SGOL vs. OUNZ
SGOL (abrdn Physical Gold Shares ETF) and OUNZ (VanEck Merk Gold Trust) are both Precious Metals funds tracking the LBMA Gold Price PM ($/ozt), from abrdn and Merk respectively. Both are passively managed. Over the past 10 years, SGOL returned 13.32%/yr vs 13.22%/yr for OUNZ. With a 0.98 correlation, they move nearly in lockstep. SGOL charges 0.17%/yr vs 0.25%/yr for OUNZ.
Performance
SGOL vs. OUNZ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SGOL having a 2.97% return and OUNZ slightly higher at 3.01%. Both investments have delivered pretty close results over the past 10 years, with SGOL having a 13.32% annualized return and OUNZ not far behind at 13.22%.
SGOL
- 1D
- -0.98%
- 1M
- -1.67%
- YTD
- 2.97%
- 6M
- 5.51%
- 1Y
- 32.27%
- 3Y*
- 31.36%
- 5Y*
- 18.40%
- 10Y*
- 13.32%
OUNZ
- 1D
- -0.97%
- 1M
- -1.63%
- YTD
- 3.01%
- 6M
- 5.51%
- 1Y
- 32.21%
- 3Y*
- 31.27%
- 5Y*
- 18.34%
- 10Y*
- 13.22%
SGOL vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | 2.97% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
OUNZ VanEck Merk Gold Trust | 3.01% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
Correlation
The correlation between SGOL and OUNZ is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 19, 2014 | 0.99 |
The correlation between SGOL and OUNZ has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
SGOL vs. OUNZ — Risk / Return Rank
SGOL
OUNZ
SGOL vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) 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.
| SGOL | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.69 | 0.00 |
| Martin ratioReturn relative to average drawdown | 4.20 | 4.20 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGOL | OUNZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.23 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 1.03 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.83 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.66 | -0.11 |
Drawdowns
SGOL vs. OUNZ - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, which is greater than OUNZ's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for SGOL and OUNZ.
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Drawdown Indicators
| SGOL | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -21.77% | -23.74% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -19.14% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -19.14% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -21.01% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -21.56% | -21.76% | +0.20% |
Current DrawdownCurrent decline from peak | -17.72% | -17.65% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -18.41% | -7.57% | -10.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 7.69% | +0.02% |
Volatility
SGOL vs. OUNZ - Volatility Comparison
abrdn Physical Gold Shares ETF (SGOL) and VanEck Merk Gold Trust (OUNZ) have volatilities of 5.46% and 5.52%, 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.
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Volatility by Period
| SGOL | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 5.52% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 22.93% | 22.98% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 26.40% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.89% | 17.91% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 15.96% | -0.05% |
SGOL vs. OUNZ - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than OUNZ's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SGOL vs. OUNZ - Dividend Comparison
Neither SGOL nor OUNZ has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, SGOL and OUNZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
OUNZ has higher volatility (5.52%) compared to SGOL (5.46%). In terms of maximum drawdown, SGOL dropped -45.51% vs OUNZ's -21.77%.
On 10-year performance, SGOL leads with 13.32% vs 13.22% for OUNZ. On fees, SGOL is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 13.32% return vs 13.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.25% for OUNZ.
SGOL and OUNZ have nearly identical dividend yields, around 0.00%.
Both ETFs track LBMA Gold Price PM ($/ozt). They also come from different issuers: abrdn and Merk. Their fees differ too: 0.17% for SGOL and 0.25% for OUNZ.
SGOL currently has the higher Sharpe Ratio (1.23 vs 1.23), 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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