OUNZ vs. IGLD

Last updated Jun 3, 2026

OUNZ (VanEck Merk Gold Trust) and IGLD (FT Cboe Vest Gold Strategy Target Income ETF) are both Precious Metals funds. OUNZ is passively managed, while IGLD is actively managed. Over the past 5 years, OUNZ returned 18.81%/yr vs 13.41%/yr for IGLD. Their correlation of 0.93 suggests significant overlap in exposure. OUNZ charges 0.25%/yr vs 0.85%/yr for IGLD.

Performance

OUNZ vs. IGLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and FT Cboe Vest Gold Strategy Target Income ETF (IGLD). 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 IGLD's 2.52% return.

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%

IGLD

• 1D: 0.43%
• 1M: -2.19%
• YTD: 2.52%
• 6M: 5.09%
• 1Y: 24.99%
• 3Y*: 23.35%
• 5Y*: 13.41%
• 10Y*: —

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

OUNZ vs. IGLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OUNZ VanEck Merk Gold Trust	4.03%	63.95%	26.75%	12.83%	-0.51%	6.40%
IGLD FT Cboe Vest Gold Strategy Target Income ETF	2.52%	47.46%	19.36%	9.24%	-2.34%	4.30%

Correlation

The correlation between OUNZ and IGLD is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 4, 2021	0.93

The correlation between OUNZ and IGLD has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

OUNZ vs. IGLD — 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

IGLD

IGLD Risk / Return Rank: 30
IGLD Sharpe Ratio Rank: 30
IGLD Sortino Ratio Rank: 28
IGLD Omega Ratio Rank: 33
IGLD Calmar Ratio Rank: 32
IGLD Martin Ratio Rank: 30

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. IGLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and FT Cboe Vest Gold Strategy Target Income ETF (IGLD). 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	IGLD	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.08	+0.15
Sortino ratio Return per unit of downside risk	1.63	1.49	+0.14
Omega ratio Gain probability vs. loss probability	1.25	1.22	+0.02
Calmar ratio Return relative to maximum drawdown	1.87	1.57	+0.30
Martin ratio Return relative to average drawdown	4.71	4.34	+0.37
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. IGLD - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.23, which is comparable to the IGLD Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of OUNZ and IGLD, 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	IGLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.08	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.89	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.95	-0.28

Drawdowns

OUNZ vs. IGLD - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, which is greater than IGLD's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for OUNZ and IGLD.

Drawdown Indicators

	OUNZ	IGLD	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-18.59%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-17.56%	-1.58%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-17.56%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-18.59%	-2.42%
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	—	—
Current Drawdown Current decline from peak	-16.84%	-14.46%	-2.38%
Average Drawdown Average peak-to-trough decline	-7.57%	-5.23%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	6.36%	+1.25%

Volatility

OUNZ vs. IGLD - Volatility Comparison

VanEck Merk Gold Trust (OUNZ) has a higher volatility of 5.77% compared to FT Cboe Vest Gold Strategy Target Income ETF (IGLD) at 5.33%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than IGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	IGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	5.33%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	22.96%	21.00%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	26.50%	23.31%	+3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	15.19%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	15.00%	+0.96%

OUNZ vs. IGLD - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than IGLD's 0.85% expense ratio.

Dividends

OUNZ vs. IGLD - Dividend Comparison

OUNZ has not paid dividends to shareholders, while IGLD's dividend yield for the trailing twelve months is around 17.77%.

Position	TTM	2025	2024	2023	2022	2021
IGLD FT Cboe Vest Gold Strategy Target Income ETF	17.77%	9.91%	20.81%	7.85%	4.45%	2.24%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and IGLD in my portfolio?

With a correlation of 0.95, OUNZ and IGLD 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 IGLD?

OUNZ has higher volatility (5.77%) compared to IGLD (5.33%). In terms of maximum drawdown, OUNZ dropped -21.77% vs IGLD's -18.59%.

Which ETF is better, OUNZ or IGLD?

On 5-year performance, OUNZ leads with 18.81% vs 13.41% for IGLD. On fees, OUNZ is cheaper at 0.25% per year. On volatility, IGLD has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or IGLD?

Over the 5-year period, OUNZ has performed better with a 18.81% return vs 13.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or IGLD?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.85% for IGLD.

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

IGLD has the higher dividend yield at 17.77%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and IGLD?

They also come from different issuers: Merk and First Trust. Their fees differ too: 0.25% for OUNZ and 0.85% for IGLD.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (1.23 vs 1.08), 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.