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OUNZ vs SGOL

VanEck Merk Gold ETF

OUNZBNYSE Arca

abrdn Physical Gold Shares ETF

SGOLBNYSE Arca

Overlap

Expense ratio

SGOL −0.08pt a year

OUNZ0.25%SGOL0.17%

Avg volume · 30D

SGOL 4.0×the volume

OUNZ595KSGOL2.39M

10Y return · a year

SGOL +0.1pt

OUNZ+11.4%SGOL+11.5%

OUNZ vs SGOL Performance

Oct 29, 2021 – Oct 30, 2026

+115.3%OUNZ+116.0%SGOL

Oct 29, 2021 to Oct 30, 2026. OUNZ +115.3%. SGOL +116.0%. Use the arrow keys to read each point.0%50%150%200%Oct 2021Apr 2024Oct 2026
Expense ratio
OUNZ 0.25%
SGOL 0.17%, better
Fund size
OUNZ $2.51B
SGOL $6.7B
1Y total return
OUNZ −3.1%
SGOL −3.1%
Holdings
OUNZ 1
SGOL 1
Avg volume (30D)
OUNZ 595K sh
SGOL 2.39M sh, better
NAV per share
OUNZ $37.29
SGOL $37.24
52W range

ETF.net Grade

OUNZ: Cost 26, Risk 49, Mission 100, Tradability 61, Holdings not scored, Durability 60. SGOL: Cost 59, Risk 49, Mission 100, Tradability 63, Holdings not scored, Durability 62.
Pillar letters and Scores for OUNZ, SGOL, with each pillar’s weight
PillarOUNZSGOL
Cost30% weightD26B59Higher
Mission25% weightA100A100
Risk15% weightC49C49
Tradability15% weightB61B63Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB60B62Higher

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. OUNZ and SGOL 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 ›

SGOL ranks 3rd 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 3BSGOLabrdn Physical Gold Shares ETFScore 69
  4. Rank 4BFGDLFranklin Responsibly Sourced Gold ETFScore 67
  5. Rank 6BBARGraniteShares Gold TrustScore 63
  6. Rank 7BOUNZVanEck Merk Gold ETFScore 58
  7. Rank 8BGLDSPDR Gold SharesScore 57

Our read on each fund

ETF.net Research

OUNZBVanEck Merk Gold ETF

SGOLBabrdn Physical Gold Shares ETF

In short

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.

SGOL A 2009-vintage trust that owns actual gold bars and does exactly one job: track bullion's price after a 0.17% fee. Middle of the pack on cost, front of the pack on doing what the prospectus says.

Stated mandate

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.

SGOL The Trust seeks to track the price of physical gold bullion, after deducting its expenses.

Why people hold it

  • 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.
  • SGOL Plain plumbing: a grantor trust holding physical bullion, with one job written into its own documents, to track the price of gold after deducting expenses.
  • Tracks the metal about as closely as the wrapper allows, one of the cleanest mandate implementations among physical gold funds.
  • Trading since 2009, through several full gold cycles, and now a multi-billion-dollar fund that changes hands actively.

Worth knowing

  • 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
  • SGOL Cost sits at the category median: 0.17% a year, while IAUM (0.09%) and GLDM (0.10%) charge less to hold the same metal.
  • Bullion throws off no income. This is a price-of-gold holding, not a cash-flow one, and the fee comes out of trust assets.
  • One metal, no diversification. The shares go where gold goes, including the long flat stretches and sharp drawdowns.

Full OUNZ profile⁠

Full SGOL profile⁠

OUNZ vs SGOL 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.

OUNZ vs SGOL Cost

Overpaying OUNZ vs SGOL

$1,613

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

  • OUNZ 0.25%

    $5,159

  • SGOL 0.17%

    $3,546

$10,000
30 years

Cost over time

  • OUNZ 0.25%
  • SGOL 0.17%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530OUNZ $5,159SGOL $3,546

Year by year

YearOUNZSGOLOverpaying
10$455$310$145
20$1,769$1,211$558
30$5,159$3,546$1,613

Expense ratio

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

SGOL 4th cheapest of 10 funds

OUNZ 8th cheapest of 10 funds

OUNZ vs SGOL Dividends

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

Distribution history

OUNZAll OUNZ payments⁠

No distribution history available.

SGOLAll SGOL payments⁠

No distribution history available.

OUNZ vs SGOL Risk

Fall from peak · 5 years

  • OUNZ
  • SGOL
Oct 29, 2021 to Oct 30, 2026. Worst fall: SGOL −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
OUNZ 19.4%SGOL 19.4%Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
OUNZ 1.02SGOL 1.02Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
OUNZ −28.1%SGOL −28.1%Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
OUNZ 0.34SGOL 0.40

OUNZ and SGOL in the news

All news⁠

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