OUNZ vs. GLTR

Last updated Jun 3, 2026

OUNZ (VanEck Merk Gold Trust) and GLTR (Aberdeen Standard Physical Precious Metals Basket Shares ETF) are both Precious Metals funds - OUNZ tracks the LBMA Gold Price PM ($/ozt) while GLTR tracks the ETFS Physical Precious Metals Basket Index. Both are passively managed. Over the past 10 years, OUNZ returned 13.33%/yr vs 13.38%/yr for GLTR. Their correlation of 0.90 suggests significant overlap in exposure. OUNZ charges 0.25%/yr vs 0.60%/yr for GLTR.

Performance

OUNZ vs. GLTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and Aberdeen Standard Physical Precious Metals Basket Shares ETF (GLTR). 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 higher than GLTR's 3.34% return. Both investments have delivered pretty close results over the past 10 years, with OUNZ having a 13.33% annualized return and GLTR not far ahead at 13.38%.

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%

GLTR

• 1D: 0.29%
• 1M: -2.11%
• YTD: 3.34%
• 6M: 12.84%
• 1Y: 54.71%
• 3Y*: 33.17%
• 5Y*: 15.94%
• 10Y*: 13.38%

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

OUNZ vs. GLTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUNZ VanEck Merk Gold Trust	4.03%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.00%	-2.06%	12.82%
GLTR Aberdeen Standard Physical Precious Metals Basket Shares ETF	3.34%	87.25%	20.63%	2.01%	-0.25%	-9.60%	29.52%	20.96%	-2.85%	12.94%

Correlation

The correlation between OUNZ and GLTR is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 19, 2014	0.90

The correlation between OUNZ and GLTR has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

OUNZ vs. GLTR — 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

GLTR

GLTR Risk / Return Rank: 38
GLTR Sharpe Ratio Rank: 41
GLTR Sortino Ratio Rank: 33
GLTR Omega Ratio Rank: 46
GLTR Calmar Ratio Rank: 40
GLTR Martin Ratio Rank: 31

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. GLTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Aberdeen Standard Physical Precious Metals Basket Shares ETF (GLTR). 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	GLTR	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.47	-0.23
Sortino ratio Return per unit of downside risk	1.63	1.77	-0.14
Omega ratio Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio Return relative to maximum drawdown	1.87	2.00	-0.13
Martin ratio Return relative to average drawdown	4.71	4.66	+0.05
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. GLTR - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.23, which is comparable to the GLTR Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of OUNZ and GLTR, 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	GLTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.47	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.68	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.66	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.33	+0.34

Drawdowns

OUNZ vs. GLTR - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum GLTR drawdown of -55.70%. Use the drawdown chart below to compare losses from any high point for OUNZ and GLTR.

Drawdown Indicators

	OUNZ	GLTR	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-55.70%	+33.93%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-29.70%	+10.56%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-29.70%	+10.56%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-29.70%	+8.69%
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	-29.70%	+7.94%
Current Drawdown Current decline from peak	-16.84%	-25.51%	+8.67%
Average Drawdown Average peak-to-trough decline	-7.57%	-28.83%	+21.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	12.76%	-5.15%

Volatility

OUNZ vs. GLTR - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 5.77%, while Aberdeen Standard Physical Precious Metals Basket Shares ETF (GLTR) has a volatility of 9.28%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than GLTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	GLTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	9.28%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	22.96%	35.36%	-12.40%
Volatility (1Y) Calculated over the trailing 1-year period	26.50%	37.64%	-11.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	23.63%	-5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	20.50%	-4.54%

OUNZ vs. GLTR - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than GLTR's 0.60% expense ratio.

Dividends

OUNZ vs. GLTR - Dividend Comparison

Neither OUNZ nor GLTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OUNZ and GLTR in my portfolio?

With a correlation of 0.90, OUNZ and GLTR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OUNZ or GLTR?

GLTR has higher volatility (9.28%) compared to OUNZ (5.77%). In terms of maximum drawdown, OUNZ dropped -21.77% vs GLTR's -55.70%.

Which ETF is better, OUNZ or GLTR?

On 10-year performance, GLTR leads with 13.38% vs 13.33% for OUNZ. On fees, OUNZ is cheaper at 0.25% 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 GLTR?

Over the 10-year period, GLTR has performed better with a 13.38% return vs 13.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or GLTR?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.60% for GLTR.

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

OUNZ and GLTR have nearly identical dividend yields, around 0.00%.

What is the main difference between OUNZ and GLTR?

OUNZ tracks LBMA Gold Price PM ($/ozt), while GLTR tracks ETFS Physical Precious Metals Basket Index. They also come from different issuers: Merk and Aberdeen. Their fees differ too: 0.25% for OUNZ and 0.60% for GLTR.

Which has better risk-adjusted returns?

GLTR currently has the higher Sharpe Ratio (1.47 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.