OUNZ vs. SMHX

Last updated Jun 26, 2026

OUNZ (VanEck Merk Gold ETF) and SMHX (VanEck Fabless Semiconductor ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index. Both are passively managed. Over the past year, OUNZ returned 20.52% vs 101.77% for SMHX. At a 0.12 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.35%/yr for SMHX.

Performance

OUNZ vs. SMHX - Performance Comparison

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

Returns By Period

In the year-to-date period, OUNZ achieves a -6.68% return, which is significantly lower than SMHX's 62.79% 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%

SMHX

• 1D: -0.16%
• 1M: -1.09%
• YTD: 62.79%
• 6M: 59.69%
• 1Y: 101.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. SMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OUNZ VanEck Merk Gold ETF	-6.68%	63.95%	3.77%
SMHX VanEck Fabless Semiconductor ETF	62.79%	30.00%	15.56%

Correlation

The correlation between OUNZ and SMHX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.12

Return for Risk

OUNZ vs. SMHX — 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: 23
OUNZ Sortino Ratio Rank: 21
OUNZ Omega Ratio Rank: 25
OUNZ Calmar Ratio Rank: 20
OUNZ Martin Ratio Rank: 20

SMHX

SMHX Risk / Return Rank: 87
SMHX Sharpe Ratio Rank: 92
SMHX Sortino Ratio Rank: 81
SMHX Omega Ratio Rank: 82
SMHX Calmar Ratio Rank: 94
SMHX Martin Ratio Rank: 87

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. SMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and VanEck Fabless Semiconductor ETF (SMHX). 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	SMHX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.80	-2.05
Sortino ratio: Return per unit of downside risk	1.10	3.13	-2.03
Omega ratio: Gain probability vs. loss probability	1.16	1.42	-0.26
Calmar ratio: Return relative to maximum drawdown	0.79	6.00	-5.21
Martin ratio: Return relative to average drawdown	2.20	15.99	-13.78

OUNZ vs. SMHX - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.75, which is lower than the SMHX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of OUNZ and SMHX, 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. SMHX - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -26.09%, smaller than the maximum SMHX drawdown of -38.53%. Use the drawdown chart below to compare losses from any high point for OUNZ and SMHX.

Drawdown Indicators

	OUNZ	SMHX	Difference
Max Drawdown Largest peak-to-trough decline	-26.09%	-38.53%	+12.44%
Max Drawdown (1Y) Largest decline over 1 year	-26.09%	-17.06%	-9.03%
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	-25.40%	-8.77%	-16.63%
Average Drawdown Average peak-to-trough decline	-7.64%	-7.35%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	6.39%	+2.94%

Volatility

OUNZ vs. SMHX - Volatility Comparison

The current volatility for VanEck Merk Gold ETF (OUNZ) is 8.64%, while VanEck Fabless Semiconductor ETF (SMHX) has a volatility of 19.46%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than SMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	SMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	19.46%	-10.82%
Volatility (6M) Calculated over the trailing 6-month period	24.28%	29.69%	-5.41%
Volatility (1Y) Calculated over the trailing 1-year period	27.49%	36.58%	-9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	41.40%	-23.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	41.40%	-25.32%

OUNZ vs. SMHX - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than SMHX's 0.35% expense ratio.

Dividends

OUNZ vs. SMHX - Dividend Comparison

OUNZ has not paid dividends to shareholders, while SMHX's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
OUNZ VanEck Merk Gold ETF	0.00%	0.00%	0.00%
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%

Frequently Asked Questions

Can I hold both OUNZ and SMHX in my portfolio?

OUNZ and SMHX have a correlation of 0.20, 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 SMHX?

SMHX has higher volatility (19.46%) compared to OUNZ (8.64%). In terms of maximum drawdown, OUNZ dropped -26.09% vs SMHX's -38.53%.

Which ETF is better, OUNZ or SMHX?

On 1-year performance, SMHX leads with 101.77% vs 20.52% 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.

Which ETF has performed better, OUNZ or SMHX?

Over the 1-year period, SMHX has performed better with a 101.77% return vs 20.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or SMHX?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.35% for SMHX.

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

SMHX has the higher dividend yield at 0.01%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and SMHX?

OUNZ is categorized as Gold, while SMHX is Semiconductors. OUNZ tracks LBMA Gold Price PM ($/ozt), while SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index. Their fees differ too: 0.25% for OUNZ and 0.35% for SMHX.

Which has better risk-adjusted returns?

SMHX currently has the higher Sharpe Ratio (2.80 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.