OUNZ vs. HODL

Last updated Jun 26, 2026

OUNZ (VanEck Merk Gold ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, OUNZ returned 20.52% vs -45.11% for HODL. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

OUNZ vs. HODL - Performance Comparison

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

Returns By Period

In the year-to-date period, OUNZ achieves a -6.68% return, which is significantly higher than HODL's -32.31% 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%

HODL

• 1D: -1.06%
• 1M: -21.99%
• YTD: -32.31%
• 6M: -32.14%
• 1Y: -45.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OUNZ VanEck Merk Gold ETF	-6.68%	63.95%	29.28%
HODL VanEck Bitcoin Trust	-32.31%	-6.42%	91.50%

Correlation

The correlation between OUNZ and HODL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.16

Return for Risk

OUNZ vs. HODL — 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: 21
OUNZ Omega Ratio Rank: 25
OUNZ Calmar Ratio Rank: 20
OUNZ Martin Ratio Rank: 20

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 2
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 1

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. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and VanEck Bitcoin Trust (HODL). 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	HODL	Difference
Sharpe ratio: Return per unit of total volatility	0.75	-1.02	+1.77
Sortino ratio: Return per unit of downside risk	1.10	-1.54	+2.63
Omega ratio: Gain probability vs. loss probability	1.16	0.83	+0.33
Calmar ratio: Return relative to maximum drawdown	0.79	-0.86	+1.65
Martin ratio: Return relative to average drawdown	2.20	-1.46	+3.67

OUNZ vs. HODL - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.75, which is higher than the HODL Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of OUNZ and HODL, 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. HODL - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -26.09%, smaller than the maximum HODL drawdown of -52.83%. Use the drawdown chart below to compare losses from any high point for OUNZ and HODL.

Drawdown Indicators

	OUNZ	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-26.09%	-52.83%	+26.74%
Max Drawdown (1Y) Largest decline over 1 year	-26.09%	-52.83%	+26.74%
Max Drawdown (3Y) Largest decline over 3 years	-26.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.09%	—	—
Current Drawdown Current decline from peak	-25.40%	-52.83%	+27.43%
Average Drawdown Average peak-to-trough decline	-7.64%	-16.90%	+9.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	30.84%	-21.51%

Volatility

OUNZ vs. HODL - Volatility Comparison

The current volatility for VanEck Merk Gold ETF (OUNZ) is 8.64%, while VanEck Bitcoin Trust (HODL) has a volatility of 13.29%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than HODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	13.29%	-4.65%
Volatility (6M) Calculated over the trailing 6-month period	24.28%	34.55%	-10.27%
Volatility (1Y) Calculated over the trailing 1-year period	27.49%	44.21%	-16.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	49.88%	-31.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	49.88%	-33.80%

OUNZ vs. HODL - Expense Ratio Comparison

Both OUNZ and HODL have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

OUNZ vs. HODL - Dividend Comparison

Neither OUNZ nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OUNZ and HODL in my portfolio?

OUNZ and HODL have a correlation of 0.25, 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 HODL?

HODL has higher volatility (13.29%) compared to OUNZ (8.64%). In terms of maximum drawdown, OUNZ dropped -26.09% vs HODL's -52.83%.

Which ETF is better, OUNZ or HODL?

On 1-year performance, OUNZ leads with 20.52% vs -45.11% for HODL. Both ETFs have the same 0.25% expense ratio. On volatility, OUNZ has been the lower-risk option at 8.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or HODL?

Over the 1-year period, OUNZ has performed better with a 20.52% return vs -45.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or HODL?

OUNZ and HODL have the same expense ratio: 0.25% per year.

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

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

What is the main difference between OUNZ and HODL?

OUNZ is categorized as Gold, while HODL is Cryptocurrency. OUNZ tracks LBMA Gold Price PM ($/ozt), while HODL tracks CME CF Bitcoin Reference Rate - New York Variant.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (0.75 vs -1.02), 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.