OUNZ vs. GDE

Last updated Jun 3, 2026

OUNZ (VanEck Merk Gold Trust) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while GDE is a Gold fund actively managed by WisdomTree. OUNZ is passively managed, while GDE is actively managed. Over the past 3 years, OUNZ returned 31.70%/yr vs 47.34%/yr for GDE. A 0.73 correlation means they provide meaningful diversification when combined. OUNZ charges 0.25%/yr vs 0.20%/yr for GDE.

Performance

OUNZ vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a 4.03% return, which is significantly lower than GDE's 11.30% return.

OUNZ

• 1D: 0.19%
• 1M: -2.62%
• YTD: 4.03%
• 6M: 6.46%
• 1Y: 32.40%
• 3Y*: 31.70%
• 5Y*: 18.81%
• 10Y*: 13.33%

GDE

• 1D: 0.07%
• 1M: 1.24%
• YTD: 11.30%
• 6M: 13.79%
• 1Y: 54.85%
• 3Y*: 47.34%
• 5Y*: —
• 10Y*: —

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

OUNZ vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OUNZ VanEck Merk Gold Trust	4.03%	63.95%	26.75%	12.83%	-6.00%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	11.30%	73.76%	44.79%	33.85%	-18.67%

Correlation

The correlation between OUNZ and GDE is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.73

The correlation between OUNZ and GDE shifts across timeframes, from 0.73 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

OUNZ vs. GDE — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 34
OUNZ Sharpe Ratio Rank: 34
OUNZ Sortino Ratio Rank: 30
OUNZ Omega Ratio Rank: 37
OUNZ Calmar Ratio Rank: 37
OUNZ Martin Ratio Rank: 31

GDE

GDE Risk / Return Rank: 52
GDE Sharpe Ratio Rank: 57
GDE Sortino Ratio Rank: 48
GDE Omega Ratio Rank: 57
GDE Calmar Ratio Rank: 52
GDE Martin Ratio Rank: 48

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. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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	GDE	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.94	-0.71
Sortino ratio Return per unit of downside risk	1.63	2.38	-0.75
Omega ratio Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio Return relative to maximum drawdown	1.87	2.61	-0.74
Martin ratio Return relative to average drawdown	4.71	8.19	-3.48
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. GDE - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.23, which is lower than the GDE Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of OUNZ and GDE, 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	GDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.94	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	1.17	-0.50

Drawdowns

OUNZ vs. GDE - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum GDE drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for OUNZ and GDE.

Drawdown Indicators

	OUNZ	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-32.01%	+10.24%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-22.66%	+3.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-22.66%	+3.52%
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	-16.84%	-9.95%	-6.89%
Average Drawdown Average peak-to-trough decline	-7.57%	-7.88%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	7.22%	+0.39%

Volatility

OUNZ vs. GDE - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 5.77%, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) has a volatility of 6.82%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	6.82%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	22.96%	24.19%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	26.50%	28.46%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	26.12%	-8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	26.12%	-10.16%

OUNZ vs. GDE - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is higher than GDE's 0.20% 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%.

Dividends

OUNZ vs. GDE - Dividend Comparison

OUNZ has not paid dividends to shareholders, while GDE's dividend yield for the trailing twelve months is around 3.88%.

Position	TTM	2025	2024	2023	2022
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	3.88%	4.32%	7.14%	2.22%	0.81%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and GDE in my portfolio?

OUNZ and GDE have a correlation of 0.85, 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 GDE?

GDE has higher volatility (6.82%) compared to OUNZ (5.77%). In terms of maximum drawdown, OUNZ dropped -21.77% vs GDE's -32.01%.

Which ETF is better, OUNZ or GDE?

On 3-year performance, GDE leads with 47.34% vs 31.70% for OUNZ. On fees, GDE is cheaper at 0.20% per year. On volatility, OUNZ has been the lower-risk option at 5.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or GDE?

Over the 3-year period, GDE has performed better with a 47.34% return vs 31.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or GDE?

GDE is cheaper with a 0.20% expense ratio, compared with 0.25% for OUNZ.

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

GDE has the higher dividend yield at 3.88%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and GDE?

OUNZ is categorized as Precious Metals, while GDE is Gold. They also come from different issuers: Merk and WisdomTree. Their fees differ too: 0.25% for OUNZ and 0.20% for GDE.

Which has better risk-adjusted returns?

GDE currently has the higher Sharpe Ratio (1.94 vs 1.23), 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.