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OUNZ vs. BNDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OUNZ vs. BNDX

Last updated Jun 13, 2026

OUNZ (VanEck Merk Gold Trust) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, OUNZ returned 12.24%/yr vs 1.72%/yr for BNDX. At a 0.27 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.07%/yr for BNDX.

Performance

OUNZ vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, OUNZ achieves a -2.41% return, which is significantly lower than BNDX's 1.02% return. Over the past 10 years, OUNZ has outperformed BNDX with an annualized return of 12.24%, while BNDX has yielded a comparatively lower 1.72% annualized return.

OUNZ

1D
0.07%
1M
-10.22%
YTD
-2.41%
6M
-2.20%
1Y
23.98%
3Y*
29.06%
5Y*
17.23%
10Y*
12.24%

BNDX

1D
0.17%
1M
0.99%
YTD
1.02%
6M
1.22%
1Y
1.94%
3Y*
4.32%
5Y*
0.32%
10Y*
1.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

OUNZ vs. BNDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
OUNZ
VanEck Merk Gold Trust		-2.41%63.95%26.75%12.83%-0.51%-4.00%24.71%18.00%-2.06%12.82%
BNDX
Vanguard Total International Bond ETF		1.02%2.86%3.57%8.77%-12.76%-2.29%4.65%7.87%2.81%2.40%

Correlation

The correlation between OUNZ and BNDX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.29

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since May 16, 2014

0.27

OUNZ vs. BNDX - Sectors Allocation Comparison

Sectors
OUNZ
BNDX

Real Estate

100.0%
0.0%

Basic Materials

-

-

Communication Services

-

0.0%

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

0.0%

Financial Services

-

0.0%

Healthcare

-

0.0%

Industrials

-

0.0%

Technology

-

-

Utilities

-

0.0%

Real Estate

OUNZ
100.0%
BNDX
0.0%

Basic Materials

OUNZ

-

BNDX

-

Communication Services

OUNZ

-

BNDX
0.0%

Consumer Cyclical

OUNZ

-

BNDX

-

Consumer Defensive

OUNZ

-

BNDX

-

Energy

OUNZ

-

BNDX
0.0%

Financial Services

OUNZ

-

BNDX
0.0%

Healthcare

OUNZ

-

BNDX
0.0%

Industrials

OUNZ

-

BNDX
0.0%

Technology

OUNZ

-

BNDX

-

Utilities

OUNZ

-

BNDX
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Merk Gold Trust

Vanguard Total International Bond ETF

Often compared with OUNZ:
OUNZ vs. GLDOUNZ vs. IAUOUNZ vs. GLDMOUNZ vs. IAUMOUNZ vs. GDXOUNZ vs. FGDLOUNZ vs. SGOL
Often compared with BNDX:
BNDX vs. BNDBNDX vs. BNDWBNDX vs. VTABXBNDX vs. IAGGBNDX vs. FBIIXBNDX vs. IGOVBNDX vs. VWOB

Return for Risk

OUNZ vs. BNDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OUNZ
OUNZ Risk / Return Rank: 2626
Overall Rank
OUNZ Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
OUNZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
OUNZ Omega Ratio Rank: 3131
Omega Ratio Rank
OUNZ Calmar Ratio Rank: 2424
Calmar Ratio Rank
OUNZ Martin Ratio Rank: 2424
Martin Ratio Rank
BNDX
BNDX Risk / Return Rank: 1818
Overall Rank
BNDX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
BNDX Sortino Ratio Rank: 1818
Sortino Ratio Rank
BNDX Omega Ratio Rank: 1818
Omega Ratio Rank
BNDX Calmar Ratio Rank: 1818
Calmar Ratio Rank
BNDX Martin Ratio Rank: 1919
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OUNZ vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Vanguard Total International Bond ETF (BNDX). 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.

OUNZBNDXDifference
Sharpe ratioReturn per unit of total volatility
0.89
0.56

+0.33

Sortino ratioReturn per unit of downside risk
1.25
0.82

+0.43

Omega ratioGain probability vs. loss probability

1.19

1.10

+0.08

Calmar ratioReturn relative to maximum drawdown

0.99

0.66

+0.33

Martin ratioReturn relative to average drawdown

2.85

1.84

+1.00

OUNZ vs. BNDX - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.89, which is higher than the BNDX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of OUNZ and BNDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

OUNZ vs. BNDX - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -24.36%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for OUNZ and BNDX.

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Drawdown Indicators

OUNZBNDXDifference

Max Drawdown

Largest peak-to-trough decline

-24.36%

-16.23%

-8.13%

Max Drawdown (1Y)

Largest decline over 1 year

-24.36%

-2.93%

-21.43%

Max Drawdown (3Y)

Largest decline over 3 years

-24.36%

-2.93%

-21.43%

Max Drawdown (5Y)

Largest decline over 5 years

-24.36%

-15.86%

-8.50%

Max Drawdown (10Y)

Largest decline over 10 years

-24.36%

-16.23%

-8.13%

Current Drawdown

Current decline from peak

-21.99%

-1.02%

-20.97%

Average Drawdown

Average peak-to-trough decline

-7.60%

-3.10%

-4.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.45%

1.05%

+7.40%

Volatility

OUNZ vs. BNDX - Volatility Comparison

VanEck Merk Gold Trust (OUNZ) has a higher volatility of 7.74% compared to Vanguard Total International Bond ETF (BNDX) at 1.49%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

OUNZBNDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.74%

1.49%

+6.25%

Volatility (6M)

Calculated over the trailing 6-month period

23.90%

2.96%

+20.94%

Volatility (1Y)

Calculated over the trailing 1-year period

27.16%

3.47%

+23.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.14%

4.89%

+13.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.08%

4.10%

+11.98%

OUNZ vs. BNDX - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is higher than BNDX's 0.07% 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%.

Dividends

OUNZ vs. BNDX - Dividend Comparison

OUNZ has not paid dividends to shareholders, while BNDX's dividend yield for the trailing twelve months is around 4.47%.

PositionTTM20252024202320222021202020192018201720162015
BNDX
Vanguard Total International Bond ETF		4.47%4.39%4.18%4.42%1.51%3.74%1.11%3.40%3.01%2.23%1.89%1.63%
OUNZ
VanEck Merk Gold Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

OUNZ and BNDX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

OUNZ has higher volatility (7.74%) compared to BNDX (1.49%). In terms of maximum drawdown, OUNZ dropped -24.36% vs BNDX's -16.23%.

On 10-year performance, OUNZ leads with 12.24% vs 1.72% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, OUNZ has performed better with a 12.24% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNDX is cheaper with a 0.07% expense ratio, compared with 0.25% for OUNZ.

BNDX has the higher dividend yield at 4.47%, compared with 0.00% for OUNZ.

OUNZ is categorized as Precious Metals, while BNDX is Global Bonds. OUNZ tracks LBMA Gold Price PM ($/ozt), while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: Merk and Vanguard. Their fees differ too: 0.25% for OUNZ and 0.07% for BNDX.

OUNZ currently has the higher Sharpe Ratio (0.89 vs 0.56), 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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