OUNZ vs. SGOL
OUNZ (VanEck Merk Gold ETF) and SGOL (abrdn Physical Gold Shares ETF) are both Gold funds tracking the LBMA Gold Price PM ($/ozt), from VanEck and abrdn respectively. Both are passively managed. Over the past 10 years, OUNZ returned 11.90%/yr vs 12.00%/yr for SGOL. With a 0.98 correlation, they move nearly in lockstep. OUNZ charges 0.25%/yr vs 0.17%/yr for SGOL.
Performance
OUNZ vs. SGOL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with OUNZ having a -2.87% return and SGOL slightly lower at -2.90%. Both investments have delivered pretty close results over the past 10 years, with OUNZ having a 11.90% annualized return and SGOL not far ahead at 12.00%.
OUNZ
- 1D
- -0.64%
- 1M
- -7.06%
- YTD
- -2.87%
- 6M
- -5.69%
- 1Y
- 24.20%
- 3Y*
- 29.41%
- 5Y*
- 18.44%
- 10Y*
- 11.90%
SGOL
- 1D
- -0.67%
- 1M
- -7.10%
- YTD
- -2.90%
- 6M
- -5.72%
- 1Y
- 24.27%
- 3Y*
- 29.52%
- 5Y*
- 18.52%
- 10Y*
- 12.00%
OUNZ vs. SGOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -2.87% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
SGOL abrdn Physical Gold Shares ETF | -2.90% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
Correlation
The correlation between OUNZ and SGOL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.98 |
The correlation between OUNZ and SGOL has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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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 ETF (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.
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 | SGOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.72 | 2.72 | 0.00 |
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Drawdowns
OUNZ vs. SGOL - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -24.36%, 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 | -24.36% | -45.51% | +21.15% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -24.37% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -24.37% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -24.37% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -24.37% | +0.01% |
Current DrawdownCurrent decline from peak | -22.35% | -22.41% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -18.42% | +10.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.92% | 8.94% | -0.02% |
Volatility
OUNZ vs. SGOL - Volatility Comparison
VanEck Merk Gold ETF (OUNZ) and abrdn Physical Gold Shares ETF (SGOL) have volatilities of 7.99% and 7.98%, 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 | 7.99% | 7.98% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 24.12% | 24.07% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.34% | 27.27% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.13% | 18.10% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 16.06% | +0.05% |
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%.
Dividends
OUNZ vs. SGOL - Dividend Comparison
Neither OUNZ nor SGOL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, OUNZ and SGOL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
OUNZ has higher volatility (7.99%) compared to SGOL (7.98%). In terms of maximum drawdown, OUNZ dropped -24.36% vs SGOL's -45.51%.
On 10-year performance, SGOL leads with 12.00% vs 11.90% for OUNZ. On fees, SGOL is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 12.00% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.25% for OUNZ.
OUNZ and SGOL have nearly identical dividend yields, around 0.00%.
Both ETFs track LBMA Gold Price PM ($/ozt). They also come from different issuers: VanEck and abrdn. Their fees differ too: 0.25% for OUNZ and 0.17% for SGOL.
SGOL currently has the higher Sharpe Ratio (0.90 vs 0.89), 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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