OUNZ vs. RAAX
OUNZ (VanEck Merk Gold Trust) and RAAX (VanEck Inflation Allocation ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while RAAX is a Diversified Portfolio fund actively managed by VanEck. OUNZ is passively managed, while RAAX is actively managed. Over the past 5 years, OUNZ returned 18.45%/yr vs 13.26%/yr for RAAX. A 0.51 correlation means they provide meaningful diversification when combined. OUNZ charges 0.25%/yr vs 0.78%/yr for RAAX.
Performance
OUNZ vs. RAAX - 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 RAAX's 16.55% 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%
RAAX
- 1D
- -0.92%
- 1M
- -2.75%
- YTD
- 16.55%
- 6M
- 16.67%
- 1Y
- 30.86%
- 3Y*
- 20.30%
- 5Y*
- 13.26%
- 10Y*
- —
OUNZ vs. RAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 0.07% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -4.44% |
RAAX VanEck Inflation Allocation ETF | 16.55% | 26.74% | 12.50% | 6.71% | 1.51% | 21.56% | -8.27% | 6.14% | -2.41% |
Correlation
The correlation between OUNZ and RAAX is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.51 |
Over the past year, OUNZ and RAAX have become more correlated (0.71) than their long-term average of 0.51, meaning their price movements have been converging.
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Return for Risk
OUNZ vs. RAAX — Risk / Return Rank
OUNZ
RAAX
OUNZ vs. RAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and VanEck Inflation Allocation ETF (RAAX). 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 | RAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.40 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 4.33 | -3.28 |
| Martin ratioReturn relative to average drawdown | 3.00 | 15.50 | -12.50 |
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Drawdowns
OUNZ vs. RAAX - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum RAAX drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for OUNZ and RAAX.
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Drawdown Indicators
| OUNZ | RAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.36% | -33.91% | +9.55% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -7.17% | -17.19% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -11.59% | -12.77% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -23.55% | -0.81% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | — | — |
Current DrawdownCurrent decline from peak | -20.00% | -4.66% | -15.34% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -6.77% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.54% | 2.00% | +6.54% |
Volatility
OUNZ vs. RAAX - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) has a higher volatility of 8.30% compared to VanEck Inflation Allocation ETF (RAAX) at 4.71%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than RAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | RAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 4.71% | +3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 24.01% | 12.23% | +11.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.27% | 14.21% | +13.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.17% | 15.71% | +2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 15.79% | +0.32% |
OUNZ vs. RAAX - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than RAAX's 0.78% expense ratio.
Dividends
OUNZ vs. RAAX - Dividend Comparison
OUNZ has not paid dividends to shareholders, while RAAX's dividend yield for the trailing twelve months is around 2.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RAAX VanEck Inflation Allocation ETF | 2.01% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% |
Frequently Asked Questions
OUNZ and RAAX have a correlation of 0.71, 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 RAAX (4.71%). In terms of maximum drawdown, OUNZ dropped -24.36% vs RAAX's -33.91%.
On 5-year performance, OUNZ leads with 18.45% vs 13.26% for RAAX. On fees, OUNZ is cheaper at 0.25% per year. On volatility, RAAX has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OUNZ has performed better with a 18.45% return vs 13.26%. 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 0.78% for RAAX.
RAAX has the higher dividend yield at 2.01%, compared with 0.00% for OUNZ.
OUNZ is categorized as Precious Metals, while RAAX is Diversified Portfolio. They also come from different issuers: Merk and VanEck. Their fees differ too: 0.25% for OUNZ and 0.78% for RAAX.
RAAX currently has the higher Sharpe Ratio (2.19 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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