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GLDM vs OUNZ: Differences, Returns & Fees

GLDM and OUNZ are both commodity funds, and over the year they finished level, −1.0% against −1.2%. Net assets: $31.0bn on Oct 13, 2026 for SPDR Gold MiniShares Trust, and $2.7bn on Oct 14, 2026 for VanEck Merk Gold ETF.

GLDM costs 0.15 points a year less; their one-year returns differ by 0.2 points; GLDM is 11.4 times larger.

GLDM vs OUNZ: Differences, Returns & Fees
GLDMOUNZ
Expense ratio0.10%0.25%
Net assets$30.4bn$2.7bn
Total return, 1 year−1.0%−1.2%
What it tracksGoldGold
Holdings in commonnot published
Below its high24.0%, high on Jan 29, 202624.1%, high on Jan 29, 2026
−1.0%
GLDM total return, 1 year
−1.2%
OUNZ total return, 1 year
0.10%
GLDM expense ratio
0.25%
OUNZ expense ratio
Client brief · page 1 of 2Report BR-84E5E8E675

GLDM and OUNZ are built for the same job. How do they differ in cost, holdings and results?

  1. Cost. GLDM charges 0.10% of assets a year and OUNZ 0.25%, a gap of 0.15 points.
  2. Size. GLDM has $30.4bn in net assets and OUNZ $2.7bn (Net assets); GLDM is 11.3 times larger.
  3. What each follows (similar). Both follow Gold.

Data as of Oct 14, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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On the same fields

GLDM
SPDR Gold MiniShares Trust
OUNZ
VanEck Merk Gold ETF
Where it sits Commodity ETF Commodity ETF
Issuer State Street VanEck
What it is Holds gold Holds gold
Total return, 1 year −1.0% −1.2%
Its benchmark over the same days −1.3% (GLD) −1.3% (GLD)
Gap to its benchmark +0.2 pts vs GLD 0.0 pts vs GLD
Expense ratio 0.10% 0.25%
Net assets, GLDM as of Oct 13, 2026 and OUNZ as of Oct 14, 2026 $31.0bn $2.7bn

GLDM and OUNZ on the fields both publish, as of Oct 14, 2026. Source: ETFIQ.

About GLDM

GLDM holds gold. Over the year to Oct 14, 2026 it returned −1.0% with distributions reinvested, against −1.3% for its benchmark, the price of gold. It sat 24.0% below its high of Jan 29, 2026 on Oct 14, 2026.

Its expense ratio is 0.10% a year, for the three months to Jun 30, 2026, as its 10-Q states.

About OUNZ

OUNZ holds gold. Over the year to Oct 14, 2026 it returned −1.2% with distributions reinvested, against −1.3% for its benchmark, the price of gold. It sat 24.1% below its high of Jan 29, 2026 on Oct 14, 2026.

Its expense ratio is 0.25% a year, for the three months to Jul 31, 2026, as its 10-Q states.

Questions people ask

Which returned more over the last year, GLDM or OUNZ?
In the year to Oct 14, 2026, with distributions reinvested, GLDM returned −1.0% and OUNZ −1.2%.
Which is cheaper, GLDM or OUNZ?
GLDM is cheaper, by 0.15 percentage points a year. That is about $15 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
AAAU vs GLDMGLDM vs USOGLDM vs SIVRGLDM vs SGOLIAU vs OUNZOUNZ vs SGOLAAAU vs OUNZFGDL vs OUNZ
GLDM on its own →OUNZ on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
State Street website ↗OUNZ filings on SEC EDGAR ↗VanEck page for OUNZ ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

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ETFIQ, GLDM against OUNZ, data as of Oct 14, 2026. https://etfiq.com/compare/any/gldm-vs-ounz

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