OUNZ vs. FXF

Last updated Jul 21, 2026

OUNZ (VanEck Merk Gold ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, OUNZ returned 11.37%/yr vs 1.16%/yr for FXF. At a 0.45 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.40%/yr for FXF.

Performance

OUNZ vs. FXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold ETF (OUNZ) and Invesco CurrencyShares® Swiss Franc Trust (FXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a -7.16% return, which is significantly lower than FXF's -2.51% return. Over the past 10 years, OUNZ has outperformed FXF with an annualized return of 11.37%, while FXF has yielded a comparatively lower 1.16% annualized return.

OUNZ

• 1D: -0.23%
• 1M: -5.03%
• 6M: -12.66%
• YTD: -7.16%
• 1Y: 19.37%
• 3Y*: 26.53%
• 5Y*: 17.02%
• 10Y*: 11.37%
• ALL TIME*: 9.39%

FXF

• 1D: -0.36%
• 1M: -0.69%
• 6M: -1.20%
• YTD: -2.51%
• 1Y: -1.57%
• 3Y*: 1.94%
• 5Y*: 1.98%
• 10Y*: 1.16%
• ALL TIME*: 1.66%

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

OUNZ vs. FXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUNZ VanEck Merk Gold ETF	-7.16%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.00%	-2.06%	12.82%
FXF Invesco CurrencyShares® Swiss Franc Trust	-2.51%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%

Correlation

The correlation between OUNZ and FXF is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since May 16, 2014	0.45

Return for Risk

OUNZ vs. FXF — 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: 24
OUNZ Omega Ratio Rank: 28
OUNZ Calmar Ratio Rank: 22
OUNZ Martin Ratio Rank: 21

FXF

FXF Risk / Return Rank: 7
FXF Sharpe Ratio Rank: 8
FXF Sortino Ratio Rank: 7
FXF Omega Ratio Rank: 7
FXF Calmar Ratio Rank: 8
FXF Martin Ratio Rank: 7

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. FXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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	FXF	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-0.21	+0.91
Sortino ratio: Return per unit of downside risk	1.04	-0.26	+1.30
Omega ratio: Gain probability vs. loss probability	1.15	0.97	+0.18
Calmar ratio: Return relative to maximum drawdown	0.74	-0.24	+0.97
Martin ratio: Return relative to average drawdown	1.73	-0.55	+2.28

OUNZ vs. FXF - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.70, which is higher than the FXF Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of OUNZ and FXF, 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. FXF - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -26.31%, smaller than the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for OUNZ and FXF.

Drawdown Indicators

	OUNZ	FXF	Difference
Max Drawdown Largest peak-to-trough decline	-26.31%	-35.58%	+9.27%
Max Drawdown (1Y) Largest decline over 1 year	-26.31%	-6.72%	-19.59%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-8.52%	-17.79%
Max Drawdown (5Y) Largest decline over 5 years	-26.31%	-11.99%	-14.32%
Max Drawdown (10Y) Largest decline over 10 years	-26.31%	-15.04%	-11.27%
Current Drawdown Current decline from peak	-25.79%	-20.42%	-5.37%
Average Drawdown Average peak-to-trough decline	-7.73%	-20.83%	+13.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.23%	2.88%	+8.35%

Volatility

OUNZ vs. FXF - Volatility Comparison

VanEck Merk Gold ETF (OUNZ) has a higher volatility of 6.41% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.86%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	FXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	1.86%	+4.55%
Volatility (6M) Calculated over the trailing 6-month period	23.99%	5.76%	+18.23%
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	7.44%	+20.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	8.32%	+10.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	7.57%	+8.55%

OUNZ vs. FXF - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than FXF's 0.40% expense ratio.

Dividends

OUNZ vs. FXF - Dividend Comparison

Neither OUNZ nor FXF has paid dividends to shareholders.

Position	TTM	2025	2024	2023
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%
OUNZ VanEck Merk Gold ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and FXF in my portfolio?

OUNZ and FXF have a correlation of 0.46, 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 FXF?

OUNZ has higher volatility (6.41%) compared to FXF (1.86%). In terms of maximum drawdown, OUNZ dropped -26.31% vs FXF's -35.58%.

Which ETF is better, OUNZ or FXF?

On 10-year performance, OUNZ leads with 11.37% vs 1.16% for FXF. On fees, OUNZ is cheaper at 0.25% per year. On volatility, FXF has been the lower-risk option at 1.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or FXF?

Over the 10-year period, OUNZ has performed better with a 11.37% return vs 1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or FXF?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.40% for FXF.

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

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

What is the main difference between OUNZ and FXF?

OUNZ is categorized as Gold, while FXF is Currency. OUNZ tracks LBMA Gold Price PM ($/ozt), while FXF tracks Swiss Franc. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.25% for OUNZ and 0.40% for FXF.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (0.70 vs -0.21), 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.