PBD vs. OUNZ
PBD (Invesco Global Clean Energy ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - PBD is a Alternative Energy Equities fund tracking the WilderHill New Energy Global Innovation index, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, PBD returned 9.10%/yr vs 12.42%/yr for OUNZ. At a 0.12 correlation, their price movements are largely independent. PBD charges 0.75%/yr vs 0.25%/yr for OUNZ.
Performance
PBD vs. OUNZ - Performance Comparison
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Returns By Period
In the year-to-date period, PBD achieves a 28.03% return, which is significantly higher than OUNZ's 0.07% return. Over the past 10 years, PBD has underperformed OUNZ with an annualized return of 9.10%, while OUNZ has yielded a comparatively higher 12.42% annualized return.
PBD
- 1D
- 0.84%
- 1M
- -3.12%
- YTD
- 28.03%
- 6M
- 27.73%
- 1Y
- 72.58%
- 3Y*
- 4.61%
- 5Y*
- -5.27%
- 10Y*
- 9.10%
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%
PBD vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBD Invesco Global Clean Energy ETF | 28.03% | 43.65% | -26.39% | -10.69% | -29.70% | -22.30% | 145.46% | 40.00% | -19.32% | 28.72% |
OUNZ VanEck Merk Gold Trust | 0.07% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
Correlation
The correlation between PBD and OUNZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.12 |
The correlation between PBD and OUNZ shifts across timeframes, from 0.12 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PBD vs. OUNZ — Risk / Return Rank
PBD
OUNZ
PBD vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy ETF (PBD) and VanEck Merk Gold Trust (OUNZ). 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.
| PBD | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.19 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 5.71 | 1.05 | +4.66 |
| Martin ratioReturn relative to average drawdown | 19.24 | 3.00 | +16.24 |
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Drawdowns
PBD vs. OUNZ - Drawdown Comparison
The maximum PBD drawdown since its inception was -78.60%, which is greater than OUNZ's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for PBD and OUNZ.
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Drawdown Indicators
| PBD | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.60% | -24.36% | -54.24% |
Max Drawdown (1Y)Largest decline over 1 year | -12.78% | -24.36% | +11.58% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -24.36% | -28.09% |
Max Drawdown (5Y)Largest decline over 5 years | -69.15% | -24.36% | -44.79% |
Max Drawdown (10Y)Largest decline over 10 years | -75.40% | -24.36% | -51.04% |
Current DrawdownCurrent decline from peak | -43.63% | -20.00% | -23.63% |
Average DrawdownAverage peak-to-trough decline | -53.37% | -7.60% | -45.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.78% | 8.54% | -4.76% |
Volatility
PBD vs. OUNZ - Volatility Comparison
Invesco Global Clean Energy ETF (PBD) has a higher volatility of 10.96% compared to VanEck Merk Gold Trust (OUNZ) at 8.30%. This indicates that PBD's price experiences larger fluctuations and is considered to be riskier than OUNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBD | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.96% | 8.30% | +2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 19.02% | 24.01% | -4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.81% | 27.27% | -2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.59% | 18.17% | +10.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.35% | 16.11% | +11.24% |
PBD vs. OUNZ - Expense Ratio Comparison
PBD has a 0.75% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Dividends
PBD vs. OUNZ - Dividend Comparison
PBD's dividend yield for the trailing twelve months is around 1.76%, while OUNZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PBD Invesco Global Clean Energy ETF | 1.76% | 2.71% | 1.81% | 2.85% | 2.98% | 0.67% | 0.48% | 1.83% | 1.86% | 1.76% | 2.04% | 1.24% |
Frequently Asked Questions
PBD and OUNZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBD has higher volatility (10.96%) compared to OUNZ (8.30%). In terms of maximum drawdown, PBD dropped -78.60% vs OUNZ's -24.36%.
On 10-year performance, OUNZ leads with 12.42% vs 9.10% for PBD. 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.
Over the 10-year period, OUNZ has performed better with a 12.42% return vs 9.10%. 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 0.75% for PBD.
PBD has the higher dividend yield at 1.76%, compared with 0.00% for OUNZ.
PBD is categorized as Alternative Energy Equities, while OUNZ is Precious Metals. PBD tracks WilderHill New Energy Global Innovation index, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and Merk. Their fees differ too: 0.75% for PBD and 0.25% for OUNZ.
PBD currently has the higher Sharpe Ratio (2.95 vs 0.94), 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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