OUNZ vs. GOLI

Last updated Jul 17, 2026

OUNZ (VanEck Merk Gold ETF) and GOLI (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while GOLI is a Derivative Income fund actively managed by Defiance. OUNZ is passively managed, while GOLI is actively managed. Over the past year, OUNZ returned 18.57% vs 1.63% for GOLI. Their correlation of 0.88 suggests significant overlap in exposure. OUNZ charges 0.25%/yr vs 0.99%/yr for GOLI.

Performance

OUNZ vs. GOLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold ETF (OUNZ) and Defiance Gold Enhanced Options Income ETF (GOLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a -7.81% return, which is significantly higher than GOLI's -11.41% return.

OUNZ

• 1D: -1.95%
• 1M: -8.23%
• 6M: -13.70%
• YTD: -7.81%
• 1Y: 18.57%
• 3Y*: 26.41%
• 5Y*: 16.76%
• 10Y*: 11.23%

GOLI

• 1D: -2.04%
• 1M: -6.39%
• 6M: -15.65%
• YTD: -11.41%
• 1Y: 1.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. GOLI - Yearly Performance Comparison

	2026 (YTD)	2025
OUNZ VanEck Merk Gold ETF	-7.81%	37.90%
GOLI Defiance Gold Enhanced Options Income ETF	-11.41%	15.16%

Correlation

The correlation between OUNZ and GOLI is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.88

The correlation between OUNZ and GOLI has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

OUNZ vs. GOLI — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 22
OUNZ Sharpe Ratio Rank: 23
OUNZ Sortino Ratio Rank: 22
OUNZ Omega Ratio Rank: 24
OUNZ Calmar Ratio Rank: 20
OUNZ Martin Ratio Rank: 19

GOLI

GOLI Risk / Return Rank: 11
GOLI Sharpe Ratio Rank: 11
GOLI Sortino Ratio Rank: 10
GOLI Omega Ratio Rank: 11
GOLI Calmar Ratio Rank: 10
GOLI Martin Ratio Rank: 11

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. GOLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and Defiance Gold Enhanced Options Income ETF (GOLI). 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	GOLI	Difference
Sharpe ratio: Return per unit of total volatility	0.67	0.07	+0.61
Sortino ratio: Return per unit of downside risk	1.01	0.25	+0.76
Omega ratio: Gain probability vs. loss probability	1.14	1.04	+0.10
Calmar ratio: Return relative to maximum drawdown	0.71	0.06	+0.65
Martin ratio: Return relative to average drawdown	1.69	0.19	+1.50

OUNZ vs. GOLI - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.67, which is higher than the GOLI Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of OUNZ and GOLI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OUNZ vs. GOLI - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -26.31%, roughly equal to the maximum GOLI drawdown of -25.88%. Use the drawdown chart below to compare losses from any high point for OUNZ and GOLI.

Drawdown Indicators

	OUNZ	GOLI	Difference
Max Drawdown Largest peak-to-trough decline	-26.31%	-25.88%	-0.43%
Max Drawdown (1Y) Largest decline over 1 year	-26.31%	-25.88%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.31%	—	—
Current Drawdown Current decline from peak	-26.31%	-21.22%	-5.09%
Average Drawdown Average peak-to-trough decline	-7.72%	-5.25%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	8.57%	+2.42%

Volatility

OUNZ vs. GOLI - Volatility Comparison

VanEck Merk Gold ETF (OUNZ) has a higher volatility of 6.64% compared to Defiance Gold Enhanced Options Income ETF (GOLI) at 6.09%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than GOLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	GOLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	6.09%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	24.00%	23.44%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	27.79%	25.12%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	23.24%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	23.24%	-7.11%

OUNZ vs. GOLI - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than GOLI's 0.99% expense ratio.

Dividends

OUNZ vs. GOLI - Dividend Comparison

OUNZ has not paid dividends to shareholders, while GOLI's dividend yield for the trailing twelve months is around 52.98%.

Position	TTM	2025
GOLI Defiance Gold Enhanced Options Income ETF	52.98%	37.38%
OUNZ VanEck Merk Gold ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and GOLI in my portfolio?

OUNZ and GOLI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUNZ or GOLI?

OUNZ has higher volatility (6.64%) compared to GOLI (6.09%). In terms of maximum drawdown, OUNZ dropped -26.31% vs GOLI's -25.88%.

Which ETF is better, OUNZ or GOLI?

On 1-year performance, OUNZ leads with 18.57% vs 1.63% for GOLI. On fees, OUNZ is cheaper at 0.25% per year. On volatility, GOLI has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or GOLI?

Over the 1-year period, OUNZ has performed better with a 18.57% return vs 1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or GOLI?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.99% for GOLI.

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

GOLI has the higher dividend yield at 52.98%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and GOLI?

OUNZ is categorized as Gold, while GOLI is Derivative Income. They also come from different issuers: VanEck and Defiance. Their fees differ too: 0.25% for OUNZ and 0.99% for GOLI.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (0.67 vs 0.07), 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.