OUNZ vs. CSHP

Last updated Jun 23, 2026

OUNZ (VanEck Merk Gold ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while CSHP is a Ultrashort Bond fund actively managed by iShares. OUNZ is passively managed, while CSHP is actively managed. Over the past year, OUNZ returned 24.20% vs 3.96% for CSHP. At a correlation of -0.00, they often move in opposite directions. OUNZ charges 0.25%/yr vs 0.20%/yr for CSHP.

Performance

OUNZ vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold ETF (OUNZ) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a -2.87% return, which is significantly lower than CSHP's 1.86% return.

OUNZ

• 1D: -0.64%
• 1M: -7.06%
• YTD: -2.87%
• 6M: -5.69%
• 1Y: 24.20%
• 3Y*: 29.41%
• 5Y*: 18.44%
• 10Y*: 11.90%

CSHP

• 1D: -0.01%
• 1M: 0.30%
• YTD: 1.86%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

OUNZ vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OUNZ VanEck Merk Gold ETF	-2.87%	63.95%	6.62%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.86%	4.10%	2.24%

Correlation

The correlation between OUNZ and CSHP is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	-0.00

Return for Risk

OUNZ vs. CSHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OUNZ

OUNZ Risk / Return Rank: 24
OUNZ Sharpe Ratio Rank: 26
OUNZ Sortino Ratio Rank: 23
OUNZ Omega Ratio Rank: 28
OUNZ Calmar Ratio Rank: 22
OUNZ Martin Ratio Rank: 22

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

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. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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.

	OUNZ	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	0.89	11.22	-10.33
Sortino ratio: Return per unit of downside risk	1.25	28.31	-27.05
Omega ratio: Gain probability vs. loss probability	1.19	6.67	-5.49
Calmar ratio: Return relative to maximum drawdown	1.00	65.84	-64.85
Martin ratio: Return relative to average drawdown	2.72	395.75	-393.03

OUNZ vs. CSHP - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.89, which is lower than the CSHP Sharpe Ratio of 11.22. The chart below compares the historical Sharpe Ratios of OUNZ and CSHP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OUNZ vs. CSHP - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -24.36%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for OUNZ and CSHP.

Drawdown Indicators

	OUNZ	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-24.36%	-0.08%	-24.28%
Max Drawdown (1Y) Largest decline over 1 year	-24.36%	-0.06%	-24.30%
Max Drawdown (3Y) Largest decline over 3 years	-24.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.36%	—	—
Current Drawdown Current decline from peak	-22.35%	-0.01%	-22.34%
Average Drawdown Average peak-to-trough decline	-7.62%	-0.00%	-7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	0.01%	+8.91%

Volatility

OUNZ vs. CSHP - Volatility Comparison

VanEck Merk Gold ETF (OUNZ) has a higher volatility of 7.99% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.99%	0.15%	+7.84%
Volatility (6M) Calculated over the trailing 6-month period	24.12%	0.27%	+23.85%
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	0.36%	+26.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	0.41%	+17.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	0.41%	+15.70%

OUNZ vs. CSHP - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is higher than CSHP's 0.20% 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. CSHP - Dividend Comparison

OUNZ has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%
OUNZ VanEck Merk Gold ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and CSHP in my portfolio?

OUNZ and CSHP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUNZ or CSHP?

OUNZ has higher volatility (7.99%) compared to CSHP (0.15%). In terms of maximum drawdown, OUNZ dropped -24.36% vs CSHP's -0.08%.

Which ETF is better, OUNZ or CSHP?

On 1-year performance, OUNZ leads with 24.20% vs 3.96% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or CSHP?

Over the 1-year period, OUNZ has performed better with a 24.20% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.25% for OUNZ.

Which ETF pays a higher dividend yield, OUNZ or CSHP?

CSHP has the higher dividend yield at 3.91%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and CSHP?

OUNZ is categorized as Gold, while CSHP is Ultrashort Bond. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.25% for OUNZ and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.22 vs 0.89), 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.