OUNZ vs. AAAU
Compare and contrast key facts about VanEck Merk Gold Trust (OUNZ) and Goldman Sachs Physical Gold ETF (AAAU).
OUNZ and AAAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018. Both OUNZ and AAAU 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
OUNZ vs. AAAU - Performance Comparison
Loading graphics...
OUNZ vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 10.51% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | 8.96% |
AAAU Goldman Sachs Physical Gold ETF | 10.48% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
Returns By Period
The year-to-date returns for both stocks are quite close, with OUNZ having a 10.51% return and AAAU slightly lower at 10.48%.
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%
AAAU
- 1D
- 1.78%
- 1M
- -10.64%
- YTD
- 10.48%
- 6M
- 23.10%
- 1Y
- 52.53%
- 3Y*
- 33.97%
- 5Y*
- 22.27%
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
OUNZ vs. AAAU - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is higher than AAAU's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
OUNZ vs. AAAU — Risk / Return Rank
OUNZ
AAAU
OUNZ vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Goldman Sachs Physical Gold ETF (AAAU). 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.
| OUNZ | AAAU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.91 | 1.92 | -0.01 |
Sortino ratioReturn per unit of downside risk | 2.33 | 2.35 | -0.02 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.35 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.73 | -0.01 |
Martin ratioReturn relative to average drawdown | 9.98 | 10.02 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| OUNZ | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.91 | 1.92 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.26 | 1.27 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.90 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 1.18 | -0.47 |
Correlation
The correlation between OUNZ and AAAU 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
OUNZ vs. AAAU - Dividend Comparison
Neither OUNZ nor AAAU has paid dividends to shareholders.
Drawdowns
OUNZ vs. AAAU - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -21.77%, roughly equal to the maximum AAAU drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for OUNZ and AAAU.
Loading graphics...
Drawdown Indicators
| OUNZ | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -21.63% | -0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -19.13% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -20.94% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -21.76% | — | — |
Current DrawdownCurrent decline from peak | -11.66% | -11.65% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -6.01% | -1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.22% | 5.21% | +0.01% |
Volatility
OUNZ vs. AAAU - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 10.39% and 10.43%, 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.
Loading graphics...
Volatility by Period
| OUNZ | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.39% | 10.43% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 24.13% | 24.06% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 27.50% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.66% | 17.58% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.89% | 16.92% | -1.03% |