PBE vs. OUNZ
PBE (Invesco Dynamic Biotechnology & Genome ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - PBE is a Health & Biotech Equities fund tracking the Dynamic Biotech & Genome Intellidex Index (AMEX), while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, PBE returned 8.90%/yr vs 12.42%/yr for OUNZ. At a 0.03 correlation, their price movements are largely independent. PBE charges 0.59%/yr vs 0.25%/yr for OUNZ.
Performance
PBE vs. OUNZ - Performance Comparison
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Returns By Period
In the year-to-date period, PBE achieves a 3.32% return, which is significantly higher than OUNZ's 0.07% return. Over the past 10 years, PBE has underperformed OUNZ with an annualized return of 8.90%, while OUNZ has yielded a comparatively higher 12.42% annualized return.
PBE
- 1D
- 0.81%
- 1M
- 4.85%
- YTD
- 3.32%
- 6M
- 5.17%
- 1Y
- 34.13%
- 3Y*
- 10.91%
- 5Y*
- 2.31%
- 10Y*
- 8.90%
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%
PBE vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBE Invesco Dynamic Biotechnology & Genome ETF | 3.32% | 24.84% | 1.10% | 3.71% | -10.83% | 1.54% | 25.66% | 18.65% | -0.19% | 22.28% |
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 PBE and OUNZ is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
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 |
The correlation between PBE and OUNZ shifts across timeframes, from 0.03 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PBE vs. OUNZ — Risk / Return Rank
PBE
OUNZ
PBE vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) 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.
| PBE | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 1.05 | +1.87 |
| Martin ratioReturn relative to average drawdown | 8.21 | 3.00 | +5.21 |
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Drawdowns
PBE vs. OUNZ - Drawdown Comparison
The maximum PBE drawdown since its inception was -45.69%, which is greater than OUNZ's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for PBE and OUNZ.
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Drawdown Indicators
| PBE | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.69% | -24.36% | -21.33% |
Max Drawdown (1Y)Largest decline over 1 year | -11.73% | -24.36% | +12.63% |
Max Drawdown (3Y)Largest decline over 3 years | -22.43% | -24.36% | +1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -34.71% | -24.36% | -10.35% |
Max Drawdown (10Y)Largest decline over 10 years | -37.84% | -24.36% | -13.48% |
Current DrawdownCurrent decline from peak | -1.00% | -20.00% | +19.00% |
Average DrawdownAverage peak-to-trough decline | -16.21% | -7.60% | -8.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 8.54% | -4.37% |
Volatility
PBE vs. OUNZ - Volatility Comparison
The current volatility for Invesco Dynamic Biotechnology & Genome ETF (PBE) is 6.04%, while VanEck Merk Gold Trust (OUNZ) has a volatility of 8.30%. This indicates that PBE experiences smaller price fluctuations and is considered to be less risky 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
| PBE | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.04% | 8.30% | -2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.67% | 24.01% | -10.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.01% | 27.27% | -8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.48% | 18.17% | +4.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.91% | 16.11% | +8.80% |
PBE vs. OUNZ - Expense Ratio Comparison
PBE has a 0.59% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Dividends
PBE vs. OUNZ - Dividend Comparison
PBE's dividend yield for the trailing twelve months is around 1.02%, 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% |
PBE Invesco Dynamic Biotechnology & Genome ETF | 1.02% | 1.00% | 0.05% | 0.02% | 0.00% | 0.00% | 0.04% | 0.00% | 0.00% | 0.57% | 0.38% | 1.12% |
Frequently Asked Questions
PBE and OUNZ have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OUNZ has higher volatility (8.30%) compared to PBE (6.04%). In terms of maximum drawdown, PBE dropped -45.69% vs OUNZ's -24.36%.
On 10-year performance, OUNZ leads with 12.42% vs 8.90% for PBE. On fees, OUNZ is cheaper at 0.25% per year. On volatility, PBE has been the lower-risk option at 6.04%. 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 8.90%. 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 0.59% for PBE.
PBE has the higher dividend yield at 1.02%, compared with 0.00% for OUNZ.
PBE is categorized as Health & Biotech Equities, while OUNZ is Precious Metals. PBE tracks Dynamic Biotech & Genome Intellidex Index (AMEX), while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and Merk. Their fees differ too: 0.59% for PBE and 0.25% for OUNZ.
PBE currently has the higher Sharpe Ratio (1.81 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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