OUNZ vs. NLR
OUNZ (VanEck Merk Gold ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, OUNZ returned 11.23%/yr vs 10.63%/yr for NLR. At a 0.19 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.56%/yr for NLR.
Performance
OUNZ vs. NLR - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a -7.81% return, which is significantly higher than NLR's -15.72% return. Over the past 10 years, OUNZ has outperformed NLR with an annualized return of 11.23%, while NLR has yielded a comparatively lower 10.63% annualized return.
OUNZ
- 1D
- -1.95%
- 1M
- -8.23%
- 6M
- -13.70%
- YTD
- -7.81%
- 1Y
- 18.57%
- 3Y*
- 26.41%
- 5Y*
- 16.76%
- 10Y*
- 11.23%
NLR
- 1D
- -4.31%
- 1M
- -16.00%
- 6M
- -27.85%
- YTD
- -15.72%
- 1Y
- -6.24%
- 3Y*
- 23.28%
- 5Y*
- 17.50%
- 10Y*
- 10.63%
OUNZ vs. NLR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -7.81% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
NLR VanEck Uranium and Nuclear ETF | -15.72% | 56.50% | 14.26% | 36.67% | 2.29% | 13.63% | 3.49% | 0.20% | 4.94% | 8.25% |
Correlation
The correlation between OUNZ and NLR is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.19 |
Over the past year, OUNZ and NLR have become more correlated (0.42) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
OUNZ vs. NLR — Risk / Return Rank
OUNZ
NLR
OUNZ vs. NLR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and VanEck Uranium and Nuclear ETF (NLR). 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 | NLR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.01 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.17 | +0.88 |
| Martin ratioReturn relative to average drawdown | 1.69 | -0.39 | +2.09 |
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Drawdowns
OUNZ vs. NLR - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -26.31%, smaller than the maximum NLR drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for OUNZ and NLR.
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Drawdown Indicators
| OUNZ | NLR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.31% | -65.05% | +38.74% |
Max Drawdown (1Y)Largest decline over 1 year | -26.31% | -36.32% | +10.01% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -36.32% | +10.01% |
Max Drawdown (5Y)Largest decline over 5 years | -26.31% | -36.32% | +10.01% |
Max Drawdown (10Y)Largest decline over 10 years | -26.31% | -36.32% | +10.01% |
Current DrawdownCurrent decline from peak | -26.31% | -36.32% | +10.01% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -35.67% | +27.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 15.87% | -4.88% |
Volatility
OUNZ vs. NLR - Volatility Comparison
The current volatility for VanEck Merk Gold ETF (OUNZ) is 6.64%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 9.39%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | NLR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 9.39% | -2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 24.00% | 32.73% | -8.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 43.21% | -15.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 29.90% | -11.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 24.42% | -8.29% |
OUNZ vs. NLR - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than NLR's 0.56% expense ratio.
Dividends
OUNZ vs. NLR - Dividend Comparison
OUNZ has not paid dividends to shareholders, while NLR's dividend yield for the trailing twelve months is around 3.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NLR VanEck Uranium and Nuclear ETF | 3.02% | 2.55% | 0.76% | 4.54% | 2.02% | 1.99% | 2.23% | 2.21% | 3.91% | 4.86% | 3.62% | 3.30% |
OUNZ VanEck Merk Gold ETF | 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 NLR have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NLR has higher volatility (9.39%) compared to OUNZ (6.64%). In terms of maximum drawdown, OUNZ dropped -26.31% vs NLR's -65.05%.
On 10-year performance, OUNZ leads with 11.23% vs 10.63% for NLR. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 6.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OUNZ has performed better with a 11.23% return vs 10.63%. 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 0.56% for NLR.
NLR has the higher dividend yield at 3.02%, compared with 0.00% for OUNZ.
OUNZ is categorized as Gold, while NLR is Uranium. OUNZ tracks LBMA Gold Price PM ($/ozt), while NLR tracks MVIS Global Uranium & Nuclear Energy Index. Their fees differ too: 0.25% for OUNZ and 0.56% for NLR.
OUNZ currently has the higher Sharpe Ratio (0.67 vs -0.15), 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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