OUNZ vs. PPH
OUNZ (VanEck Merk Gold Trust) and PPH (VanEck Pharmaceutical ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while PPH is a Health & Biotech Equities fund tracking the MVIS US Listed Pharmaceutical 25 Index. Both are passively managed. Over the past 10 years, OUNZ returned 12.42%/yr vs 8.39%/yr for PPH. At a 0.04 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.36%/yr for PPH.
Performance
OUNZ vs. PPH - 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 PPH's 2.96% return. Over the past 10 years, OUNZ has outperformed PPH with an annualized return of 12.42%, while PPH has yielded a comparatively lower 8.39% 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%
PPH
- 1D
- -1.04%
- 1M
- 4.48%
- YTD
- 2.96%
- 6M
- 3.80%
- 1Y
- 18.69%
- 3Y*
- 12.38%
- 5Y*
- 9.47%
- 10Y*
- 8.39%
OUNZ vs. PPH - 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% |
PPH VanEck Pharmaceutical ETF | 2.96% | 22.00% | 8.05% | 6.95% | 2.64% | 17.79% | 5.49% | 19.39% | -5.89% | 15.23% |
Correlation
The correlation between OUNZ and PPH is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.04 |
The correlation between OUNZ and PPH shifts across timeframes, from 0.04 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OUNZ vs. PPH — Risk / Return Rank
OUNZ
PPH
OUNZ vs. PPH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and VanEck Pharmaceutical ETF (PPH). 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 | PPH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.74 | -0.70 |
| Martin ratioReturn relative to average drawdown | 3.00 | 4.30 | -1.30 |
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Drawdowns
OUNZ vs. PPH - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum PPH drawdown of -51.45%. Use the drawdown chart below to compare losses from any high point for OUNZ and PPH.
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Drawdown Indicators
| OUNZ | PPH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.36% | -51.45% | +27.09% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -10.76% | -13.60% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -18.06% | -6.30% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -20.26% | -4.10% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -29.70% | +5.34% |
Current DrawdownCurrent decline from peak | -20.00% | -4.90% | -15.10% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -17.29% | +9.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.54% | 4.45% | +4.09% |
Volatility
OUNZ vs. PPH - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) has a higher volatility of 8.30% compared to VanEck Pharmaceutical ETF (PPH) at 5.95%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than PPH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | PPH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 5.95% | +2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 24.01% | 12.18% | +11.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.27% | 17.66% | +9.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.17% | 15.14% | +3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 17.00% | -0.89% |
OUNZ vs. PPH - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than PPH's 0.36% expense ratio.
Dividends
OUNZ vs. PPH - Dividend Comparison
OUNZ has not paid dividends to shareholders, while PPH's dividend yield for the trailing twelve months is around 2.05%.
| 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% |
PPH VanEck Pharmaceutical ETF | 2.05% | 1.78% | 1.98% | 2.09% | 1.55% | 1.62% | 1.66% | 1.77% | 1.97% | 1.92% | 2.43% | 1.93% |
Frequently Asked Questions
OUNZ and PPH have a correlation of 0.18, 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 PPH (5.95%). In terms of maximum drawdown, OUNZ dropped -24.36% vs PPH's -51.45%.
On 10-year performance, OUNZ leads with 12.42% vs 8.39% for PPH. On fees, OUNZ is cheaper at 0.25% per year. On volatility, PPH has been the lower-risk option at 5.95%. 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 8.39%. 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 0.36% for PPH.
PPH has the higher dividend yield at 2.05%, compared with 0.00% for OUNZ.
OUNZ is categorized as Precious Metals, while PPH is Health & Biotech Equities. OUNZ tracks LBMA Gold Price PM ($/ozt), while PPH tracks MVIS US Listed Pharmaceutical 25 Index. They also come from different issuers: Merk and VanEck. Their fees differ too: 0.25% for OUNZ and 0.36% for PPH.
PPH currently has the higher Sharpe Ratio (1.07 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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