OUNZ vs. PBE
OUNZ (VanEck Merk Gold Trust) and PBE (Invesco Dynamic Biotechnology & Genome ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while PBE is a Health & Biotech Equities fund tracking the Dynamic Biotech & Genome Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, OUNZ returned 12.42%/yr vs 8.90%/yr for PBE. At a 0.03 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.59%/yr for PBE.
Performance
OUNZ vs. PBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OUNZ achieves a 0.07% return, which is significantly lower than PBE's 3.32% return. Over the past 10 years, OUNZ has outperformed PBE with an annualized return of 12.42%, while PBE has yielded a comparatively lower 8.90% 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%
PBE
- 1D
- 0.81%
- 1M
- 4.85%
- YTD
- 3.32%
- 6M
- 5.17%
- 1Y
- 34.13%
- 3Y*
- 10.91%
- 5Y*
- 2.31%
- 10Y*
- 8.90%
OUNZ vs. PBE - 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% |
PBE Invesco Dynamic Biotechnology & Genome ETF | 3.32% | 24.84% | 1.10% | 3.71% | -10.83% | 1.54% | 25.66% | 18.65% | -0.19% | 22.28% |
Correlation
The correlation between OUNZ and PBE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.03 |
The correlation between OUNZ and PBE shifts across timeframes, from 0.03 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OUNZ vs. PBE — Risk / Return Rank
OUNZ
PBE
OUNZ vs. PBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Invesco Dynamic Biotechnology & Genome ETF (PBE). 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 | PBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 2.92 | -1.87 |
| Martin ratioReturn relative to average drawdown | 3.00 | 8.21 | -5.21 |
Loading charts...
Drawdowns
OUNZ vs. PBE - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum PBE drawdown of -45.69%. Use the drawdown chart below to compare losses from any high point for OUNZ and PBE.
Loading charts...
Drawdown Indicators
| OUNZ | PBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.36% | -45.69% | +21.33% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -11.73% | -12.63% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -22.43% | -1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -34.71% | +10.35% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -37.84% | +13.48% |
Current DrawdownCurrent decline from peak | -20.00% | -1.00% | -19.00% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -16.21% | +8.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.54% | 4.17% | +4.37% |
Volatility
OUNZ vs. PBE - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) has a higher volatility of 8.30% compared to Invesco Dynamic Biotechnology & Genome ETF (PBE) at 6.04%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than PBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| OUNZ | PBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 6.04% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 24.01% | 13.67% | +10.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.27% | 19.01% | +8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.17% | 22.48% | -4.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 24.91% | -8.80% |
OUNZ vs. PBE - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than PBE's 0.59% expense ratio.
Dividends
OUNZ vs. PBE - Dividend Comparison
OUNZ has not paid dividends to shareholders, while PBE's dividend yield for the trailing twelve months is around 1.02%.
| 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% |
PBE Invesco Dynamic Biotechnology & Genome ETF | 1.02% | 1.00% | 0.05% | 0.02% | 0.00% | 0.00% | 0.04% | 0.00% | 0.00% | 0.57% | 0.38% | 1.12% |
Frequently Asked Questions
OUNZ and PBE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OUNZ has higher volatility (8.30%) compared to PBE (6.04%). In terms of maximum drawdown, OUNZ dropped -24.36% vs PBE's -45.69%.
On 10-year performance, OUNZ leads with 12.42% vs 8.90% for PBE. On fees, OUNZ is cheaper at 0.25% per year. On volatility, PBE has been the lower-risk option at 6.04%. 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 8.90%. 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 0.59% for PBE.
PBE has the higher dividend yield at 1.02%, compared with 0.00% for OUNZ.
OUNZ is categorized as Precious Metals, while PBE is Health & Biotech Equities. OUNZ tracks LBMA Gold Price PM ($/ozt), while PBE tracks Dynamic Biotech & Genome Intellidex Index (AMEX). They also come from different issuers: Merk and Invesco. Their fees differ too: 0.25% for OUNZ and 0.59% for PBE.
PBE currently has the higher Sharpe Ratio (1.81 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.
Find the right allocation for OUNZ and PBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer