OUNZ vs. XMMO
OUNZ (VanEck Merk Gold ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, OUNZ returned 11.37%/yr vs 18.68%/yr for XMMO. At a 0.03 correlation, their price movements are largely independent. OUNZ charges 0.25%/yr vs 0.35%/yr for XMMO.
Performance
OUNZ vs. XMMO - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a -7.16% return, which is significantly lower than XMMO's 16.39% return. Over the past 10 years, OUNZ has underperformed XMMO with an annualized return of 11.37%, while XMMO has yielded a comparatively higher 18.68% annualized return.
OUNZ
- 1D
- -0.23%
- 1M
- -5.03%
- 6M
- -12.66%
- YTD
- -7.16%
- 1Y
- 19.37%
- 3Y*
- 26.53%
- 5Y*
- 17.02%
- 10Y*
- 11.37%
- ALL TIME*
- 9.39%
XMMO
- 1D
- 2.84%
- 1M
- -6.38%
- 6M
- 14.04%
- YTD
- 16.39%
- 1Y
- 24.58%
- 3Y*
- 25.65%
- 5Y*
- 14.64%
- 10Y*
- 18.68%
- ALL TIME*
- 12.34%
OUNZ vs. XMMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -7.16% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
XMMO Invesco S&P MidCap Momentum ETF | 16.39% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Correlation
The correlation between OUNZ and XMMO 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 (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.03 |
Over the past year, OUNZ and XMMO have become more correlated (0.28) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
OUNZ vs. XMMO — Risk / Return Rank
OUNZ
XMMO
OUNZ vs. XMMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and Invesco S&P MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.22 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 2.43 | -1.69 |
| Martin ratioReturn relative to average drawdown | 1.73 | 8.81 | -7.08 |
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Drawdowns
OUNZ vs. XMMO - Drawdown Comparison
The maximum OUNZ drawdown since its inception was -26.31%, smaller than the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for OUNZ and XMMO.
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Drawdown Indicators
| OUNZ | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.31% | -55.37% | +29.06% |
Max Drawdown (1Y)Largest decline over 1 year | -26.31% | -10.14% | -16.17% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -24.93% | -1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -26.31% | -27.91% | +1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -26.31% | -36.74% | +10.43% |
Current DrawdownCurrent decline from peak | -25.79% | -7.59% | -18.20% |
Average DrawdownAverage peak-to-trough decline | -7.73% | -9.42% | +1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.23% | 2.80% | +8.43% |
Volatility
OUNZ vs. XMMO - Volatility Comparison
The current volatility for VanEck Merk Gold ETF (OUNZ) is 6.41%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.40%. This indicates that OUNZ experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OUNZ | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 7.40% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 23.99% | 17.72% | +6.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.86% | 20.84% | +7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 21.75% | -3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 22.37% | -6.25% |
OUNZ vs. XMMO - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than XMMO's 0.35% expense ratio.
Dividends
OUNZ vs. XMMO - Dividend Comparison
OUNZ has not paid dividends to shareholders, while XMMO's dividend yield for the trailing twelve months is around 0.60%.
| 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% |
XMMO Invesco S&P MidCap Momentum ETF | 0.60% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
OUNZ and XMMO 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.
XMMO has higher volatility (7.40%) compared to OUNZ (6.41%). In terms of maximum drawdown, OUNZ dropped -26.31% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 18.68% vs 11.37% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMMO has performed better with a 18.68% return vs 11.37%. 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 XMMO.
XMMO has the higher dividend yield at 0.60%, compared with 0.00% for OUNZ.
OUNZ is categorized as Gold, while XMMO is Momentum. OUNZ tracks LBMA Gold Price PM ($/ozt), while XMMO tracks S&P MidCap 400 Momentum Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.25% for OUNZ and 0.35% for XMMO.
XMMO currently has the higher Sharpe Ratio (1.19 vs 0.70), 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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