OUNZ vs. FGDL
Compare and contrast key facts about VanEck Merk Gold Trust (OUNZ) and Franklin Responsibly Sourced Gold ETF (FGDL).
OUNZ and FGDL 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 ($/ozt). It was launched on May 16, 2014. FGDL is a passively managed fund by Franklin Templeton that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on Jun 30, 2022. Both OUNZ and FGDL 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. FGDL - Performance Comparison
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OUNZ vs. FGDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 8.61% | 63.95% | 26.75% | 12.83% | 0.91% |
FGDL Franklin Responsibly Sourced Gold ETF | 7.93% | 64.15% | 27.31% | 12.92% | 0.91% |
Returns By Period
In the year-to-date period, OUNZ achieves a 8.61% return, which is significantly higher than FGDL's 7.93% return.
OUNZ
- 1D
- 3.75%
- 1M
- -11.06%
- YTD
- 8.61%
- 6M
- 21.13%
- 1Y
- 49.47%
- 3Y*
- 33.11%
- 5Y*
- 21.74%
- 10Y*
- 14.00%
FGDL
- 1D
- 3.39%
- 1M
- -11.22%
- YTD
- 7.93%
- 6M
- 20.34%
- 1Y
- 48.63%
- 3Y*
- 33.11%
- 5Y*
- —
- 10Y*
- —
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OUNZ vs. FGDL - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is higher than FGDL's 0.15% 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. FGDL — Risk / Return Rank
OUNZ
FGDL
OUNZ vs. FGDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Franklin Responsibly Sourced Gold ETF (FGDL). 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 | FGDL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.80 | 1.75 | +0.06 |
Sortino ratioReturn per unit of downside risk | 2.24 | 2.16 | +0.08 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.32 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.64 | +0.06 |
Martin ratioReturn relative to average drawdown | 9.98 | 9.52 | +0.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OUNZ | FGDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 1.75 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.24 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 1.52 | -0.82 |
Correlation
The correlation between OUNZ and FGDL 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. FGDL - Dividend Comparison
Neither OUNZ nor FGDL has paid dividends to shareholders.
Drawdowns
OUNZ vs. FGDL - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -21.77%, which is greater than FGDL's maximum drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for OUNZ and FGDL.
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Drawdown Indicators
| OUNZ | FGDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -19.23% | -2.54% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -19.23% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.76% | — | — |
Current DrawdownCurrent decline from peak | -13.18% | -13.76% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -3.34% | -4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.17% | 5.33% | -0.16% |
Volatility
OUNZ vs. FGDL - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) and Franklin Responsibly Sourced Gold ETF (FGDL) have volatilities of 10.95% and 10.75%, 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.
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Volatility by Period
| OUNZ | FGDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.95% | 10.75% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 24.37% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.59% | 28.00% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 18.96% | -1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.88% | 18.96% | -3.08% |