OUNZ vs. GLDI
OUNZ (VanEck Merk Gold ETF) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both Gold 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 11.40%/yr vs 7.60%/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
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Returns By Period
The year-to-date returns for both investments are quite close, with OUNZ having a -6.68% return and GLDI slightly higher at -6.35%. Over the past 10 years, OUNZ has outperformed GLDI with an annualized return of 11.40%, while GLDI has yielded a comparatively lower 7.60% annualized return.
OUNZ
- 1D
- 0.94%
- 1M
- -10.70%
- YTD
- -6.68%
- 6M
- -10.23%
- 1Y
- 20.52%
- 3Y*
- 27.61%
- 5Y*
- 17.45%
- 10Y*
- 11.40%
GLDI
- 1D
- 0.96%
- 1M
- -8.96%
- YTD
- -6.35%
- 6M
- -7.34%
- 1Y
- 10.72%
- 3Y*
- 16.58%
- 5Y*
- 10.45%
- 10Y*
- 7.60%
OUNZ vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -6.68% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -6.35% | 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 0.86, 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 | 0.86 |
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 16, 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.
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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 ETF (OUNZ) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (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.
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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.14 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.68 | +0.11 |
| Martin ratioReturn relative to average drawdown | 2.20 | 2.39 | -0.18 |
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Drawdowns
OUNZ vs. GLDI - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -26.09%, 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.
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Drawdown Indicators
| OUNZ | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.09% | -32.26% | +6.17% |
Max Drawdown (1Y)Largest decline over 1 year | -26.09% | -15.81% | -10.28% |
Max Drawdown (3Y)Largest decline over 3 years | -26.09% | -15.81% | -10.28% |
Max Drawdown (5Y)Largest decline over 5 years | -26.09% | -15.81% | -10.28% |
Max Drawdown (10Y)Largest decline over 10 years | -26.09% | -15.81% | -10.28% |
Current DrawdownCurrent decline from peak | -25.40% | -15.00% | -10.40% |
Average DrawdownAverage peak-to-trough decline | -7.64% | -13.99% | +6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.33% | 4.50% | +4.83% |
Volatility
OUNZ vs. GLDI - Volatility Comparison
VanEck Merk Gold ETF (OUNZ) has a higher volatility of 8.64% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.76%. 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.
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Volatility by Period
| OUNZ | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.64% | 7.76% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 24.28% | 14.89% | +9.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.49% | 16.22% | +11.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.21% | 11.66% | +6.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 11.56% | +4.52% |
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 27.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 27.21% | 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 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 GLDI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OUNZ has higher volatility (8.64%) compared to GLDI (7.76%). In terms of maximum drawdown, OUNZ dropped -26.09% vs GLDI's -32.26%.
On 10-year performance, OUNZ leads with 11.40% vs 7.60% for GLDI. On fees, OUNZ is cheaper at 0.25% per year. On volatility, GLDI has been the lower-risk option at 7.76%. 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 11.40% return vs 7.60%. 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 27.21%, 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: VanEck and UBS. Their fees differ too: 0.25% for OUNZ and 0.65% for GLDI.
OUNZ currently has the higher Sharpe Ratio (0.75 vs 0.66), 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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