8PSG.DE vs. DGZ
8PSG.DE (Invesco Physical Gold ETC) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - 8PSG.DE is a Gold fund tracking the LBMA Gold Price PM, while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Both are passively managed. Over the past 10 years, 8PSG.DE returned 11.21%/yr vs -7.46%/yr for DGZ. At a correlation of -0.34, they often move in opposite directions. 8PSG.DE charges 0.12%/yr vs 0.75%/yr for DGZ.
Performance
8PSG.DE vs. DGZ - Performance Comparison
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Different Trading Currencies
8PSG.DE is traded in EUR, while DGZ is traded in USD. To make them comparable, the DGZ values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 8PSG.DE achieves a -5.74% return, which is significantly lower than DGZ's 16.10% return. Over the past 10 years, 8PSG.DE has outperformed DGZ with an annualized return of 11.21%, while DGZ has yielded a comparatively lower -7.46% annualized return.
8PSG.DE
- 1D
- 0.00%
- 1M
- -8.94%
- YTD
- -5.74%
- 6M
- -6.86%
- 1Y
- 23.34%
- 3Y*
- 26.68%
- 5Y*
- 18.68%
- 10Y*
- 11.21%
DGZ
- 1D
- 2.86%
- 1M
- 22.96%
- YTD
- 16.10%
- 6M
- 23.43%
- 1Y
- -5.03%
- 3Y*
- -15.64%
- 5Y*
- -8.58%
- 10Y*
- -7.46%
8PSG.DE vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
8PSG.DE Invesco Physical Gold ETC | -5.74% | 48.98% | 44.76% | 0.00% | 8.62% | 3.81% | 12.94% | 20.91% | 2.90% | -1.90% |
DGZ DB Gold Short Exchange Traded Notes | 16.10% | -40.56% | -10.94% | -7.60% | 11.44% | 9.12% | -27.32% | -11.46% | 9.80% | -22.25% |
Correlation
The correlation between 8PSG.DE and DGZ is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | -0.34 |
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Return for Risk
8PSG.DE vs. DGZ — Risk / Return Rank
8PSG.DE
DGZ
8PSG.DE vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (8PSG.DE) and DB Gold Short Exchange Traded Notes (DGZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| 8PSG.DE | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.06 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | -0.13 | +1.20 |
| Martin ratioReturn relative to average drawdown | 2.46 | -0.23 | +2.69 |
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Drawdowns
8PSG.DE vs. DGZ - Drawdown Comparison
The maximum 8PSG.DE drawdown since its inception was -54.21%, smaller than the maximum DGZ drawdown of -85.27%. Use the drawdown chart below to compare losses from any high point for 8PSG.DE and DGZ.
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Drawdown Indicators
| 8PSG.DE | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.21% | -85.27% | +31.06% |
Max Drawdown (1Y)Largest decline over 1 year | -22.00% | -37.44% | +15.44% |
Max Drawdown (3Y)Largest decline over 3 years | -22.00% | -63.26% | +41.26% |
Max Drawdown (5Y)Largest decline over 5 years | -22.00% | -67.72% | +45.72% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -74.44% | +52.44% |
Current DrawdownCurrent decline from peak | -22.00% | -78.82% | +56.82% |
Average DrawdownAverage peak-to-trough decline | -23.97% | -56.38% | +32.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.48% | 21.65% | -12.17% |
Volatility
8PSG.DE vs. DGZ - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (8PSG.DE) is 7.99%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 44.93%. This indicates that 8PSG.DE experiences smaller price fluctuations and is considered to be less risky than DGZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 8PSG.DE | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.99% | 44.93% | -36.94% |
Volatility (6M)Calculated over the trailing 6-month period | 21.34% | 59.01% | -37.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.08% | 70.50% | -37.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 38.48% | -19.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.84% | 30.48% | -8.64% |
8PSG.DE vs. DGZ - Expense Ratio Comparison
8PSG.DE has a 0.12% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
8PSG.DE vs. DGZ - Dividend Comparison
Neither 8PSG.DE nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
8PSG.DE and DGZ have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 8PSG.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.75% for DGZ.
8PSG.DE is categorized as Gold, while DGZ is Inverse Commodities. 8PSG.DE tracks LBMA Gold Price PM, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Invesco and Deutsche Bank. Their fees differ too: 0.12% for 8PSG.DE and 0.75% for DGZ.
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