OUNZ vs. SBIT

Last updated Jul 14, 2026

OUNZ (VanEck Merk Gold ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, OUNZ returned 18.92% vs 124.12% for SBIT. At a correlation of -0.17, they often move in opposite directions. OUNZ charges 0.25%/yr vs 0.95%/yr for SBIT.

Performance

OUNZ vs. SBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, OUNZ achieves a -7.28% return, which is significantly lower than SBIT's 44.00% return.

OUNZ

• 1D: -2.63%
• 1M: -4.99%
• 6M: -13.03%
• YTD: -7.28%
• 1Y: 18.92%
• 3Y*: 26.68%
• 5Y*: 16.70%
• 10Y*: 11.33%

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OUNZ VanEck Merk Gold ETF	-7.28%	63.95%	16.59%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between OUNZ and SBIT is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.17

Return for Risk

OUNZ vs. SBIT — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 22
OUNZ Sharpe Ratio Rank: 24
OUNZ Sortino Ratio Rank: 22
OUNZ Omega Ratio Rank: 26
OUNZ Calmar Ratio Rank: 20
OUNZ Martin Ratio Rank: 20

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.41	-0.73
Sortino ratio: Return per unit of downside risk	1.03	2.05	-1.03
Omega ratio: Gain probability vs. loss probability	1.15	1.25	-0.10
Calmar ratio: Return relative to maximum drawdown	0.73	2.60	-1.88
Martin ratio: Return relative to average drawdown	1.78	5.92	-4.14

OUNZ vs. SBIT - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.69, which is lower than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of OUNZ and SBIT, 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. SBIT - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -26.09%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for OUNZ and SBIT.

Drawdown Indicators

	OUNZ	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-26.09%	-91.35%	+65.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.09%	-47.94%	+21.85%
Max Drawdown (3Y) Largest decline over 3 years	-26.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.09%	—	—
Current Drawdown Current decline from peak	-25.88%	-77.15%	+51.27%
Average Drawdown Average peak-to-trough decline	-7.70%	-68.83%	+61.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.64%	21.04%	-10.40%

Volatility

OUNZ vs. SBIT - Volatility Comparison

The current volatility for VanEck Merk Gold ETF (OUNZ) is 7.58%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.58%	22.98%	-15.40%
Volatility (6M) Calculated over the trailing 6-month period	23.98%	68.89%	-44.91%
Volatility (1Y) Calculated over the trailing 1-year period	27.75%	88.51%	-60.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.31%	96.89%	-78.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	96.89%	-80.77%

OUNZ vs. SBIT - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

OUNZ vs. SBIT - Dividend Comparison

OUNZ has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.97%.

Position	TTM	2025	2024
OUNZ VanEck Merk Gold ETF	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%

Frequently Asked Questions

Can I hold both OUNZ and SBIT in my portfolio?

OUNZ and SBIT have a correlation of -0.26, 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 SBIT?

SBIT has higher volatility (22.98%) compared to OUNZ (7.58%). In terms of maximum drawdown, OUNZ dropped -26.09% vs SBIT's -91.35%.

Which ETF is better, OUNZ or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 18.92% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 7.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 18.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or SBIT?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.97%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and SBIT?

OUNZ is categorized as Gold, while SBIT is Cryptocurrency. OUNZ tracks LBMA Gold Price PM ($/ozt), while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.25% for OUNZ and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.41 vs 0.69), 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.