VFMO vs. OUNZ
VFMO (Vanguard U.S. Momentum Factor ETF) and OUNZ (VanEck Merk Gold ETF) are both exchange-traded funds - VFMO is a Momentum fund actively managed by Vanguard, while OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt). VFMO is actively managed, while OUNZ is passively managed. Over the past 5 years, VFMO returned 14.05%/yr vs 17.44%/yr for OUNZ. At a 0.12 correlation, their price movements are largely independent. VFMO charges 0.13%/yr vs 0.25%/yr for OUNZ.
Performance
VFMO vs. OUNZ - Performance Comparison
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Returns By Period
In the year-to-date period, VFMO achieves a 22.98% return, which is significantly higher than OUNZ's -5.33% return.
VFMO
- 1D
- 3.54%
- 1M
- -2.98%
- 6M
- 14.72%
- YTD
- 22.98%
- 1Y
- 35.15%
- 3Y*
- 24.97%
- 5Y*
- 14.05%
- 10Y*
- —
- ALL TIME*
- 15.14%
OUNZ
- 1D
- 1.97%
- 1M
- -3.16%
- 6M
- -14.22%
- YTD
- -5.33%
- 1Y
- 19.91%
- 3Y*
- 27.36%
- 5Y*
- 17.44%
- 10Y*
- 11.59%
- ALL TIME*
- 9.56%
VFMO vs. OUNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VFMO Vanguard U.S. Momentum Factor ETF | 22.98% | 17.39% | 26.14% | 16.25% | -12.84% | 19.16% | 31.36% | 28.22% | -11.41% |
OUNZ VanEck Merk Gold ETF | -5.33% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -5.52% |
Correlation
The correlation between VFMO and OUNZ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018 | 0.12 |
Over the past year, VFMO and OUNZ have become more correlated (0.34) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
VFMO vs. OUNZ — Risk / Return Rank
VFMO
OUNZ
VFMO vs. OUNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Momentum Factor ETF (VFMO) 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.
| VFMO | OUNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.15 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 0.76 | +2.45 |
| Martin ratioReturn relative to average drawdown | 10.62 | 1.76 | +8.85 |
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Drawdowns
VFMO vs. OUNZ - Drawdown Comparison
The maximum VFMO drawdown since its inception was -36.77%, which is greater than OUNZ's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for VFMO and OUNZ.
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Drawdown Indicators
| VFMO | OUNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.77% | -26.31% | -10.46% |
Max Drawdown (1Y)Largest decline over 1 year | -10.98% | -26.31% | +15.33% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -26.31% | +1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -26.31% | +0.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.31% | — |
Current DrawdownCurrent decline from peak | -6.03% | -24.32% | +18.29% |
Average DrawdownAverage peak-to-trough decline | -7.70% | -7.73% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.32% | 11.33% | -8.01% |
Volatility
VFMO vs. OUNZ - Volatility Comparison
Vanguard U.S. Momentum Factor ETF (VFMO) has a higher volatility of 8.48% compared to VanEck Merk Gold ETF (OUNZ) at 6.78%. This indicates that VFMO'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
| VFMO | OUNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.48% | 6.78% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 18.69% | 24.08% | -5.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 27.86% | -4.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.98% | 18.35% | +3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.69% | 16.13% | +7.56% |
VFMO vs. OUNZ - Expense Ratio Comparison
VFMO has a 0.13% 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
VFMO vs. OUNZ - Dividend Comparison
VFMO's dividend yield for the trailing twelve months is around 0.60%, while OUNZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VFMO Vanguard U.S. Momentum Factor ETF | 0.60% | 0.82% | 0.72% | 0.89% | 1.72% | 0.81% | 0.45% | 1.22% | 0.70% |
Frequently Asked Questions
VFMO and OUNZ have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VFMO has higher volatility (8.48%) compared to OUNZ (6.78%). In terms of maximum drawdown, VFMO dropped -36.77% vs OUNZ's -26.31%.
On 5-year performance, OUNZ leads with 17.44% vs 14.05% for VFMO. On fees, VFMO is cheaper at 0.13% per year. On volatility, OUNZ has been the lower-risk option at 6.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OUNZ has performed better with a 17.44% return vs 14.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VFMO is cheaper with a 0.13% expense ratio, compared with 0.25% for OUNZ.
VFMO has the higher dividend yield at 0.60%, compared with 0.00% for OUNZ.
VFMO is categorized as Momentum, while OUNZ is Gold. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.13% for VFMO and 0.25% for OUNZ.
VFMO currently has the higher Sharpe Ratio (1.52 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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