OUNZ vs. MRNY

Last updated Jun 16, 2026

OUNZ (VanEck Merk Gold Trust) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while MRNY is a Derivative Income fund actively managed by YieldMax. OUNZ is passively managed, while MRNY is actively managed. Over the past year, OUNZ returned 25.45% vs 53.54% for MRNY. At a 0.15 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.99%/yr for MRNY.

Performance

OUNZ vs. MRNY - Performance Comparison

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

Returns By Period

In the year-to-date period, OUNZ achieves a 0.07% return, which is significantly lower than MRNY's 56.58% 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%

MRNY

• 1D: 2.91%
• 1M: 5.64%
• YTD: 56.58%
• 6M: 51.42%
• 1Y: 53.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OUNZ VanEck Merk Gold Trust	0.07%	63.95%	26.75%	4.56%
MRNY YieldMax MRNA Option Income Strategy ETF	56.58%	-35.72%	-59.32%	18.27%

Correlation

The correlation between OUNZ and MRNY is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 24, 2023	0.15

Return for Risk

OUNZ vs. MRNY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OUNZ

OUNZ Risk / Return Rank: 27
OUNZ Sharpe Ratio Rank: 29
OUNZ Sortino Ratio Rank: 26
OUNZ Omega Ratio Rank: 31
OUNZ Calmar Ratio Rank: 24
OUNZ Martin Ratio Rank: 24

MRNY

MRNY Risk / Return Rank: 34
MRNY Sharpe Ratio Rank: 32
MRNY Sortino Ratio Rank: 38
MRNY Omega Ratio Rank: 34
MRNY Calmar Ratio Rank: 37
MRNY Martin Ratio Rank: 26

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. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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	MRNY	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.08	-0.14
Sortino ratio: Return per unit of downside risk	1.31	1.81	-0.50
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	1.05	1.71	-0.66
Martin ratio: Return relative to average drawdown	3.00	3.30	-0.31

OUNZ vs. MRNY - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.94, which is comparable to the MRNY Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of OUNZ and MRNY, 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. MRNY - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for OUNZ and MRNY.

Drawdown Indicators

	OUNZ	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-24.36%	-82.15%	+57.79%
Max Drawdown (1Y) Largest decline over 1 year	-24.36%	-31.53%	+7.17%
Max Drawdown (3Y) Largest decline over 3 years	-24.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.36%	—	—
Current Drawdown Current decline from peak	-20.00%	-67.04%	+47.04%
Average Drawdown Average peak-to-trough decline	-7.60%	-52.78%	+45.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.54%	16.25%	-7.71%

Volatility

OUNZ vs. MRNY - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 8.30%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 12.97%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	12.97%	-4.67%
Volatility (6M) Calculated over the trailing 6-month period	24.01%	37.72%	-13.71%
Volatility (1Y) Calculated over the trailing 1-year period	27.27%	49.94%	-22.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	50.72%	-32.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	50.72%	-34.61%

OUNZ vs. MRNY - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than MRNY's 0.99% expense ratio.

Dividends

OUNZ vs. MRNY - Dividend Comparison

OUNZ has not paid dividends to shareholders, while MRNY's dividend yield for the trailing twelve months is around 102.17%.

Position	TTM	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	102.17%	145.98%	178.49%	1.75%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and MRNY in my portfolio?

OUNZ and MRNY have a correlation of 0.24, 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 MRNY?

MRNY has higher volatility (12.97%) compared to OUNZ (8.30%). In terms of maximum drawdown, OUNZ dropped -24.36% vs MRNY's -82.15%.

Which ETF is better, OUNZ or MRNY?

On 1-year performance, MRNY leads with 53.54% vs 25.45% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or MRNY?

Over the 1-year period, MRNY has performed better with a 53.54% return vs 25.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or MRNY?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.99% for MRNY.

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

MRNY has the higher dividend yield at 102.17%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and MRNY?

OUNZ is categorized as Precious Metals, while MRNY is Derivative Income. They also come from different issuers: Merk and YieldMax. Their fees differ too: 0.25% for OUNZ and 0.99% for MRNY.

Which has better risk-adjusted returns?

MRNY currently has the higher Sharpe Ratio (1.08 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.