OUNZ vs. QQQ

Last updated Jun 9, 2026

OUNZ (VanEck Merk Gold Trust) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, OUNZ returned 12.64%/yr vs 21.59%/yr for QQQ. At a 0.02 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.18%/yr for QQQ.

Performance

OUNZ vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, OUNZ achieves a 0.29% return, which is significantly lower than QQQ's 16.71% return. Over the past 10 years, OUNZ has underperformed QQQ with an annualized return of 12.64%, while QQQ has yielded a comparatively higher 21.59% annualized return.

OUNZ

• 1D: 0.22%
• 1M: -8.43%
• YTD: 0.29%
• 6M: 3.12%
• 1Y: 30.33%
• 3Y*: 29.90%
• 5Y*: 17.72%
• 10Y*: 12.64%

QQQ

• 1D: 1.56%
• 1M: 0.68%
• YTD: 16.71%
• 6M: 15.00%
• 1Y: 35.78%
• 3Y*: 27.15%
• 5Y*: 16.98%
• 10Y*: 21.59%

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

OUNZ vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUNZ VanEck Merk Gold Trust	0.29%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.00%	-2.06%	12.82%
QQQ Invesco QQQ ETF	16.71%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between OUNZ and QQQ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 16, 2014	0.02

The correlation between OUNZ and QQQ shifts across timeframes, from 0.02 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

OUNZ vs. QQQ - Sectors Allocation Comparison

Sectors	OUNZ	QQQ
Real Estate	100.0%	0.1%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

OUNZ vs. QQQ — 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: 35
OUNZ Sortino Ratio Rank: 31
OUNZ Omega Ratio Rank: 39
OUNZ Calmar Ratio Rank: 34
OUNZ Martin Ratio Rank: 29

QQQ

QQQ Risk / Return Rank: 69
QQQ Sharpe Ratio Rank: 74
QQQ Sortino Ratio Rank: 67
QQQ Omega Ratio Rank: 70
QQQ Calmar Ratio Rank: 66
QQQ Martin Ratio Rank: 68

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.15	-1.01
Sortino ratio: Return per unit of downside risk	1.53	2.77	-1.25
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.15
Calmar ratio: Return relative to maximum drawdown	1.52	3.00	-1.48
Martin ratio: Return relative to average drawdown	3.82	11.43	-7.62
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. QQQ - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.14, which is lower than the QQQ Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of OUNZ and QQQ, 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	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	2.15	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.76	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.97	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.40	+0.24

Drawdowns

OUNZ vs. QQQ - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for OUNZ and QQQ.

Drawdown Indicators

	OUNZ	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-82.97%	+61.20%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-11.96%	-8.04%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-22.77%	+2.77%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-35.12%	+14.11%
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	-35.12%	+13.36%
Current Drawdown Current decline from peak	-19.83%	-4.03%	-15.80%
Average Drawdown Average peak-to-trough decline	-7.58%	-32.77%	+25.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.96%	3.14%	+4.82%

Volatility

OUNZ vs. QQQ - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 5.67%, while Invesco QQQ ETF (QQQ) has a volatility of 6.84%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	6.84%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	23.29%	13.20%	+10.09%
Volatility (1Y) Calculated over the trailing 1-year period	26.66%	16.74%	+9.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	22.49%	-4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	22.36%	-6.36%

OUNZ vs. QQQ - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is higher than QQQ's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

OUNZ vs. QQQ - Dividend Comparison

OUNZ has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.39%.

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%
QQQ Invesco QQQ ETF	0.39%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both OUNZ and QQQ in my portfolio?

OUNZ and QQQ have a correlation of 0.19, 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 QQQ?

QQQ has higher volatility (6.84%) compared to OUNZ (5.67%). In terms of maximum drawdown, OUNZ dropped -21.77% vs QQQ's -82.97%.

Which ETF is better, OUNZ or QQQ?

On 10-year performance, QQQ leads with 21.59% vs 12.64% for OUNZ. On fees, QQQ is cheaper at 0.18% per year. On volatility, OUNZ has been the lower-risk option at 5.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or QQQ?

Over the 10-year period, QQQ has performed better with a 21.59% return vs 12.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.25% for OUNZ.

Which ETF pays a higher dividend yield, OUNZ or QQQ?

QQQ has the higher dividend yield at 0.39%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and QQQ?

OUNZ is categorized as Precious Metals, while QQQ is Nasdaq-100. OUNZ tracks LBMA Gold Price PM ($/ozt), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Merk and Invesco. Their fees differ too: 0.25% for OUNZ and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.15 vs 1.14), 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.