OUNZ vs. SGOL
Compare and contrast key facts about VanEck Merk Gold Trust (OUNZ) and abrdn Physical Gold Shares ETF (SGOL).
OUNZ and SGOL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OUNZ is a passively managed fund by Merk that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on May 16, 2014. SGOL is a passively managed fund by abrdn that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on Sep 9, 2009. Both OUNZ and SGOL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
OUNZ vs. SGOL - Performance Comparison
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OUNZ vs. SGOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 8.61% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
SGOL abrdn Physical Gold Shares ETF | 8.62% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
Returns By Period
The year-to-date returns for both investments are quite close, with OUNZ having a 8.61% return and SGOL slightly higher at 8.62%. Both investments have delivered pretty close results over the past 10 years, with OUNZ having a 14.00% annualized return and SGOL not far ahead at 14.11%.
OUNZ
- 1D
- 3.75%
- 1M
- -11.06%
- YTD
- 8.61%
- 6M
- 21.13%
- 1Y
- 49.47%
- 3Y*
- 33.11%
- 5Y*
- 21.74%
- 10Y*
- 14.00%
SGOL
- 1D
- 3.77%
- 1M
- -10.99%
- YTD
- 8.62%
- 6M
- 21.22%
- 1Y
- 49.63%
- 3Y*
- 33.23%
- 5Y*
- 21.84%
- 10Y*
- 14.11%
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OUNZ vs. SGOL - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is higher than SGOL's 0.17% 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%.
Return for Risk
OUNZ vs. SGOL — Risk / Return Rank
OUNZ
SGOL
OUNZ vs. SGOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and abrdn Physical Gold Shares ETF (SGOL). 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 | SGOL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.80 | 1.81 | -0.01 |
Sortino ratioReturn per unit of downside risk | 2.24 | 2.25 | -0.01 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.33 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.71 | -0.01 |
Martin ratioReturn relative to average drawdown | 9.98 | 10.02 | -0.04 |
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 | SGOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 1.81 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.24 | 1.25 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.89 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 0.58 | +0.13 |
Correlation
The correlation between OUNZ and SGOL is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
OUNZ vs. SGOL - Dividend Comparison
Neither OUNZ nor SGOL has paid dividends to shareholders.
Drawdowns
OUNZ vs. SGOL - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum SGOL drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for OUNZ and SGOL.
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Drawdown Indicators
| OUNZ | SGOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -45.51% | +23.74% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -19.14% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -20.92% | -0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -21.76% | -21.56% | -0.20% |
Current DrawdownCurrent decline from peak | -13.18% | -13.21% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -18.46% | +10.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.17% | 5.17% | 0.00% |
Volatility
OUNZ vs. SGOL - Volatility Comparison
VanEck Merk Gold Trust (OUNZ) and abrdn Physical Gold Shares ETF (SGOL) have volatilities of 10.95% and 10.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | SGOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.95% | 10.97% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 24.00% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.59% | 27.51% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 17.63% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.88% | 15.84% | +0.04% |