OUNZ vs. PSILX

Last updated Jun 16, 2026

OUNZ (VanEck Merk Gold Trust) and PSILX (T. Rowe Price Spectrum International Equity Fund) are both funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while PSILX is a Foreign Large Cap Equities fund managed by T. Rowe Price. Over the past 10 years, OUNZ returned 12.42%/yr vs 8.88%/yr for PSILX. At a 0.17 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.89%/yr for PSILX.

Performance

OUNZ vs. PSILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and T. Rowe Price Spectrum International Equity Fund (PSILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a 0.07% return, which is significantly lower than PSILX's 12.26% return. Over the past 10 years, OUNZ has outperformed PSILX with an annualized return of 12.42%, while PSILX has yielded a comparatively lower 8.88% 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%

PSILX

• 1D: 0.46%
• 1M: 3.76%
• YTD: 12.26%
• 6M: 14.02%
• 1Y: 27.05%
• 3Y*: 16.34%
• 5Y*: 6.27%
• 10Y*: 8.88%

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

OUNZ vs. PSILX - 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%
PSILX T. Rowe Price Spectrum International Equity Fund	12.26%	30.30%	4.28%	13.83%	-18.04%	5.00%	13.94%	25.00%	-14.83%	26.79%

Correlation

The correlation between OUNZ and PSILX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
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	0.21
Correlation (All Time) Calculated using the full available price history since May 16, 2014	0.17

The correlation between OUNZ and PSILX shifts across timeframes, from 0.17 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

OUNZ vs. PSILX — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 27
OUNZ Sharpe Ratio Rank: 29
OUNZ Sortino Ratio Rank: 26
OUNZ Omega Ratio Rank: 31
OUNZ Calmar Ratio Rank: 24
OUNZ Martin Ratio Rank: 24

PSILX

PSILX Risk / Return Rank: 40
PSILX Sharpe Ratio Rank: 40
PSILX Sortino Ratio Rank: 39
PSILX Omega Ratio Rank: 43
PSILX Calmar Ratio Rank: 37
PSILX Martin Ratio Rank: 40

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. PSILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and T. Rowe Price Spectrum International Equity Fund (PSILX). 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	PSILX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.59	-0.65
Sortino ratio: Return per unit of downside risk	1.31	2.25	-0.94
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.11
Calmar ratio: Return relative to maximum drawdown	1.05	2.04	-0.99
Martin ratio: Return relative to average drawdown	3.00	7.72	-4.72

OUNZ vs. PSILX - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.94, which is lower than the PSILX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of OUNZ and PSILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OUNZ vs. PSILX - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum PSILX drawdown of -61.38%. Use the drawdown chart below to compare losses from any high point for OUNZ and PSILX.

Drawdown Indicators

	OUNZ	PSILX	Difference
Max Drawdown Largest peak-to-trough decline	-24.36%	-61.38%	+37.02%
Max Drawdown (1Y) Largest decline over 1 year	-24.36%	-12.72%	-11.64%
Max Drawdown (3Y) Largest decline over 3 years	-24.36%	-13.70%	-10.66%
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	-33.13%	+8.77%
Max Drawdown (10Y) Largest decline over 10 years	-24.36%	-33.33%	+8.97%
Current Drawdown Current decline from peak	-20.00%	-1.66%	-18.34%
Average Drawdown Average peak-to-trough decline	-7.60%	-14.05%	+6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.54%	3.32%	+5.22%

Volatility

OUNZ vs. PSILX - Volatility Comparison

VanEck Merk Gold Trust (OUNZ) has a higher volatility of 8.30% compared to T. Rowe Price Spectrum International Equity Fund (PSILX) at 6.70%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than PSILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	PSILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	6.70%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	24.01%	14.03%	+9.98%
Volatility (1Y) Calculated over the trailing 1-year period	27.27%	16.33%	+10.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	15.94%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	16.28%	-0.17%

OUNZ vs. PSILX - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than PSILX's 0.89% expense ratio.

Dividends

OUNZ vs. PSILX - Dividend Comparison

OUNZ has not paid dividends to shareholders, while PSILX's dividend yield for the trailing twelve months is around 4.83%.

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%
PSILX T. Rowe Price Spectrum International Equity Fund	4.83%	5.42%	2.04%	1.88%	6.67%	3.49%	0.88%	3.49%	6.69%	0.58%	0.17%	0.08%

Frequently Asked Questions

Can I hold both OUNZ and PSILX in my portfolio?

OUNZ and PSILX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUNZ or PSILX?

OUNZ has higher volatility (8.30%) compared to PSILX (6.70%). In terms of maximum drawdown, OUNZ dropped -24.36% vs PSILX's -61.38%.

Which has better risk-adjusted returns?

PSILX currently has the higher Sharpe Ratio (1.59 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.