OUNZ vs. GLDI
OUNZ (VanEck Merk Gold Trust) and GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) are both Precious Metals funds - OUNZ tracks the LBMA Gold Price PM ($/ozt) while GLDI tracks the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, OUNZ returned 13.22%/yr vs 8.99%/yr for GLDI. Their correlation of 0.83 suggests significant overlap in exposure. OUNZ charges 0.25%/yr vs 0.65%/yr for GLDI.
Performance
OUNZ vs. GLDI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OUNZ achieves a 3.01% return, which is significantly higher than GLDI's 2.06% return. Over the past 10 years, OUNZ has outperformed GLDI with an annualized return of 13.22%, while GLDI has yielded a comparatively lower 8.99% annualized return.
OUNZ
- 1D
- -0.97%
- 1M
- -1.63%
- YTD
- 3.01%
- 6M
- 5.51%
- 1Y
- 32.21%
- 3Y*
- 31.27%
- 5Y*
- 18.34%
- 10Y*
- 13.22%
GLDI
- 1D
- -0.81%
- 1M
- 0.90%
- YTD
- 2.06%
- 6M
- 4.42%
- 1Y
- 21.23%
- 3Y*
- 19.54%
- 5Y*
- 11.15%
- 10Y*
- 8.99%
OUNZ vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 3.01% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 2.06% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
Correlation
The correlation between OUNZ and GLDI 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 | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since May 19, 2014 | 0.83 |
The correlation between OUNZ and GLDI has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OUNZ vs. GLDI — Risk / Return Rank
OUNZ
GLDI
OUNZ vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.55 | +0.14 |
| Martin ratioReturn relative to average drawdown | 4.20 | 6.07 | -1.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| OUNZ | GLDI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.46 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.99 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | 0.79 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.37 | +0.29 |
Drawdowns
OUNZ vs. GLDI - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum GLDI drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for OUNZ and GLDI.
Loading charts...
Drawdown Indicators
| OUNZ | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -32.26% | +10.49% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -13.73% | -5.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -13.73% | -5.41% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -14.07% | -6.94% |
Max Drawdown (10Y)Largest decline over 10 years | -21.76% | -14.94% | -6.82% |
Current DrawdownCurrent decline from peak | -17.65% | -7.37% | -10.28% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -14.00% | +6.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.69% | 3.50% | +4.19% |
Volatility
OUNZ vs. GLDI - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) has a higher volatility of 5.52% compared to Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) at 3.88%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| OUNZ | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.52% | 3.88% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 22.98% | 12.87% | +10.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.40% | 14.57% | +11.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.91% | 11.31% | +6.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.96% | 11.35% | +4.61% |
OUNZ vs. GLDI - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than GLDI's 0.65% expense ratio.
Dividends
OUNZ vs. GLDI - Dividend Comparison
OUNZ has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 22.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 22.37% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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% |
Frequently Asked Questions
OUNZ and GLDI 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.
OUNZ has higher volatility (5.52%) compared to GLDI (3.88%). In terms of maximum drawdown, OUNZ dropped -21.77% vs GLDI's -32.26%.
On 10-year performance, OUNZ leads with 13.22% vs 8.99% for GLDI. On fees, OUNZ is cheaper at 0.25% per year. On volatility, GLDI has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OUNZ has performed better with a 13.22% return vs 8.99%. 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 0.65% for GLDI.
GLDI has the higher dividend yield at 22.37%, compared with 0.00% for OUNZ.
OUNZ tracks LBMA Gold Price PM ($/ozt), while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: Merk and Credit Suisse. Their fees differ too: 0.25% for OUNZ and 0.65% for GLDI.
GLDI currently has the higher Sharpe Ratio (1.46 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.
Find the right allocation for OUNZ and GLDI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer