PPH vs. OUNZ
PPH (VanEck Pharmaceutical ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - PPH is a Health & Biotech Equities fund tracking the MVIS US Listed Pharmaceutical 25 Index, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, PPH returned 8.39%/yr vs 12.42%/yr for OUNZ. At a 0.04 correlation, their price movements are largely independent. PPH charges 0.36%/yr vs 0.25%/yr for OUNZ.
Performance
PPH vs. OUNZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PPH achieves a 2.96% return, which is significantly higher than OUNZ's 0.07% return. Over the past 10 years, PPH has underperformed OUNZ with an annualized return of 8.39%, while OUNZ has yielded a comparatively higher 12.42% annualized return.
PPH
- 1D
- -1.04%
- 1M
- 4.48%
- YTD
- 2.96%
- 6M
- 3.80%
- 1Y
- 18.69%
- 3Y*
- 12.38%
- 5Y*
- 9.47%
- 10Y*
- 8.39%
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%
PPH vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPH VanEck Pharmaceutical ETF | 2.96% | 22.00% | 8.05% | 6.95% | 2.64% | 17.79% | 5.49% | 19.39% | -5.89% | 15.23% |
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 PPH and OUNZ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.04 |
The correlation between PPH and OUNZ shifts across timeframes, from 0.04 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PPH vs. OUNZ — Risk / Return Rank
PPH
OUNZ
PPH vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Pharmaceutical ETF (PPH) 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.
| PPH | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.05 | +0.70 |
| Martin ratioReturn relative to average drawdown | 4.30 | 3.00 | +1.30 |
Loading charts...
Drawdowns
PPH vs. OUNZ - Drawdown Comparison
The maximum PPH drawdown since its inception was -51.45%, which is greater than OUNZ's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for PPH and OUNZ.
Loading charts...
Drawdown Indicators
| PPH | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.45% | -24.36% | -27.09% |
Max Drawdown (1Y)Largest decline over 1 year | -10.76% | -24.36% | +13.60% |
Max Drawdown (3Y)Largest decline over 3 years | -18.06% | -24.36% | +6.30% |
Max Drawdown (5Y)Largest decline over 5 years | -20.26% | -24.36% | +4.10% |
Max Drawdown (10Y)Largest decline over 10 years | -29.70% | -24.36% | -5.34% |
Current DrawdownCurrent decline from peak | -4.90% | -20.00% | +15.10% |
Average DrawdownAverage peak-to-trough decline | -17.29% | -7.60% | -9.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.45% | 8.54% | -4.09% |
Volatility
PPH vs. OUNZ - Volatility Comparison
The current volatility for VanEck Pharmaceutical ETF (PPH) is 5.95%, while VanEck Merk Gold Trust (OUNZ) has a volatility of 8.30%. This indicates that PPH 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.
Loading charts...
Volatility by Period
| PPH | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 8.30% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 12.18% | 24.01% | -11.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.66% | 27.27% | -9.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.14% | 18.17% | -3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.00% | 16.11% | +0.89% |
PPH vs. OUNZ - Expense Ratio Comparison
PPH has a 0.36% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Dividends
PPH vs. OUNZ - Dividend Comparison
PPH's dividend yield for the trailing twelve months is around 2.05%, 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% |
PPH VanEck Pharmaceutical ETF | 2.05% | 1.78% | 1.98% | 2.09% | 1.55% | 1.62% | 1.66% | 1.77% | 1.97% | 1.92% | 2.43% | 1.93% |
Frequently Asked Questions
PPH and OUNZ have a correlation of 0.18, 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 PPH (5.95%). In terms of maximum drawdown, PPH dropped -51.45% vs OUNZ's -24.36%.
On 10-year performance, OUNZ leads with 12.42% vs 8.39% for PPH. On fees, OUNZ is cheaper at 0.25% per year. On volatility, PPH has been the lower-risk option at 5.95%. 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 8.39%. 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 0.36% for PPH.
PPH has the higher dividend yield at 2.05%, compared with 0.00% for OUNZ.
PPH is categorized as Health & Biotech Equities, while OUNZ is Precious Metals. PPH tracks MVIS US Listed Pharmaceutical 25 Index, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: VanEck and Merk. Their fees differ too: 0.36% for PPH and 0.25% for OUNZ.
PPH currently has the higher Sharpe Ratio (1.07 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.
Find the right allocation for PPH and OUNZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer