OUNZ vs. GDX
OUNZ (VanEck Merk Gold ETF) and GDX (VanEck Gold Miners ETF) are both Gold funds from VanEck - OUNZ tracks the LBMA Gold Price PM ($/ozt) while GDX tracks the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, OUNZ returned 11.90%/yr vs 12.89%/yr for GDX. A 0.77 correlation means they provide meaningful diversification when combined. OUNZ charges 0.25%/yr vs 0.51%/yr for GDX.
Performance
OUNZ vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a -2.87% return, which is significantly higher than GDX's -5.05% return. Over the past 10 years, OUNZ has underperformed GDX with an annualized return of 11.90%, while GDX has yielded a comparatively higher 12.89% annualized return.
OUNZ
- 1D
- -0.64%
- 1M
- -7.06%
- YTD
- -2.87%
- 6M
- -5.69%
- 1Y
- 24.20%
- 3Y*
- 29.41%
- 5Y*
- 18.44%
- 10Y*
- 11.90%
GDX
- 1D
- -1.30%
- 1M
- -4.21%
- YTD
- -5.05%
- 6M
- -9.69%
- 1Y
- 56.88%
- 3Y*
- 41.48%
- 5Y*
- 20.52%
- 10Y*
- 12.89%
OUNZ vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -2.87% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
GDX VanEck Gold Miners ETF | -5.05% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between OUNZ and GDX is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.77 |
The correlation between OUNZ and GDX has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
OUNZ vs. GDX — Risk / Return Rank
OUNZ
GDX
OUNZ vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.58 | -0.58 |
| Martin ratioReturn relative to average drawdown | 2.72 | 4.19 | -1.47 |
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Drawdowns
OUNZ vs. GDX - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for OUNZ and GDX.
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Drawdown Indicators
| OUNZ | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.36% | -80.34% | +55.98% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -36.28% | +11.92% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -36.28% | +11.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -46.51% | +22.15% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -49.79% | +25.43% |
Current DrawdownCurrent decline from peak | -22.35% | -29.70% | +7.35% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -40.40% | +32.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.92% | 13.62% | -4.70% |
Volatility
OUNZ vs. GDX - Volatility Comparison
The current volatility for VanEck Merk Gold ETF (OUNZ) is 7.99%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.03%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.99% | 17.03% | -9.04% |
Volatility (6M)Calculated over the trailing 6-month period | 24.12% | 39.77% | -15.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.34% | 47.49% | -20.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.13% | 36.83% | -18.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 37.39% | -21.28% |
OUNZ vs. GDX - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
OUNZ vs. GDX - Dividend Comparison
OUNZ has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.78% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
OUNZ VanEck Merk Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OUNZ and GDX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.03%) compared to OUNZ (7.99%). In terms of maximum drawdown, OUNZ dropped -24.36% vs GDX's -80.34%.
On 10-year performance, GDX leads with 12.89% vs 11.90% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 7.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 12.89% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUNZ is cheaper with a 0.25% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.78%, compared with 0.00% for OUNZ.
OUNZ tracks LBMA Gold Price PM ($/ozt), while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.25% for OUNZ and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.21 vs 0.89), 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.
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