OUNZ vs. SMH
OUNZ (VanEck Merk Gold ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, OUNZ returned 11.40%/yr vs 38.61%/yr for SMH. At a 0.02 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.35%/yr for SMH.
Performance
OUNZ vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a -6.68% return, which is significantly lower than SMH's 76.85% return. Over the past 10 years, OUNZ has underperformed SMH with an annualized return of 11.40%, while SMH has yielded a comparatively higher 38.61% annualized return.
OUNZ
- 1D
- 0.94%
- 1M
- -10.70%
- YTD
- -6.68%
- 6M
- -10.23%
- 1Y
- 20.52%
- 3Y*
- 27.61%
- 5Y*
- 17.45%
- 10Y*
- 11.40%
SMH
- 1D
- 2.90%
- 1M
- 5.77%
- YTD
- 76.85%
- 6M
- 74.89%
- 1Y
- 132.14%
- 3Y*
- 63.82%
- 5Y*
- 38.94%
- 10Y*
- 38.61%
OUNZ vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -6.68% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
SMH VanEck Semiconductor ETF | 76.85% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between OUNZ and SMH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.02 |
Over the past year, OUNZ and SMH have become more correlated (0.25) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
OUNZ vs. SMH — Risk / Return Rank
OUNZ
SMH
OUNZ vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.56 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 8.90 | -8.11 |
| Martin ratioReturn relative to average drawdown | 2.20 | 32.08 | -29.88 |
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Drawdowns
OUNZ vs. SMH - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -26.09%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for OUNZ and SMH.
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Drawdown Indicators
| OUNZ | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.09% | -84.96% | +58.87% |
Max Drawdown (1Y)Largest decline over 1 year | -26.09% | -14.93% | -11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -26.09% | -35.74% | +9.65% |
Max Drawdown (5Y)Largest decline over 5 years | -26.09% | -45.30% | +19.21% |
Max Drawdown (10Y)Largest decline over 10 years | -26.09% | -45.30% | +19.21% |
Current DrawdownCurrent decline from peak | -25.40% | -4.79% | -20.61% |
Average DrawdownAverage peak-to-trough decline | -7.64% | -41.00% | +33.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.33% | 4.13% | +5.20% |
Volatility
OUNZ vs. SMH - Volatility Comparison
The current volatility for VanEck Merk Gold ETF (OUNZ) is 8.64%, while VanEck Semiconductor ETF (SMH) has a volatility of 18.79%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.64% | 18.79% | -10.15% |
Volatility (6M)Calculated over the trailing 6-month period | 24.28% | 29.21% | -4.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.49% | 34.82% | -7.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.21% | 35.84% | -17.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 32.97% | -16.89% |
OUNZ vs. SMH - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
OUNZ vs. SMH - Dividend Comparison
OUNZ has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.
| 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% |
SMH VanEck Semiconductor ETF | 0.17% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
OUNZ and SMH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (18.79%) compared to OUNZ (8.64%). In terms of maximum drawdown, OUNZ dropped -26.09% vs SMH's -84.96%.
On 10-year performance, SMH leads with 38.61% vs 11.40% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 8.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 38.61% return vs 11.40%. 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 0.35% for SMH.
SMH has the higher dividend yield at 0.17%, compared with 0.00% for OUNZ.
OUNZ is categorized as Gold, while SMH is Semiconductors. OUNZ tracks LBMA Gold Price PM ($/ozt), while SMH tracks MVIS US Listed Semiconductor 25 Index. Their fees differ too: 0.25% for OUNZ and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (3.82 vs 0.75), 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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