OUNZ vs. GDXJ

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Merk Gold Trust (OUNZ) and VanEck Vectors Junior Gold Miners ETF (GDXJ).

OUNZ and GDXJ 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. GDXJ is a passively managed fund by VanEck that tracks the performance of the MVIS Global Junior Gold Miners Index. It was launched on Nov 10, 2009. Both OUNZ and GDXJ 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. GDXJ - Performance Comparison

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

OUNZ vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUNZ VanEck Merk Gold Trust	8.61%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.00%	-2.06%	12.82%
GDXJ VanEck Vectors Junior Gold Miners ETF	5.50%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Returns By Period

In the year-to-date period, OUNZ achieves a 8.61% return, which is significantly higher than GDXJ's 5.50% return. Over the past 10 years, OUNZ has underperformed GDXJ with an annualized return of 14.00%, while GDXJ has yielded a comparatively higher 17.38% annualized return.

OUNZ

• 1D: 3.75%
• 1M: -11.06%
• YTD: 8.61%
• 6M: 21.13%
• 1Y: 49.47%
• 3Y*: 33.11%
• 5Y*: 21.74%
• 10Y*: 14.00%

GDXJ

• 1D: 8.53%
• 1M: -23.14%
• YTD: 5.50%
• 6M: 24.01%
• 1Y: 114.70%
• 3Y*: 47.55%
• 5Y*: 22.70%
• 10Y*: 17.38%

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

OUNZ vs. GDXJ - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than GDXJ's 0.54% expense ratio.

GDXJ

VanEck Vectors Junior Gold Miners ETF

OUNZ

VanEck Merk Gold Trust

Return for Risk

OUNZ vs. GDXJ — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 87
OUNZ Sharpe Ratio Rank: 88
OUNZ Sortino Ratio Rank: 86
OUNZ Omega Ratio Rank: 86
OUNZ Calmar Ratio Rank: 88
OUNZ Martin Ratio Rank: 87

GDXJ

GDXJ Risk / Return Rank: 92
GDXJ Sharpe Ratio Rank: 95
GDXJ Sortino Ratio Rank: 90
GDXJ Omega Ratio Rank: 89
GDXJ Calmar Ratio Rank: 94
GDXJ 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. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and VanEck Vectors Junior Gold Miners ETF (GDXJ). 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	GDXJ	Difference
Sharpe ratio Return per unit of total volatility	1.80	2.27	-0.47
Sortino ratio Return per unit of downside risk	2.24	2.50	-0.26
Omega ratio Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio Return relative to maximum drawdown	2.70	3.52	-0.83
Martin ratio Return relative to average drawdown	9.98	12.30	-2.32
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. GDXJ - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.80, which is comparable to the GDXJ Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of OUNZ and GDXJ, 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	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.27	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	0.56	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.39	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.07	+0.63

Correlation

The correlation between OUNZ and GDXJ is 0.76, 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. GDXJ - Dividend Comparison

OUNZ has not paid dividends to shareholders, while GDXJ's dividend yield for the trailing twelve months is around 2.21%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDXJ VanEck Vectors Junior Gold Miners ETF	2.21%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%

Drawdowns

OUNZ vs. GDXJ - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for OUNZ and GDXJ.

Drawdown Indicators

	OUNZ	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-88.66%	+66.89%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-32.92%	+13.78%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-51.76%	+30.75%
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	-57.77%	+36.01%
Current Drawdown Current decline from peak	-13.18%	-23.14%	+9.96%
Average Drawdown Average peak-to-trough decline	-7.48%	-60.91%	+53.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	9.43%	-4.26%

Volatility

OUNZ vs. GDXJ - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 10.95%, while VanEck Vectors Junior Gold Miners ETF (GDXJ) has a volatility of 20.63%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.95%	20.63%	-9.68%
Volatility (6M) Calculated over the trailing 6-month period	24.08%	42.33%	-18.25%
Volatility (1Y) Calculated over the trailing 1-year period	27.59%	50.75%	-23.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	40.56%	-22.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	44.45%	-28.57%