VanEck Merk Gold ETF (OUNZ) Performance
OUNZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.4% since Dec 31, 2025
- 1 year
- −3.1% total return
- 5 years
- +17.1% a year
- 10 years
- +11.8% a year
- Since first price
- +9.1% a year since 2014
OUNZ trailing returns vs SPY, QQQ, AGG
| Period | OUNZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −6.6% | −6.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.3% | −1.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −14.9% | −14.9% | +7.8% | +8.4% | −1.5% |
| YTD | −7.4% | −7.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −3.1% | −3.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +101.3%+26.3%/yr | +101.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +120.2%+17.1%/yr | +120.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +206.1%+11.8%/yr | +206.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionMay 16, 2014 | +196.9%+9.1%/yr | +196.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: OUNZ vs SPY
From May 16, 2014: OUNZ grew to $29,691, SPY to $49,786.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
OUNZ returns by calendar year
7 of 11 full years positive. Best 2025 (+64.0%), worst 2015 (−10.9%). 2026 is year to date.
OUNZ annual returns table
| Year | OUNZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −7.4% | −26.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +64.0% | −10.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +26.8% | −8.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +12.8% | −11.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −0.5% | −21.0% | −18.2% | −32.6% | −13.0% |
| 2021 | −4.0% | −13.8% | +28.7% | +27.4% | −1.8% |
| 2020 | +24.7% | −14.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +18.0% | −6.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −2.1% | −13.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +12.8% | −8.0% | +21.7% | +32.7% | +3.6% |
| 2016 | +8.3% | −17.6% | +12.0% | +7.1% | +2.4% |
| 2015 | −10.9% | −19.5% | +1.2% | +9.4% | +0.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
OUNZ largest drawdowns
Now 26.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 29, 2026 | −26.3% | Jul 16, 2026 | not yet | 6 months | 9 months so far |
| Jul 11, 2014 | −21.8% | Dec 17, 2015 | Jul 5, 2016 | 1.4 years | 2.0 years |
| Aug 6, 2020 | −21.8% | Sep 26, 2022 | Mar 1, 2024 | 2.1 years | 3.6 years |
| Jul 8, 2016 | −17.6% | Dec 15, 2016 | Jun 20, 2019 | 5 months | 2.9 years |
| Mar 9, 2020 | −12.5% | Mar 19, 2020 | Apr 9, 2020 | 10 days | 31 days |
| Oct 20, 2025 | −10.1% | Nov 4, 2025 | Dec 22, 2025 | 15 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
OUNZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +30.7% | +18.5% | +11.8% | +9.9% |
| Volatility (annualized) | 19.0% | 17.2% | 15.5% | 15.7% |
| Sharpe ratio | 1.29 | 0.87 | 0.66 | 0.57 |
| Sortino ratio | 2.27 | 1.54 | 1.14 | 0.97 |
| Best month | +12.4% | +12.4% | +12.4% | +12.4% |
| Worst month | −11.7% | −11.7% | −11.7% | −11.7% |
| Best 12 months | +84.0% | +84.0% | +84.0% | +84.0% |
| Worst 12 months | +7.3% | −8.6% | −9.8% | −15.1% |
| Positive months | 69% | 58% | 53% | 53% |
| Beta vs S&P 500 | -0.02 | 0.18 | 0.14 | — |
| Correlation with S&P 500 | -0.01 | 0.16 | 0.14 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
OUNZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 138 | −15.1% | +9.0% | +84.0% | 70% |
| 3-year (a year) | 114 | −2.6% | +8.8% | +42.0% | 95% |
| 5-year (a year) | 90 | +0.5% | +9.1% | +24.7% | 100% |
| 10-year (a year) | 30 | +5.4% | +11.3% | +15.4% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
OUNZ performance overview
VanEck Merk Gold ETF (OUNZ) returned −3.1% over the past year and +11.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +9.1% a year, turning $10,000 into about $29,691. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −26.3%, from Jan 29, 2026 to Jul 16, 2026; the fund has not yet regained that high. OUNZ finished 7 of its 11 full calendar years with a gain; the best year was 2025 (+64.0%) and the worst 2015 (−10.9%). Volatility has been 15.7% a year.
Related: OUNZ chart. See the OUNZ overview for the latest quote and fund facts.
OUNZ performance FAQ
What is the OUNZ return over the past year?
OUNZ returned −3.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.1%.
What is the average annual return of OUNZ?
OUNZ has returned +17.1% a year over 5 years, +11.8% a year over 10 years, +9.1% a year since May 16, 2014 (total return, distributions reinvested).
How much would $10,000 invested in OUNZ be worth?
$10,000 invested in OUNZ at its first recorded close on May 16, 2014 would be worth about $29,691 on October 23, 2026 with distributions reinvested.
What was the worst year for OUNZ?
The worst calendar year was 2015, with a total return of −10.9%. The best was 2025 at +64.0%.
What is the biggest drawdown of OUNZ?
The largest peak-to-trough decline was −26.3% between January 29, 2026 and July 16, 2026. It has not yet recovered to that high; it is 26.0% below its peak.
How volatile is OUNZ?
Over the past 3 years OUNZ had an annualized volatility of 19.0% and a Sharpe ratio of 1.29 (excess return over 1–3 month T-bills per unit of risk).