.76%/yr vs 11.69%/yr for OUNZ. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.
Performance
IAU vs. OUNZ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IAU having a -4.73% return and OUNZ slightly higher at -4.70%. Both investments have delivered pretty close results over the past 10 years, with IAU having a 11.76% annualized return and OUNZ not far behind at 11.69%.
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
OUNZ
- 1D
- -1.89%
- 1M
- -8.81%
- YTD
- -4.70%
- 6M
- -8.64%
- 1Y
- 21.44%
- 3Y*
- 28.59%
- 5Y*
- 18.01%
- 10Y*
- 11.69%
IAU vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
OUNZ VanEck Merk Gold ETF | -4.70% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
Correlation
The correlation between IAU 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 16, 2014 | 0.99 |
The correlation between IAU and OUNZ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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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 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.
| IAU | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.88 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.37 | 2.38 | 0.00 |
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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 -24.36%. 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% | -24.36% | -20.78% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -24.36% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.36% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -24.36% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -24.36% | -0.04% |
Current DrawdownCurrent decline from peak | -23.87% | -23.82% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -7.63% | -8.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 9.05% | +0.02% |
Volatility
IAU vs. OUNZ - Volatility Comparison
iShares Gold Trust (IAU) and VanEck Merk Gold ETF (OUNZ) have volatilities of 8.10% and 8.13%, 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 | 8.10% | 8.13% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 24.19% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.38% | 27.36% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 18.15% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 16.05% | -0.07% |
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%.
Dividends
IAU vs. OUNZ - Dividend Comparison
Neither IAU nor OUNZ has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, IAU 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.
OUNZ has higher volatility (8.13%) compared to IAU (8.10%). In terms of maximum drawdown, IAU dropped -45.14% vs OUNZ's -24.36%.
On 10-year performance, IAU leads with 11.76% vs 11.69% for OUNZ. Both ETFs have the same 0.25% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.76% return vs 11.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU and OUNZ have the same expense ratio: 0.25% per year.
IAU and OUNZ have nearly identical dividend yields, around 0.00%.
IAU tracks LBMA Gold Price, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: iShares and VanEck.
OUNZ currently has the higher Sharpe Ratio (0.79 vs 0.79), 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.
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