OUNZ vs. ULTY

Last updated Jun 16, 2026

OUNZ (VanEck Merk Gold Trust) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while ULTY is a Derivative Income fund actively managed by YieldMax. OUNZ is passively managed, while ULTY is actively managed. Over the past year, OUNZ returned 25.45% vs 7.83% for ULTY. At a 0.17 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 1.14%/yr for ULTY.

Performance

OUNZ vs. ULTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) and YieldMax Ultra Option Income Strategy ETF (ULTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUNZ achieves a 0.07% return, which is significantly lower than ULTY's 11.58% return.

OUNZ

• 1D: 2.54%
• 1M: -5.03%
• YTD: 0.07%
• 6M: 0.22%
• 1Y: 25.45%
• 3Y*: 29.89%
• 5Y*: 18.45%
• 10Y*: 12.42%

ULTY

• 1D: 2.56%
• 1M: 3.18%
• YTD: 11.58%
• 6M: 13.08%
• 1Y: 7.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OUNZ VanEck Merk Gold Trust	0.07%	63.95%	28.62%
ULTY YieldMax Ultra Option Income Strategy ETF	11.58%	-0.84%	-4.73%

Correlation

The correlation between OUNZ and ULTY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.17

The correlation between OUNZ and ULTY shifts across timeframes, from 0.17 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

OUNZ vs. ULTY — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 27
OUNZ Sharpe Ratio Rank: 29
OUNZ Sortino Ratio Rank: 26
OUNZ Omega Ratio Rank: 31
OUNZ Calmar Ratio Rank: 24
OUNZ Martin Ratio Rank: 24

ULTY

ULTY Risk / Return Rank: 14
ULTY Sharpe Ratio Rank: 15
ULTY Sortino Ratio Rank: 14
ULTY Omega Ratio Rank: 14
ULTY Calmar Ratio Rank: 13
ULTY Martin Ratio Rank: 12

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. ULTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) and YieldMax Ultra Option Income Strategy ETF (ULTY). 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	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.36	+0.58
Sortino ratio: Return per unit of downside risk	1.31	0.62	+0.69
Omega ratio: Gain probability vs. loss probability	1.19	1.08	+0.12
Calmar ratio: Return relative to maximum drawdown	1.05	0.33	+0.72
Martin ratio: Return relative to average drawdown	3.00	0.63	+2.37

OUNZ vs. ULTY - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.94, which is higher than the ULTY Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of OUNZ and ULTY, 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. ULTY - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for OUNZ and ULTY.

Drawdown Indicators

	OUNZ	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-24.36%	-26.85%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-24.36%	-24.16%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-24.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.36%	—	—
Current Drawdown Current decline from peak	-20.00%	-8.51%	-11.49%
Average Drawdown Average peak-to-trough decline	-7.60%	-9.89%	+2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.54%	12.48%	-3.94%

Volatility

OUNZ vs. ULTY - Volatility Comparison

VanEck Merk Gold Trust (OUNZ) and YieldMax Ultra Option Income Strategy ETF (ULTY) have volatilities of 8.30% and 8.42%, 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.

Volatility by Period

	OUNZ	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	8.42%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	24.01%	16.58%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	27.27%	21.69%	+5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	27.35%	-9.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	27.35%	-11.24%

OUNZ vs. ULTY - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

OUNZ vs. ULTY - Dividend Comparison

OUNZ has not paid dividends to shareholders, while ULTY's dividend yield for the trailing twelve months is around 110.56%.

Position	TTM	2025	2024
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%
ULTY YieldMax Ultra Option Income Strategy ETF	110.56%	142.99%	111.70%

Frequently Asked Questions

Can I hold both OUNZ and ULTY in my portfolio?

OUNZ and ULTY have a correlation of 0.28, 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 ULTY?

ULTY has higher volatility (8.42%) compared to OUNZ (8.30%). In terms of maximum drawdown, OUNZ dropped -24.36% vs ULTY's -26.85%.

Which ETF is better, OUNZ or ULTY?

On 1-year performance, OUNZ leads with 25.45% vs 7.83% for ULTY. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or ULTY?

Over the 1-year period, OUNZ has performed better with a 25.45% return vs 7.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or ULTY?

OUNZ is cheaper with a 0.25% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 110.56%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and ULTY?

OUNZ is categorized as Precious Metals, while ULTY is Derivative Income. They also come from different issuers: Merk and YieldMax. Their fees differ too: 0.25% for OUNZ and 1.14% for ULTY.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (0.94 vs 0.36), 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.