OUNZ vs. PBD
OUNZ (VanEck Merk Gold Trust) and PBD (Invesco Global Clean Energy ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while PBD is a Alternative Energy Equities fund tracking the WilderHill New Energy Global Innovation index. Both are passively managed. Over the past 10 years, OUNZ returned 12.42%/yr vs 9.10%/yr for PBD. At a 0.12 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.75%/yr for PBD.
Performance
OUNZ vs. PBD - 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 PBD's 28.03% return. Over the past 10 years, OUNZ has outperformed PBD with an annualized return of 12.42%, while PBD has yielded a comparatively lower 9.10% 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%
PBD
- 1D
- 0.84%
- 1M
- -3.12%
- YTD
- 28.03%
- 6M
- 27.73%
- 1Y
- 72.58%
- 3Y*
- 4.61%
- 5Y*
- -5.27%
- 10Y*
- 9.10%
OUNZ vs. PBD - 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% |
PBD Invesco Global Clean Energy ETF | 28.03% | 43.65% | -26.39% | -10.69% | -29.70% | -22.30% | 145.46% | 40.00% | -19.32% | 28.72% |
Correlation
The correlation between OUNZ and PBD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.12 |
The correlation between OUNZ and PBD shifts across timeframes, from 0.12 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OUNZ vs. PBD — Risk / Return Rank
OUNZ
PBD
OUNZ vs. PBD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Invesco Global Clean Energy ETF (PBD). 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 | PBD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.47 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 5.71 | -4.66 |
| Martin ratioReturn relative to average drawdown | 3.00 | 19.24 | -16.24 |
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Drawdowns
OUNZ vs. PBD - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum PBD drawdown of -78.60%. Use the drawdown chart below to compare losses from any high point for OUNZ and PBD.
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Drawdown Indicators
| OUNZ | PBD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.36% | -78.60% | +54.24% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -12.78% | -11.58% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -52.45% | +28.09% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -69.15% | +44.79% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -75.40% | +51.04% |
Current DrawdownCurrent decline from peak | -20.00% | -43.63% | +23.63% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -53.37% | +45.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.54% | 3.78% | +4.76% |
Volatility
OUNZ vs. PBD - Volatility Comparison
The current volatility for VanEck Merk Gold Trust (OUNZ) is 8.30%, while Invesco Global Clean Energy ETF (PBD) has a volatility of 10.96%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than PBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | PBD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 10.96% | -2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 24.01% | 19.02% | +4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.27% | 24.81% | +2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.17% | 28.59% | -10.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 27.35% | -11.24% |
OUNZ vs. PBD - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than PBD's 0.75% expense ratio.
Dividends
OUNZ vs. PBD - Dividend Comparison
OUNZ has not paid dividends to shareholders, while PBD's dividend yield for the trailing twelve months is around 1.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PBD Invesco Global Clean Energy ETF | 1.76% | 2.71% | 1.81% | 2.85% | 2.98% | 0.67% | 0.48% | 1.83% | 1.86% | 1.76% | 2.04% | 1.24% |
Frequently Asked Questions
OUNZ and PBD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBD has higher volatility (10.96%) compared to OUNZ (8.30%). In terms of maximum drawdown, OUNZ dropped -24.36% vs PBD's -78.60%.
On 10-year performance, OUNZ leads with 12.42% vs 9.10% for PBD. 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.
Over the 10-year period, OUNZ has performed better with a 12.42% return vs 9.10%. 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 0.75% for PBD.
PBD has the higher dividend yield at 1.76%, compared with 0.00% for OUNZ.
OUNZ is categorized as Precious Metals, while PBD is Alternative Energy Equities. OUNZ tracks LBMA Gold Price PM ($/ozt), while PBD tracks WilderHill New Energy Global Innovation index. They also come from different issuers: Merk and Invesco. Their fees differ too: 0.25% for OUNZ and 0.75% for PBD.
PBD currently has the higher Sharpe Ratio (2.95 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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