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VTIP vs. OUNZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTIP vs. OUNZ

Last updated Jun 9, 2026

VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, VTIP returned 3.08%/yr vs 12.64%/yr for OUNZ. At a 0.36 correlation, their price movements are largely independent. VTIP charges 0.03%/yr vs 0.25%/yr for OUNZ.

Performance

VTIP vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and VanEck Merk Gold Trust (OUNZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTIP achieves a 1.76% return, which is significantly higher than OUNZ's 0.29% return. Over the past 10 years, VTIP has underperformed OUNZ with an annualized return of 3.08%, while OUNZ has yielded a comparatively higher 12.64% annualized return.

VTIP

1D
0.00%
1M
-0.18%
YTD
1.76%
6M
1.89%
1Y
4.64%
3Y*
5.17%
5Y*
3.37%
10Y*
3.08%

OUNZ

1D
0.22%
1M
-8.43%
YTD
0.29%
6M
3.12%
1Y
30.33%
3Y*
29.90%
5Y*
17.72%
10Y*
12.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTIP vs. OUNZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTIP
Vanguard Short-Term Inflation-Protected Securities ETF		1.76%6.07%4.74%4.62%-2.94%5.36%4.95%4.86%0.56%0.82%
OUNZ
VanEck Merk Gold Trust		0.29%63.95%26.75%12.83%-0.51%-4.00%24.71%18.00%-2.06%12.82%

Correlation

The correlation between VTIP 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

0.28

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.38

Correlation (All Time)
Calculated using the full available price history since May 19, 2014

0.36

The correlation between VTIP and OUNZ shifts across timeframes, from 0.23 (1 year) to 0.38 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Vanguard Short-Term Inflation-Protected Securities ETF

VanEck Merk Gold Trust

Often compared with VTIP:
VTIP vs. SCHPVTIP vs. TIPVTIP vs. VGSHVTIP vs. STIPVTIP vs. BNDVTIP vs. VGITVTIP vs. VTAPX
Often compared with OUNZ:
OUNZ vs. GLDOUNZ vs. IAUOUNZ vs. GLDMOUNZ vs. IAUMOUNZ vs. GDXOUNZ vs. SGOLOUNZ vs. FGDL

Return for Risk

VTIP vs. OUNZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTIP
VTIP Risk / Return Rank: 9595
Overall Rank
VTIP Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
VTIP Sortino Ratio Rank: 9696
Sortino Ratio Rank
VTIP Omega Ratio Rank: 9595
Omega Ratio Rank
VTIP Calmar Ratio Rank: 9494
Calmar Ratio Rank
VTIP Martin Ratio Rank: 9494
Martin Ratio Rank
OUNZ
OUNZ Risk / Return Rank: 3434
Overall Rank
OUNZ Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
OUNZ Sortino Ratio Rank: 3131
Sortino Ratio Rank
OUNZ Omega Ratio Rank: 3939
Omega Ratio Rank
OUNZ Calmar Ratio Rank: 3434
Calmar Ratio Rank
OUNZ Martin Ratio Rank: 2929
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VTIP vs. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) 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.

VTIPOUNZDifference
Sharpe ratioReturn per unit of total volatility
3.12
1.14

+1.97

Sortino ratioReturn per unit of downside risk
5.31
1.53

+3.79

Omega ratioGain probability vs. loss probability

1.66

1.23

+0.43

Calmar ratioReturn relative to maximum drawdown

6.66

1.52

+5.14

Martin ratioReturn relative to average drawdown

26.11

3.82

+22.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTIP vs. OUNZ - Sharpe Ratio Comparison

The current VTIP Sharpe Ratio is 3.12, which is higher than the OUNZ Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of VTIP and OUNZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VTIPOUNZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.12

1.14

+1.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.22

0.99

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.13

0.79

+0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.64

+0.24

Drawdowns

VTIP vs. OUNZ - Drawdown Comparison

The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum OUNZ drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for VTIP and OUNZ.

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Drawdown Indicators

VTIPOUNZDifference

Max Drawdown

Largest peak-to-trough decline

-6.27%

-21.77%

+15.50%

Max Drawdown (1Y)

Largest decline over 1 year

-0.70%

-20.00%

+19.30%

Max Drawdown (3Y)

Largest decline over 3 years

-0.98%

-20.00%

+19.02%

Max Drawdown (5Y)

Largest decline over 5 years

-5.50%

-21.01%

+15.51%

Max Drawdown (10Y)

Largest decline over 10 years

-6.27%

-21.76%

+15.49%

Current Drawdown

Current decline from peak

-0.30%

-19.83%

+19.53%

Average Drawdown

Average peak-to-trough decline

-1.04%

-7.58%

+6.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.18%

7.96%

-7.78%

Volatility

VTIP vs. OUNZ - Volatility Comparison

The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.45%, while VanEck Merk Gold Trust (OUNZ) has a volatility of 5.67%. This indicates that VTIP 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

VTIPOUNZDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.45%

5.67%

-5.22%

Volatility (6M)

Calculated over the trailing 6-month period

1.05%

23.29%

-22.24%

Volatility (1Y)

Calculated over the trailing 1-year period

1.50%

26.66%

-25.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.78%

17.99%

-15.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.74%

16.00%

-13.26%

VTIP vs. OUNZ - Expense Ratio Comparison

VTIP has a 0.03% 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

VTIP vs. OUNZ - Dividend Comparison

VTIP's dividend yield for the trailing twelve months is around 3.59%, while OUNZ has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
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%
VTIP
Vanguard Short-Term Inflation-Protected Securities ETF		3.59%3.81%2.70%2.86%6.84%4.68%1.20%1.95%2.45%1.52%0.76%

Frequently Asked Questions

VTIP 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 (5.67%) compared to VTIP (0.45%). In terms of maximum drawdown, VTIP dropped -6.27% vs OUNZ's -21.77%.

On 10-year performance, OUNZ leads with 12.64% vs 3.08% for VTIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.45%. 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 12.64% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VTIP is cheaper with a 0.03% expense ratio, compared with 0.25% for OUNZ.

VTIP has the higher dividend yield at 3.59%, compared with 0.00% for OUNZ.

VTIP is categorized as Inflation-Protected Bonds, while OUNZ is Precious Metals. VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while OUNZ tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Vanguard and Merk. Their fees differ too: 0.03% for VTIP and 0.25% for OUNZ.

VTIP currently has the higher Sharpe Ratio (3.12 vs 1.14), 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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