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GLDM vs OUNZ

SPDR Gold MiniShares Trust

GLDMANYSE Arca

VanEck Merk Gold ETF

OUNZBNYSE Arca

Overlap

Expense ratio

GLDM −0.15pt a year

GLDM0.10%OUNZ0.25%

Avg volume · 30D

GLDM 7.2×the volume

GLDM4.28MOUNZ595K

5Y return · a year

GLDM +0.1pt

GLDM+16.7%OUNZ+16.6%

GLDM vs OUNZ Performance

Oct 29, 2021 – Oct 30, 2026

+116.7%GLDM+115.3%OUNZ

Oct 29, 2021 to Oct 30, 2026. GLDM +116.7%. OUNZ +115.3%. Use the arrow keys to read each point.0%50%150%200%Oct 2021Apr 2024Oct 2026
Expense ratio
GLDM 0.10%, better
OUNZ 0.25%
Fund size
GLDM $29.6B
OUNZ $2.51B
1Y total return
GLDM −3.0%, better
OUNZ −3.1%
Holdings
GLDM 1
OUNZ 1
Avg volume (30D)
GLDM 4.28M sh, better
OUNZ 595K sh
NAV per share
GLDM $77.40
OUNZ $37.29
52W range

ETF.net Grade

GLDM: Cost 91, Risk 49, Mission 100, Tradability 73, Holdings not scored, Durability 67. OUNZ: Cost 26, Risk 49, Mission 100, Tradability 61, Holdings not scored, Durability 60.
Pillar letters and Scores for GLDM, OUNZ, with each pillar’s weight
PillarGLDMOUNZ
Cost30% weightA91HigherD26
Mission25% weightA100A100
Risk15% weightC49C49
Tradability15% weightA73HigherB61
Holdings10% weightNot scoredNot scored
Durability5% weightB67HigherB60

Rank among Physical Gold funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. GLDM and OUNZ are both graded against the same 10 Physical Gold funds, so their Grades compare head to head.

Physical Gold⁠

Category · 10 funds
See all 10 ›

GLDM ranks 1st and OUNZ 7th of 10 funds in the Physical Gold Category.

  1. Rank 1AGLDMSPDR Gold MiniShares TrustScore 82
  2. Rank 2AIAUMiShares Gold Trust MicroScore 77
  3. Rank 6BBARGraniteShares Gold TrustScore 63
  4. Rank 7BOUNZVanEck Merk Gold ETFScore 58
  5. Rank 8BGLDSPDR Gold SharesScore 57

Our read on each fund

ETF.net Research

GLDMASPDR Gold MiniShares Trust

OUNZBVanEck Merk Gold ETF

In short

GLDM The house that built the original gold ETF later built a cheaper one. GLDM holds physical gold bullion, charges 0.10% a year (a quarter of its older sibling's fee), and has grown into a multi-billion-dollar fund.

OUNZ Most gold funds hand you a claim on metal you will never touch. OUNZ, running since 2014, writes a different option into its prospectus: shareholders can exchange shares for physical gold bullion. Same metal exposure, with a door to the real thing.

Stated mandate

GLDM GLDM seeks to reflect the performance of gold bullion, less the fund's expenses.

OUNZ The fund provides exposure to gold through exchange-traded shares and allows investors the option to receive physical gold bullion in exchange for shares.

Why people hold it

  • GLDM Ten basis points a year for bullion exposure, below the typical fee among physical gold funds and a quarter of the 0.40% on GLD, the sponsor's original gold trust.
  • Simple plumbing: a grantor trust that holds metal and seeks to reflect gold bullion less expenses. No futures roll, no swap counterparty, no miner-stock beta in the way.
  • One of the strongest implementations in its peer group, and among the more actively traded gold funds, which tends to keep the spread you pay getting in and out modest.
  • Launched in 2018 as the low-fee sibling to the 2004 original, it is now a large, established trust rather than a niche launch hoping to find an audience.
  • OUNZ The distinguishing feature is in the prospectus: investors have the option to receive physical gold bullion in exchange for their shares.vaneck.com
  • One job, done cleanly. The reference asset is physical gold, and the shares have tracked that mandate closely.
  • Trading since 2014, now a multi-billion-dollar and actively traded fund, so it is not a thin-market curiosity.

Worth knowing

  • GLDM Gold pays nothing. No dividends, no interest, and the trust covers its expenses out of the metal, so gold per share drifts down over time.
  • One metal, one price. This is undiversified exposure to bullion, and gold can swing hard in both directions.
  • A couple of rivals list lower headline fees (IAUM at 0.09%, FGDL at 0.00%) for similar physical gold exposure.
  • OUNZ The delivery option is not free: 0.25% a year sits above the physical-gold group's 0.17% median, and above GLDM at 0.10% and IAUM at 0.09%.
  • Bullion generates no cash flow, and the fund pays no distributions. Everything rides on the metal's price.
  • It is a trust wrapper rather than a conventional registered fund, so the legal structure differs from a standard ETF.vaneck.com

Full GLDM profile⁠

Full OUNZ profile⁠

GLDM vs OUNZ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GLDM vs OUNZ Cost

Overpaying OUNZ vs GLDM

$3,053

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • GLDM 0.10%

    $2,106

  • OUNZ 0.25%

    $5,159

$10,000
30 years

Cost over time

  • GLDM 0.10%
  • OUNZ 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530OUNZ $5,159GLDM $2,106

Year by year

YearGLDMOUNZOverpaying
10$183$455$272
20$717$1,769$1,052
30$2,106$5,159$3,053

Expense ratio

  • 0.10%GLDM, cheaper
  • 0.25%OUNZ
  • Middle half of Physical Gold funds
  • Median 0.17%

GLDM 2nd cheapest of 10 funds

OUNZ 8th cheapest of 10 funds

GLDM vs OUNZ Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
GLDM None
OUNZ None

Distribution history

GLDMAll GLDM payments⁠

No distribution history available.

OUNZAll OUNZ payments⁠

No distribution history available.

GLDM vs OUNZ Risk

Fall from peak · 5 years

  • GLDM
  • OUNZ
Oct 29, 2021 to Oct 30, 2026. Worst fall: OUNZ −28.1% · Oct 2026. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
GLDM 19.4%OUNZ 19.4%Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
GLDM 1.03, betterOUNZ 1.02
Worst fallMax drawdown, 5 years
GLDM −28.0%, betterOUNZ −28.1%
Market sensitivityBeta, 5 years
GLDM 0.41OUNZ 0.34

GLDM and OUNZ in the news

All news⁠

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