SMH vs. OUNZ
SMH (VanEck Semiconductor ETF) and OUNZ (VanEck Merk Gold ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, SMH returned 37.78%/yr vs 11.35%/yr for OUNZ. At a 0.02 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.25%/yr for OUNZ.
Performance
SMH vs. OUNZ - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 71.86% return, which is significantly higher than OUNZ's -7.55% return. Over the past 10 years, SMH has outperformed OUNZ with an annualized return of 37.78%, while OUNZ has yielded a comparatively lower 11.35% annualized return.
SMH
- 1D
- -0.50%
- 1M
- 7.39%
- YTD
- 71.86%
- 6M
- 69.95%
- 1Y
- 128.64%
- 3Y*
- 62.01%
- 5Y*
- 38.15%
- 10Y*
- 37.78%
OUNZ
- 1D
- -2.99%
- 1M
- -11.53%
- YTD
- -7.55%
- 6M
- -11.06%
- 1Y
- 19.77%
- 3Y*
- 27.30%
- 5Y*
- 17.23%
- 10Y*
- 11.35%
SMH vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 71.86% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
OUNZ VanEck Merk Gold ETF | -7.55% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
Correlation
The correlation between SMH and OUNZ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | 0.02 |
Over the past year, SMH and OUNZ have become more correlated (0.24) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
SMH vs. OUNZ — Risk / Return Rank
SMH
OUNZ
SMH vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and VanEck Merk Gold ETF (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.
| SMH | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.00 | ||
| Sortino ratioReturn per unit of downside risk | +2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.16 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 8.67 | 0.76 | +7.91 |
| Martin ratioReturn relative to average drawdown | 31.31 | 2.16 | +29.16 |
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Drawdowns
SMH vs. OUNZ - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than OUNZ's maximum drawdown of -26.09%. Use the drawdown chart below to compare losses from any high point for SMH and OUNZ.
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Drawdown Indicators
| SMH | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -26.09% | -58.87% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -26.09% | +11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -26.09% | -9.65% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -26.09% | -19.21% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -26.09% | -19.21% |
Current DrawdownCurrent decline from peak | -7.47% | -26.09% | +18.62% |
Average DrawdownAverage peak-to-trough decline | -41.00% | -7.63% | -33.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 9.19% | -5.07% |
Volatility
SMH vs. OUNZ - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 19.07% compared to VanEck Merk Gold ETF (OUNZ) at 8.52%. This indicates that SMH'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
| SMH | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 8.52% | +10.55% |
Volatility (6M)Calculated over the trailing 6-month period | 29.12% | 24.37% | +4.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.88% | 27.53% | +7.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.82% | 18.21% | +17.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.96% | 16.08% | +16.88% |
SMH vs. OUNZ - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is higher than OUNZ's 0.25% expense ratio.
Dividends
SMH vs. OUNZ - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.18%, 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 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% |
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
SMH and OUNZ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (19.07%) compared to OUNZ (8.52%). In terms of maximum drawdown, SMH dropped -84.96% vs OUNZ's -26.09%.
On 10-year performance, SMH leads with 37.78% vs 11.35% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 8.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 37.78% return vs 11.35%. 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 SMH.
SMH has the higher dividend yield at 0.18%, compared with 0.00% for OUNZ.
SMH is categorized as Semiconductors, while OUNZ is Gold. SMH tracks MVIS US Listed Semiconductor 25 Index, while OUNZ tracks LBMA Gold Price PM ($/ozt). Their fees differ too: 0.35% for SMH and 0.25% for OUNZ.
SMH currently has the higher Sharpe Ratio (3.73 vs 0.72), 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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