AAAU vs OUNZ

Comparison between Goldman Sachs Physical Gold ETF (AAAU, ETF) and VanEck Merk Gold Trust (OUNZ, ETF).

5-Year PerformanceAAAU has outperformed OUNZ, delivering a return of +20.6% compared to +20.6%

AAAU vs OUNZ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	AAAU(ETF)	OUNZ(ETF)
Net Assets	$2.80B	$2.80B
Expense Ratio	0.18%	0.25%
Max Drawdown	21.63%	21.77%
Sharpe Ratio	1.26	1.25
5Y Beta	0.18	0.18

Net Assets

AAAU

$2.80B

OUNZ

$2.80B

Expense Ratio

Winner

AAAU

0.18%

OUNZ

0.25%

Max Drawdown

Winner

AAAU

21.63%

OUNZ

21.77%

Sharpe Ratio

Winner

AAAU

1.26

OUNZ

1.25

5Y Beta

Winner

AAAU

0.18

OUNZ

0.18

AAAU vs OUNZ - Historical Returns

Returns include dividend reinvestment.

Period	AAAU	OUNZ
1 month	-0.10%	-0.18%
3 months	-7.05%	-7.06%
6 months	+17.92%	+17.85%
1 year	+42.67%	+42.64%
5 years(CAGR)	+20.65%	+20.56%
10 years(CAGR)	N/A	+13.75%
Max(CAGR)	+19.52%	+11.05%

Winner

AAAU

-0.10%

OUNZ

-0.18%

Winner

AAAU

-7.05%

OUNZ

-7.06%

Winner

AAAU

+17.92%

OUNZ

+17.85%

Winner

AAAU

+42.67%

OUNZ

+42.64%

5Y(CAGR)

Winner

AAAU

+20.65%

OUNZ

+20.56%

10Y(CAGR)

AAAU

N/A

OUNZ

+13.75%

Max(CAGR)

Winner

AAAU

+19.52%

OUNZ

+11.05%

AAAU vs OUNZ - Annual Returns (2014 - 2026)

Returns include dividend reinvestment.

Year	AAAU	OUNZ
2026	+9.02%	+9.00%
2025	+61.88%	+61.59%
2024	+27.23%	+27.01%
2023	+12.03%	+11.98%
2022	+1.01%	+0.97%
2021	-6.05%	-6.17%
2020	+24.20%	+23.96%
2019	+16.09%	+17.90%
2018	+9.20%	-3.19%
2017	N/A	+12.03%
2016	N/A	+6.65%
2015	N/A	-11.15%
2014	N/A	-8.73%

AAAU vs OUNZ Drawdown Comparison

The maximum drawdown for AAAU was -21.63%, occurring on Sep 26, 2022. Recovery took 853 trading sessions.

The maximum drawdown for OUNZ was -21.77%, occurring on Dec 17, 2015. Recovery took 499 trading sessions.

The current AAAU drawdown is -12.43%. The current OUNZ drawdown is -12.45%.

Rank	AAAU	OUNZ
#1	-21.63% Aug 6, 2020 - Dec 27, 2023	-21.77% Jul 11, 2014 - Jul 5, 2016
#2	-19.13% Jan 29, 2026 - Mar 26, 2026	-21.76% Aug 6, 2020 - Mar 1, 2024
#3	-12.43% Mar 9, 2020 - Apr 9, 2020	-19.14% Jan 29, 2026 - Mar 26, 2026
#4	-10.06% Oct 20, 2025 - Dec 22, 2025	-17.58% Jul 8, 2016 - Jun 20, 2019
#5	-8.12% Oct 30, 2024 - Jan 30, 2025	-12.51% Mar 9, 2020 - Apr 9, 2020
#6	-7.11% Apr 21, 2025 - Jun 13, 2025	-10.10% Oct 20, 2025 - Dec 22, 2025
#7	-6.51% Sep 4, 2019 - Jan 6, 2020	-8.10% Oct 30, 2024 - Jan 30, 2025
#8	-5.73% May 20, 2024 - Jul 16, 2024	-7.12% Apr 21, 2025 - Jun 13, 2025
#9	-5.20% Feb 19, 2019 - Jun 13, 2019	-6.57% Sep 4, 2019 - Jan 6, 2020
#10	-5.01% Feb 24, 2020 - Mar 5, 2020	-5.75% May 20, 2024 - Jul 16, 2024
#11	-4.85% Dec 26, 2025 - Jan 12, 2026	-4.93% Dec 26, 2025 - Jan 12, 2026
#12	-4.78% Jun 13, 2025 - Aug 29, 2025	-4.91% Feb 24, 2020 - Mar 5, 2020
#13	-4.66% Mar 31, 2025 - Apr 10, 2025	-4.84% Mar 31, 2025 - Apr 10, 2025
#14	-4.36% Jul 16, 2024 - Aug 12, 2024	-4.84% Jun 13, 2025 - Aug 29, 2025
#15	-4.30% Dec 27, 2023 - Mar 1, 2024	-4.38% Jul 16, 2024 - Aug 12, 2024