OUNZ vs. GC=F

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Merk Gold Trust (OUNZ) and Gold (GC=F).

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.

Performance

OUNZ vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and Gold (GC=F). The values are adjusted to include any dividend payments, if applicable.

OUNZ vs. GC=F - 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%
GC=F Gold	10.61%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Returns By Period

The year-to-date returns for both investments are quite close, with OUNZ having a 10.51% return and GC=F slightly higher at 10.61%. Both investments have delivered pretty close results over the past 10 years, with OUNZ having a 14.20% annualized return and GC=F not far ahead at 14.62%.

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%

GC=F

• 1D: 2.95%
• 1M: -9.63%
• YTD: 10.61%
• 6M: 23.71%
• 1Y: 53.41%
• 3Y*: 34.44%
• 5Y*: 22.61%
• 10Y*: 14.62%

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

Return for Risk

OUNZ vs. GC=F — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 86
OUNZ Sharpe Ratio Rank: 88
OUNZ Sortino Ratio Rank: 85
OUNZ Omega Ratio Rank: 85
OUNZ Calmar Ratio Rank: 86
OUNZ Martin Ratio Rank: 84

GC=F

GC=F Risk / Return Rank: 91
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 94
GC=F Calmar Ratio Rank: 71
GC=F Martin Ratio Rank: 92

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. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Gold (GC=F). 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	GC=F	Difference
Sharpe ratio Return per unit of total volatility	1.91	1.85	+0.06
Sortino ratio Return per unit of downside risk	2.33	2.26	+0.08
Omega ratio Gain probability vs. loss probability	1.35	1.34	0.00
Calmar ratio Return relative to maximum drawdown	2.72	2.74	-0.01
Martin ratio Return relative to average drawdown	9.98	10.15	-0.17
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. GC=F - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.91, which is comparable to the GC=F Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of OUNZ and GC=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OUNZ	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.85	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	1.25	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.89	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.64	+0.07

Correlation

The correlation between OUNZ and GC=F is 0.87, 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.

Drawdowns

OUNZ vs. GC=F - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum GC=F drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for OUNZ and GC=F.

Drawdown Indicators

	OUNZ	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-44.36%	+22.59%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-17.73%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-20.43%	-0.58%
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	-20.87%	-0.89%
Current Drawdown Current decline from peak	-11.66%	-10.04%	-1.62%
Average Drawdown Average peak-to-trough decline	-7.48%	-13.03%	+5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.22%	4.78%	+0.44%

Volatility

OUNZ vs. GC=F - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 10.39%, while Gold (GC=F) has a volatility of 11.29%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	11.29%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	24.13%	24.59%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	27.61%	27.77%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	17.96%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	16.36%	-0.47%