We consider the problem of secure communications in a Gaussian two-way relay network where two nodes exchange confidential messages only via an untrusted relay. The relay is assumed to be honest but curious, i.e., an eavesdropper that conforms to the system rules and applies the intended relaying scheme. We analyze the achievable secrecy rates by applying network coding on the physical layer or the network layer and compare the results in terms of complexity, overhead, and efficiency. Further, we discuss the advantages and disadvantages of the respective approaches.