OUNZ vs. RWJ
OUNZ (VanEck Merk Gold ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, OUNZ returned 11.37%/yr vs 13.23%/yr for RWJ. At a 0.01 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.39%/yr for RWJ.
Performance
OUNZ vs. RWJ - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a -7.16% return, which is significantly lower than RWJ's 24.54% return. Over the past 10 years, OUNZ has underperformed RWJ with an annualized return of 11.37%, while RWJ has yielded a comparatively higher 13.23% annualized return.
OUNZ
- 1D
- -0.23%
- 1M
- -5.03%
- 6M
- -12.66%
- YTD
- -7.16%
- 1Y
- 19.37%
- 3Y*
- 26.53%
- 5Y*
- 17.02%
- 10Y*
- 11.37%
- ALL TIME*
- 9.39%
RWJ
- 1D
- -0.79%
- 1M
- 3.74%
- 6M
- 15.25%
- YTD
- 24.54%
- 1Y
- 37.36%
- 3Y*
- 16.58%
- 5Y*
- 10.67%
- 10Y*
- 13.23%
- ALL TIME*
- 12.50%
OUNZ vs. RWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -7.16% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
RWJ Invesco S&P SmallCap 600 Revenue ETF | 24.54% | 7.75% | 11.81% | 16.21% | -10.97% | 52.82% | 20.83% | 20.29% | -16.95% | 5.30% |
Correlation
The correlation between OUNZ and RWJ 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 | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.01 |
The correlation between OUNZ and RWJ shifts across timeframes, from 0.01 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OUNZ vs. RWJ — Risk / Return Rank
OUNZ
RWJ
OUNZ vs. RWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). 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 | RWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.34 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 3.32 | -2.58 |
| Martin ratioReturn relative to average drawdown | 1.73 | 10.72 | -8.99 |
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Drawdowns
OUNZ vs. RWJ - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -26.31%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for OUNZ and RWJ.
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Drawdown Indicators
| OUNZ | RWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.31% | -55.97% | +29.66% |
Max Drawdown (1Y)Largest decline over 1 year | -26.31% | -11.31% | -15.00% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -29.29% | +2.98% |
Max Drawdown (5Y)Largest decline over 5 years | -26.31% | -29.29% | +2.98% |
Max Drawdown (10Y)Largest decline over 10 years | -26.31% | -51.33% | +25.02% |
Current DrawdownCurrent decline from peak | -25.79% | -1.66% | -24.13% |
Average DrawdownAverage peak-to-trough decline | -7.73% | -9.18% | +1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.23% | 3.49% | +7.74% |
Volatility
OUNZ vs. RWJ - Volatility Comparison
VanEck Merk Gold ETF (OUNZ) has a higher volatility of 6.41% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.21%. This indicates that OUNZ's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | RWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 4.21% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 23.99% | 12.50% | +11.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.86% | 18.96% | +8.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 23.52% | -5.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 26.06% | -9.94% |
OUNZ vs. RWJ - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than RWJ's 0.39% expense ratio.
Dividends
OUNZ vs. RWJ - Dividend Comparison
OUNZ has not paid dividends to shareholders, while RWJ's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RWJ Invesco S&P SmallCap 600 Revenue ETF | 1.01% | 1.11% | 1.15% | 1.34% | 1.02% | 0.61% | 0.89% | 1.22% | 1.44% | 1.11% | 0.60% | 0.74% |
Frequently Asked Questions
OUNZ and RWJ 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 (6.41%) compared to RWJ (4.21%). In terms of maximum drawdown, OUNZ dropped -26.31% vs RWJ's -55.97%.
On 10-year performance, RWJ leads with 13.23% vs 11.37% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, RWJ has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RWJ has performed better with a 13.23% return vs 11.37%. 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 0.39% for RWJ.
RWJ has the higher dividend yield at 1.01%, compared with 0.00% for OUNZ.
OUNZ is categorized as Gold, while RWJ is Small Cap Value Equities. OUNZ tracks LBMA Gold Price PM ($/ozt), while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.25% for OUNZ and 0.39% for RWJ.
RWJ currently has the higher Sharpe Ratio (1.98 vs 0.70), 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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