OUNZ vs. CTA

Last updated Jun 9, 2026

OUNZ (VanEck Merk Gold Trust) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while CTA is a Systematic Trend fund actively managed by Simplify. OUNZ is passively managed, while CTA is actively managed. Over the past 3 years, OUNZ returned 29.90%/yr vs 10.94%/yr for CTA. At a correlation of -0.03, they often move in opposite directions. OUNZ charges 0.25%/yr vs 0.78%/yr for CTA.

Performance

OUNZ vs. CTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and Simplify Managed Futures Strategy ETF (CTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a 0.29% return, which is significantly lower than CTA's 9.63% return.

OUNZ

• 1D: 0.22%
• 1M: -8.43%
• YTD: 0.29%
• 6M: 3.12%
• 1Y: 30.33%
• 3Y*: 29.90%
• 5Y*: 17.72%
• 10Y*: 12.64%

CTA

• 1D: 0.52%
• 1M: -4.51%
• YTD: 9.63%
• 6M: 12.55%
• 1Y: 10.03%
• 3Y*: 10.94%
• 5Y*: —
• 10Y*: —

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

OUNZ vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OUNZ VanEck Merk Gold Trust	0.29%	63.95%	26.75%	12.83%	-11.28%
CTA Simplify Managed Futures Strategy ETF	9.63%	0.88%	24.15%	-2.23%	9.55%

Correlation

The correlation between OUNZ and CTA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	-0.03

The correlation between OUNZ and CTA shifts across timeframes, from -0.03 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

OUNZ vs. CTA - Sectors Allocation Comparison

Sectors	OUNZ	CTA
Real Estate	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-49.1%
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

OUNZ vs. CTA — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 34
OUNZ Sharpe Ratio Rank: 35
OUNZ Sortino Ratio Rank: 31
OUNZ Omega Ratio Rank: 39
OUNZ Calmar Ratio Rank: 34
OUNZ Martin Ratio Rank: 29

CTA

CTA Risk / Return Rank: 19
CTA Sharpe Ratio Rank: 18
CTA Sortino Ratio Rank: 17
CTA Omega Ratio Rank: 18
CTA Calmar Ratio Rank: 22
CTA Martin Ratio Rank: 21

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. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Simplify Managed Futures Strategy ETF (CTA). 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	CTA	Difference
Sharpe ratio: Return per unit of total volatility	1.14	0.50	+0.65
Sortino ratio: Return per unit of downside risk	1.53	0.78	+0.75
Omega ratio: Gain probability vs. loss probability	1.23	1.10	+0.13
Calmar ratio: Return relative to maximum drawdown	1.52	0.92	+0.61
Martin ratio: Return relative to average drawdown	3.82	2.32	+1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUNZ vs. CTA - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.14, which is higher than the CTA Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of OUNZ and CTA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OUNZ	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	0.50	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.58	+0.07

Drawdowns

OUNZ vs. CTA - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, which is greater than CTA's maximum drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for OUNZ and CTA.

Drawdown Indicators

	OUNZ	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-18.07%	-3.70%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-11.00%	-9.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-11.23%	-8.77%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	—	—
Current Drawdown Current decline from peak	-19.83%	-10.05%	-9.78%
Average Drawdown Average peak-to-trough decline	-7.58%	-5.69%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.96%	4.33%	+3.63%

Volatility

OUNZ vs. CTA - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 5.67%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 6.73%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	6.73%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	23.29%	17.43%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	26.66%	20.21%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	16.59%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	16.59%	-0.59%

OUNZ vs. CTA - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than CTA's 0.78% expense ratio.

Dividends

OUNZ vs. CTA - Dividend Comparison

OUNZ has not paid dividends to shareholders, while CTA's dividend yield for the trailing twelve months is around 4.97%.

Position	TTM	2025	2024	2023	2022
CTA Simplify Managed Futures Strategy ETF	4.97%	3.19%	4.80%	7.78%	6.58%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and CTA in my portfolio?

OUNZ and CTA have a correlation of 0.17, 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 CTA?

CTA has higher volatility (6.73%) compared to OUNZ (5.67%). In terms of maximum drawdown, OUNZ dropped -21.77% vs CTA's -18.07%.

Which ETF is better, OUNZ or CTA?

On 3-year performance, OUNZ leads with 29.90% vs 10.94% for CTA. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 5.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or CTA?

Over the 3-year period, OUNZ has performed better with a 29.90% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or CTA?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.78% for CTA.

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

CTA has the higher dividend yield at 4.97%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and CTA?

OUNZ is categorized as Precious Metals, while CTA is Systematic Trend. They also come from different issuers: Merk and Simplify. Their fees differ too: 0.25% for OUNZ and 0.78% for CTA.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (1.14 vs 0.50), 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.