OUNZ vs. PSLV
OUNZ (VanEck Merk Gold Trust) and PSLV (Sprott Physical Silver Trust) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while PSLV is a Silver fund tracking the No Index (Physical Silver). Both are passively managed. Over the past 10 years, OUNZ returned 13.22%/yr vs 13.97%/yr for PSLV. A 0.77 correlation means they provide meaningful diversification when combined. OUNZ charges 0.25%/yr vs 0.51%/yr for PSLV.
Performance
OUNZ vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a 3.01% return, which is significantly higher than PSLV's -1.78% return. Over the past 10 years, OUNZ has underperformed PSLV with an annualized return of 13.22%, while PSLV has yielded a comparatively higher 13.97% annualized return.
OUNZ
- 1D
- -0.97%
- 1M
- -1.63%
- YTD
- 3.01%
- 6M
- 5.51%
- 1Y
- 32.21%
- 3Y*
- 31.27%
- 5Y*
- 18.34%
- 10Y*
- 13.22%
PSLV
- 1D
- -2.76%
- 1M
- -1.61%
- YTD
- -1.78%
- 6M
- 18.46%
- 1Y
- 100.09%
- 3Y*
- 41.73%
- 5Y*
- 18.43%
- 10Y*
- 13.97%
OUNZ vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 3.01% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
PSLV Sprott Physical Silver Trust | -1.78% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
Correlation
The correlation between OUNZ and PSLV is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since May 19, 2014 | 0.77 |
The correlation between OUNZ and PSLV has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.
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Return for Risk
OUNZ vs. PSLV — Risk / Return Rank
OUNZ
PSLV
OUNZ vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Sprott Physical Silver Trust (PSLV). 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 | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 2.48 | -0.78 |
| Martin ratioReturn relative to average drawdown | 4.20 | 5.50 | -1.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OUNZ | PSLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.72 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.52 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | 0.45 | +0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.17 | +0.49 |
Drawdowns
OUNZ vs. PSLV - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum PSLV drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for OUNZ and PSLV.
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Drawdown Indicators
| OUNZ | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -79.38% | +57.61% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -40.65% | +21.51% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -40.65% | +21.51% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -40.65% | +19.64% |
Max Drawdown (10Y)Largest decline over 10 years | -21.76% | -42.79% | +21.03% |
Current DrawdownCurrent decline from peak | -17.65% | -36.11% | +18.46% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -58.15% | +50.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.69% | 18.25% | -10.56% |
Volatility
OUNZ vs. PSLV - Volatility Comparison
The current volatility for VanEck Merk Gold Trust (OUNZ) is 5.52%, while Sprott Physical Silver Trust (PSLV) has a volatility of 16.57%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.52% | 16.57% | -11.05% |
Volatility (6M)Calculated over the trailing 6-month period | 22.98% | 57.35% | -34.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.40% | 58.49% | -32.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.91% | 35.64% | -17.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.96% | 31.14% | -15.18% |
OUNZ vs. PSLV - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than PSLV's 0.51% expense ratio.
Dividends
OUNZ vs. PSLV - Dividend Comparison
Neither OUNZ nor PSLV has paid dividends to shareholders.
Frequently Asked Questions
OUNZ and PSLV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (16.57%) compared to OUNZ (5.52%). In terms of maximum drawdown, OUNZ dropped -21.77% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 13.97% vs 13.22% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 13.97% return vs 13.22%. 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 0.51% for PSLV.
OUNZ and PSLV have nearly identical dividend yields, around 0.00%.
OUNZ is categorized as Precious Metals, while PSLV is Silver. OUNZ tracks LBMA Gold Price PM ($/ozt), while PSLV tracks No Index (Physical Silver). They also come from different issuers: Merk and Sprott. Their fees differ too: 0.25% for OUNZ and 0.51% for PSLV.
PSLV currently has the higher Sharpe Ratio (1.72 vs 1.23), 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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