OUNZ vs. KMLM
OUNZ (VanEck Merk Gold Trust) and KMLM (KFA Mount Lucas Index Strategy ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while KMLM is a Long-Short fund actively managed by CICC. OUNZ is passively managed, while KMLM is actively managed. Over the past 5 years, OUNZ returned 17.72%/yr vs 4.40%/yr for KMLM. At a correlation of -0.03, they often move in opposite directions. OUNZ charges 0.25%/yr vs 0.90%/yr for KMLM.
Performance
OUNZ vs. KMLM - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a 0.29% return, which is significantly lower than KMLM's 9.83% return.
OUNZ
- 1D
- 0.22%
- 1M
- -8.43%
- YTD
- 0.29%
- 6M
- 3.12%
- 1Y
- 30.33%
- 3Y*
- 29.90%
- 5Y*
- 17.72%
- 10Y*
- 12.64%
KMLM
- 1D
- 0.42%
- 1M
- -2.33%
- YTD
- 9.83%
- 6M
- 12.35%
- 1Y
- 12.99%
- 3Y*
- -0.87%
- 5Y*
- 4.40%
- 10Y*
- —
OUNZ vs. KMLM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 0.29% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 3.99% |
KMLM KFA Mount Lucas Index Strategy ETF | 9.83% | -2.98% | -1.69% | -5.66% | 30.61% | 7.04% | 5.40% |
Correlation
The correlation between OUNZ and KMLM is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.03 |
The correlation between OUNZ and KMLM shifts across timeframes, from -0.04 (5 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OUNZ vs. KMLM — Risk / Return Rank
OUNZ
KMLM
OUNZ vs. KMLM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and KFA Mount Lucas Index Strategy ETF (KMLM). 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 | KMLM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 2.07 | -0.55 |
| Martin ratioReturn relative to average drawdown | 3.82 | 6.61 | -2.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OUNZ | KMLM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.14 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 0.30 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.48 | +0.16 |
Drawdowns
OUNZ vs. KMLM - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for OUNZ and KMLM.
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Drawdown Indicators
| OUNZ | KMLM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -27.47% | +5.70% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -6.30% | -13.70% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | -22.28% | +2.28% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -27.47% | +6.46% |
Max Drawdown (10Y)Largest decline over 10 years | -21.76% | — | — |
Current DrawdownCurrent decline from peak | -19.83% | -14.36% | -5.47% |
Average DrawdownAverage peak-to-trough decline | -7.58% | -12.74% | +5.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.96% | 1.97% | +5.99% |
Volatility
OUNZ vs. KMLM - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) has a higher volatility of 5.67% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 4.27%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | KMLM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 4.27% | +1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 23.29% | 9.68% | +13.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.66% | 11.46% | +15.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 14.62% | +3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.00% | 14.72% | +1.28% |
OUNZ vs. KMLM - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than KMLM's 0.90% expense ratio.
Dividends
OUNZ vs. KMLM - Dividend Comparison
OUNZ has not paid dividends to shareholders, while KMLM's dividend yield for the trailing twelve months is around 4.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
KMLM KFA Mount Lucas Index Strategy ETF | 4.57% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% |
OUNZ VanEck Merk Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OUNZ and KMLM have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OUNZ has higher volatility (5.67%) compared to KMLM (4.27%). In terms of maximum drawdown, OUNZ dropped -21.77% vs KMLM's -27.47%.
On 5-year performance, OUNZ leads with 17.72% vs 4.40% for KMLM. On fees, OUNZ is cheaper at 0.25% per year. On volatility, KMLM has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OUNZ has performed better with a 17.72% return vs 4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUNZ is cheaper with a 0.25% expense ratio, compared with 0.90% for KMLM.
KMLM has the higher dividend yield at 4.57%, compared with 0.00% for OUNZ.
OUNZ is categorized as Precious Metals, while KMLM is Long-Short. They also come from different issuers: Merk and CICC. Their fees differ too: 0.25% for OUNZ and 0.90% for KMLM.
OUNZ currently has the higher Sharpe Ratio (1.14 vs 1.14), 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.
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