OUNZ vs. PHYS

Last updated Jun 3, 2026

OUNZ (VanEck Merk Gold Trust) is Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, OUNZ returned 13.33%/yr vs 12.52%/yr for PHYS. With a 0.96 correlation, they move nearly in lockstep.

Performance

OUNZ vs. PHYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and Sprott Physical Gold Trust (PHYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a 4.03% return, which is significantly higher than PHYS's 2.76% return. Over the past 10 years, OUNZ has outperformed PHYS with an annualized return of 13.33%, while PHYS has yielded a comparatively lower 12.52% annualized return.

OUNZ

• 1D: 0.19%
• 1M: -2.62%
• YTD: 4.03%
• 6M: 6.46%
• 1Y: 32.40%
• 3Y*: 31.70%
• 5Y*: 18.81%
• 10Y*: 13.33%

PHYS

• 1D: 0.24%
• 1M: -2.78%
• YTD: 2.76%
• 6M: 5.34%
• 1Y: 31.72%
• 3Y*: 30.46%
• 5Y*: 17.81%
• 10Y*: 12.52%

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

OUNZ vs. PHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUNZ VanEck Merk Gold Trust	4.03%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.00%	-2.06%	12.82%
PHYS Sprott Physical Gold Trust	2.76%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%

Correlation

The correlation between OUNZ and PHYS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 19, 2014	0.96

The correlation between OUNZ and PHYS has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

OUNZ vs. PHYS — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 34
OUNZ Sharpe Ratio Rank: 34
OUNZ Sortino Ratio Rank: 30
OUNZ Omega Ratio Rank: 37
OUNZ Calmar Ratio Rank: 37
OUNZ Martin Ratio Rank: 31

PHYS

PHYS Risk / Return Rank: 71
PHYS Sharpe Ratio Rank: 75
PHYS Sortino Ratio Rank: 66
PHYS Omega Ratio Rank: 71
PHYS Calmar Ratio Rank: 72
PHYS Martin Ratio Rank: 73

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. PHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Sprott Physical Gold Trust (PHYS). 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.

	OUNZ	PHYS	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.16	+0.07
Sortino ratio Return per unit of downside risk	1.63	1.53	+0.10
Omega ratio Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio Return relative to maximum drawdown	1.87	1.80	+0.07
Martin ratio Return relative to average drawdown	4.71	4.51	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUNZ vs. PHYS - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.23, which is comparable to the PHYS Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of OUNZ and PHYS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OUNZ	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.16	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.98	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.77	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.45	+0.22

Drawdowns

OUNZ vs. PHYS - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum PHYS drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for OUNZ and PHYS.

Drawdown Indicators

	OUNZ	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-48.16%	+26.39%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-19.35%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-19.35%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-21.80%	+0.79%
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	-23.75%	+1.99%
Current Drawdown Current decline from peak	-16.84%	-17.10%	+0.26%
Average Drawdown Average peak-to-trough decline	-7.57%	-21.00%	+13.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	7.74%	-0.13%

Volatility

OUNZ vs. PHYS - Volatility Comparison

VanEck Merk Gold Trust (OUNZ) and Sprott Physical Gold Trust (PHYS) have volatilities of 5.77% and 5.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	5.96%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	22.96%	23.84%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	26.50%	27.50%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	18.32%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	16.30%	-0.34%

Dividends

OUNZ vs. PHYS - Dividend Comparison

Neither OUNZ nor PHYS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OUNZ and PHYS in my portfolio?

With a correlation of 0.99, OUNZ and PHYS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OUNZ or PHYS?

PHYS has higher volatility (5.96%) compared to OUNZ (5.77%). In terms of maximum drawdown, OUNZ dropped -21.77% vs PHYS's -48.16%.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (1.23 vs 1.16), 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.