OUNZ vs. GBSP.L
Compare and contrast key facts about VanEck Merk Gold Trust (OUNZ) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L).
OUNZ and GBSP.L 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. GBSP.L is a passively managed fund by WisdomTree that tracks the performance of the Gold (GBP Hedged). It was launched on Mar 18, 2013. Both OUNZ and GBSP.L 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. GBSP.L - Performance Comparison
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OUNZ vs. GBSP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 10.51% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 9.16% | 75.62% | 22.93% | 17.64% | -12.23% | -5.78% | 25.57% | 19.16% | -9.95% | 18.76% |
Different Trading Currencies
OUNZ is traded in USD, while GBSP.L is traded in GBp. To make them comparable, the GBSP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, OUNZ achieves a 10.51% return, which is significantly higher than GBSP.L's 9.16% return. Over the past 10 years, OUNZ has outperformed GBSP.L with an annualized return of 14.20%, while GBSP.L has yielded a comparatively lower 11.43% annualized return.
OUNZ
- 1D
- 1.75%
- 1M
- -10.64%
- YTD
- 10.51%
- 6M
- 23.09%
- 1Y
- 52.39%
- 3Y*
- 33.89%
- 5Y*
- 22.16%
- 10Y*
- 14.20%
GBSP.L
- 1D
- 4.16%
- 1M
- -10.75%
- YTD
- 9.16%
- 6M
- 21.28%
- 1Y
- 55.16%
- 3Y*
- 36.00%
- 5Y*
- 20.01%
- 10Y*
- 11.43%
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OUNZ vs. GBSP.L - Expense Ratio Comparison
Both OUNZ and GBSP.L 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%.
Return for Risk
OUNZ vs. GBSP.L — Risk / Return Rank
OUNZ
GBSP.L
OUNZ vs. GBSP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L). 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 | GBSP.L | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.91 | 1.87 | +0.04 |
Sortino ratioReturn per unit of downside risk | 2.33 | 2.36 | -0.03 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.32 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.70 | +0.02 |
Martin ratioReturn relative to average drawdown | 9.98 | 9.65 | +0.33 |
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 | GBSP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.91 | 1.87 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.26 | 0.94 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.90 | 0.58 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.28 | +0.43 |
Correlation
The correlation between OUNZ and GBSP.L is 0.73, 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. GBSP.L - Dividend Comparison
Neither OUNZ nor GBSP.L has paid dividends to shareholders.
Drawdowns
OUNZ vs. GBSP.L - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum GBSP.L drawdown of -46.33%. Use the drawdown chart below to compare losses from any high point for OUNZ and GBSP.L.
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Drawdown Indicators
| OUNZ | GBSP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -37.30% | +15.53% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -17.53% | -1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -22.05% | +1.04% |
Max Drawdown (10Y)Largest decline over 10 years | -21.76% | -22.99% | +1.23% |
Current DrawdownCurrent decline from peak | -11.66% | -10.08% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -17.58% | +10.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.22% | 4.63% | +0.59% |
Volatility
OUNZ vs. GBSP.L - Volatility Comparison
The current volatility for VanEck Merk Gold Trust (OUNZ) is 10.39%, while WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) has a volatility of 11.36%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than GBSP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | GBSP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.39% | 11.36% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 24.13% | 23.60% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 29.39% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.66% | 21.23% | -3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.89% | 19.72% | -3.83% |