OUNZ vs. MLI
OUNZ (VanEck Merk Gold Trust) is Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while MLI (Mueller Industries, Inc.) is a stock. Over the past 10 years, OUNZ returned 12.42%/yr vs 26.81%/yr for MLI. At a 0.04 correlation, their price movements are largely independent.
Performance
OUNZ vs. MLI - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a 0.07% return, which is significantly lower than MLI's 20.69% return. Over the past 10 years, OUNZ has underperformed MLI with an annualized return of 12.42%, while MLI has yielded a comparatively higher 26.81% annualized return.
OUNZ
- 1D
- 2.54%
- 1M
- -5.03%
- YTD
- 0.07%
- 6M
- 0.22%
- 1Y
- 25.45%
- 3Y*
- 29.89%
- 5Y*
- 18.45%
- 10Y*
- 12.42%
MLI
- 1D
- -0.25%
- 1M
- 1.23%
- YTD
- 20.69%
- 6M
- 20.88%
- 1Y
- 87.45%
- 3Y*
- 52.10%
- 5Y*
- 45.38%
- 10Y*
- 26.81%
OUNZ vs. MLI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 0.07% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
MLI Mueller Industries, Inc. | 20.69% | 46.29% | 70.51% | 62.38% | 1.05% | 70.95% | 12.30% | 37.79% | -33.10% | -2.76% |
Correlation
The correlation between OUNZ and MLI is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.04 |
The correlation between OUNZ and MLI shifts across timeframes, from 0.04 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OUNZ vs. MLI — Risk / Return Rank
OUNZ
MLI
OUNZ vs. MLI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Mueller Industries, Inc. (MLI). 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 | MLI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.50 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 3.94 | -2.89 |
| Martin ratioReturn relative to average drawdown | 3.00 | 10.92 | -7.93 |
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Drawdowns
OUNZ vs. MLI - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum MLI drawdown of -61.72%. Use the drawdown chart below to compare losses from any high point for OUNZ and MLI.
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Drawdown Indicators
| OUNZ | MLI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.36% | -61.72% | +37.36% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -22.33% | -2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -27.79% | +3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -27.79% | +3.43% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -52.95% | +28.59% |
Current DrawdownCurrent decline from peak | -20.00% | -1.93% | -18.07% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -16.04% | +8.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.54% | 8.03% | +0.51% |
Volatility
OUNZ vs. MLI - Volatility Comparison
The current volatility for VanEck Merk Gold Trust (OUNZ) is 8.30%, while Mueller Industries, Inc. (MLI) has a volatility of 10.51%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than MLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | MLI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 10.51% | -2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 24.01% | 25.79% | -1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.27% | 30.06% | -2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.17% | 33.07% | -14.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 35.79% | -19.68% |
Dividends
OUNZ vs. MLI - Dividend Comparison
OUNZ has not paid dividends to shareholders, while MLI's dividend yield for the trailing twelve months is around 0.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLI Mueller Industries, Inc. | 0.87% | 0.87% | 1.01% | 1.27% | 1.69% | 0.88% | 1.14% | 1.26% | 1.71% | 9.60% | 0.94% | 1.11% |
OUNZ VanEck Merk Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OUNZ and MLI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLI has higher volatility (10.51%) compared to OUNZ (8.30%). In terms of maximum drawdown, OUNZ dropped -24.36% vs MLI's -61.72%.
MLI currently has the higher Sharpe Ratio (2.93 vs 0.94), 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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