OUNZ vs. FBTC

Last updated Jun 4, 2026

OUNZ (VanEck Merk Gold Trust) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, OUNZ returned 32.21% vs -38.65% for FBTC. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

OUNZ vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and Fidelity Wise Origin Bitcoin Fund (FBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a 3.01% return, which is significantly higher than FBTC's -25.34% return.

OUNZ

• 1D: -0.97%
• 1M: -1.63%
• YTD: 3.01%
• 6M: 5.51%
• 1Y: 32.21%
• 3Y*: 31.27%
• 5Y*: 18.34%
• 10Y*: 13.22%

FBTC

• 1D: -2.65%
• 1M: -18.37%
• YTD: -25.34%
• 6M: -29.78%
• 1Y: -38.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OUNZ VanEck Merk Gold Trust	3.01%	63.95%	28.95%
FBTC Fidelity Wise Origin Bitcoin Fund	-25.34%	-6.56%	99.56%

Correlation

The correlation between OUNZ and FBTC is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.14

Return for Risk

OUNZ vs. FBTC — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 32
OUNZ Sharpe Ratio Rank: 33
OUNZ Sortino Ratio Rank: 29
OUNZ Omega Ratio Rank: 36
OUNZ Calmar Ratio Rank: 33
OUNZ Martin Ratio Rank: 29

FBTC

FBTC Risk / Return Rank: 2
FBTC Sharpe Ratio Rank: 2
FBTC Sortino Ratio Rank: 2
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 2

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. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Fidelity Wise Origin Bitcoin Fund (FBTC). 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	FBTC	Difference
Sharpe ratio Return per unit of total volatility	1.23	-0.89	+2.12
Sortino ratio Return per unit of downside risk	1.62	-1.23	+2.85
Omega ratio Gain probability vs. loss probability	1.24	0.86	+0.38
Calmar ratio Return relative to maximum drawdown	1.69	-0.79	+2.48
Martin ratio Return relative to average drawdown	4.20	-1.36	+5.56
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. FBTC - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.23, which is higher than the FBTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of OUNZ and FBTC, 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	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	-0.89	+2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.30	+0.36

Drawdowns

OUNZ vs. FBTC - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum FBTC drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for OUNZ and FBTC.

Drawdown Indicators

	OUNZ	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-49.33%	+27.56%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-49.33%	+30.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	—	—
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	-17.65%	-48.00%	+30.35%
Average Drawdown Average peak-to-trough decline	-7.57%	-16.01%	+8.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.69%	28.41%	-20.72%

Volatility

OUNZ vs. FBTC - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 5.52%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 9.39%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	9.39%	-3.87%
Volatility (6M) Calculated over the trailing 6-month period	22.98%	34.38%	-11.40%
Volatility (1Y) Calculated over the trailing 1-year period	26.40%	43.61%	-17.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	50.13%	-32.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	50.13%	-34.17%

OUNZ vs. FBTC - Expense Ratio Comparison

Both OUNZ and FBTC 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

OUNZ vs. FBTC - Dividend Comparison

Neither OUNZ nor FBTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OUNZ and FBTC in my portfolio?

OUNZ and FBTC have a correlation of 0.19, 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 FBTC?

FBTC has higher volatility (9.39%) compared to OUNZ (5.52%). In terms of maximum drawdown, OUNZ dropped -21.77% vs FBTC's -49.33%.

Which ETF is better, OUNZ or FBTC?

On 1-year performance, OUNZ leads with 32.21% vs -38.65% for FBTC. Both ETFs have the same 0.25% expense ratio. On volatility, OUNZ has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or FBTC?

Over the 1-year period, OUNZ has performed better with a 32.21% return vs -38.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or FBTC?

OUNZ and FBTC have the same expense ratio: 0.25% per year.

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

OUNZ and FBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between OUNZ and FBTC?

OUNZ is categorized as Precious Metals, while FBTC is Cryptocurrency. OUNZ tracks LBMA Gold Price PM ($/ozt), while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: Merk and Fidelity.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (1.23 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.