OUNZ vs. IAUI

Last updated Jun 26, 2026

OUNZ (VanEck Merk Gold ETF) and IAUI (NEOS Gold High Income ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while IAUI is a Derivative Income fund actively managed by Neos. OUNZ is passively managed, while IAUI is actively managed. Over the past year, OUNZ returned 20.52% vs 11.14% for IAUI. With a 0.96 correlation, they move nearly in lockstep. OUNZ charges 0.25%/yr vs 0.78%/yr for IAUI.

Performance

OUNZ vs. IAUI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold ETF (OUNZ) and NEOS Gold High Income ETF (IAUI). 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 IAUI's -7.74% 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%

IAUI

• 1D: 0.96%
• 1M: -10.18%
• YTD: -7.74%
• 6M: -9.97%
• 1Y: 11.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. IAUI - Yearly Performance Comparison

	2026 (YTD)	2025
OUNZ VanEck Merk Gold ETF	-6.68%	27.55%
IAUI NEOS Gold High Income ETF	-7.74%	20.00%

Correlation

The correlation between OUNZ and IAUI is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.97

The correlation between OUNZ and IAUI has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

OUNZ vs. IAUI — 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

IAUI

IAUI Risk / Return Rank: 16
IAUI Sharpe Ratio Rank: 17
IAUI Sortino Ratio Rank: 16
IAUI Omega Ratio Rank: 18
IAUI Calmar Ratio Rank: 15
IAUI Martin Ratio Rank: 16

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. IAUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and NEOS Gold High Income ETF (IAUI). 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	IAUI	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.52	+0.23
Sortino ratio: Return per unit of downside risk	1.10	0.81	+0.29
Omega ratio: Gain probability vs. loss probability	1.16	1.12	+0.04
Calmar ratio: Return relative to maximum drawdown	0.79	0.50	+0.29
Martin ratio: Return relative to average drawdown	2.20	1.56	+0.64

OUNZ vs. IAUI - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.75, which is higher than the IAUI Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of OUNZ and IAUI, 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. IAUI - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -26.09%, which is greater than IAUI's maximum drawdown of -22.50%. Use the drawdown chart below to compare losses from any high point for OUNZ and IAUI.

Drawdown Indicators

	OUNZ	IAUI	Difference
Max Drawdown Largest peak-to-trough decline	-26.09%	-22.50%	-3.59%
Max Drawdown (1Y) Largest decline over 1 year	-26.09%	-22.50%	-3.59%
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%	-21.76%	-3.64%
Average Drawdown Average peak-to-trough decline	-7.64%	-4.26%	-3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	7.14%	+2.19%

Volatility

OUNZ vs. IAUI - Volatility Comparison

VanEck Merk Gold ETF (OUNZ) and NEOS Gold High Income ETF (IAUI) have volatilities of 8.64% and 8.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	IAUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	8.37%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	24.28%	20.02%	+4.26%
Volatility (1Y) Calculated over the trailing 1-year period	27.49%	21.63%	+5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	21.23%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	21.23%	-5.15%

OUNZ vs. IAUI - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than IAUI's 0.78% expense ratio.

Dividends

OUNZ vs. IAUI - Dividend Comparison

OUNZ has not paid dividends to shareholders, while IAUI's dividend yield for the trailing twelve months is around 14.06%.

Position	TTM	2025
IAUI NEOS Gold High Income ETF	14.06%	6.88%
OUNZ VanEck Merk Gold ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and IAUI in my portfolio?

With a correlation of 0.96, OUNZ and IAUI 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 IAUI?

OUNZ has higher volatility (8.64%) compared to IAUI (8.37%). In terms of maximum drawdown, OUNZ dropped -26.09% vs IAUI's -22.50%.

Which ETF is better, OUNZ or IAUI?

On 1-year performance, OUNZ leads with 20.52% vs 11.14% for IAUI. On fees, OUNZ is cheaper at 0.25% per year. On volatility, IAUI has been the lower-risk option at 8.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or IAUI?

Over the 1-year period, OUNZ has performed better with a 20.52% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or IAUI?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.78% for IAUI.

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

IAUI has the higher dividend yield at 14.06%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and IAUI?

OUNZ is categorized as Gold, while IAUI is Derivative Income. They also come from different issuers: VanEck and Neos. Their fees differ too: 0.25% for OUNZ and 0.78% for IAUI.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (0.75 vs 0.52), 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.