AAAU vs. DGZ
AAAU (Goldman Sachs Physical Gold ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, 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 5 years, AAAU returned 18.53%/yr vs -10.09%/yr for DGZ. At a correlation of -0.65, they often move in opposite directions. AAAU charges 0.18%/yr vs 0.75%/yr for DGZ.
Performance
AAAU vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a -2.94% return, which is significantly lower than DGZ's 8.78% return.
AAAU
- 1D
- -0.65%
- 1M
- -7.07%
- YTD
- -2.94%
- 6M
- -5.73%
- 1Y
- 24.21%
- 3Y*
- 29.48%
- 5Y*
- 18.53%
- 10Y*
- —
DGZ
- 1D
- 4.82%
- 1M
- 22.28%
- YTD
- 8.78%
- 6M
- 15.55%
- 1Y
- -11.10%
- 3Y*
- -15.52%
- 5Y*
- -10.09%
- 10Y*
- -7.54%
AAAU vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | -2.94% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
DGZ DB Gold Short Exchange Traded Notes | 8.78% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | -7.43% |
Correlation
The correlation between AAAU and DGZ is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | -0.65 |
Over the past year, the inverse relationship between AAAU and DGZ has weakened: their correlation has moved from -0.65 to -0.39, meaning they move in opposite directions less often than they have historically.
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Return for Risk
AAAU vs. DGZ — Risk / Return Rank
AAAU
DGZ
AAAU vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) 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.
| AAAU | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.04 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | -0.29 | +1.29 |
| Martin ratioReturn relative to average drawdown | 2.72 | -0.50 | +3.22 |
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Drawdowns
AAAU vs. DGZ - Drawdown Comparison
The maximum AAAU drawdown since its inception was -24.38%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for AAAU and DGZ.
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Drawdown Indicators
| AAAU | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -86.32% | +61.94% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -38.32% | +13.94% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -59.54% | +35.16% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -61.54% | +37.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -22.38% | -81.37% | +58.99% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -57.79% | +51.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.92% | 22.23% | -13.31% |
Volatility
AAAU vs. DGZ - Volatility Comparison
The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 8.03%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.73%. This indicates that AAAU 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
| AAAU | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 45.73% | -37.70% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 58.49% | -34.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.28% | 69.61% | -42.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 36.44% | -18.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 28.18% | -11.03% |
AAAU vs. DGZ - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
AAAU vs. DGZ - Dividend Comparison
Neither AAAU nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
AAAU and DGZ have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.73%) compared to AAAU (8.03%). In terms of maximum drawdown, AAAU dropped -24.38% vs DGZ's -86.32%.
On 5-year performance, AAAU leads with 18.53% vs -10.09% for DGZ. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 18.53% return vs -10.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.75% for DGZ.
AAAU and DGZ have nearly identical dividend yields, around 0.00%.
AAAU is categorized as Gold, while DGZ is Inverse Commodities. AAAU tracks LBMA Gold PM Price, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Goldman Sachs and Deutsche Bank. Their fees differ too: 0.18% for AAAU and 0.75% for DGZ.
AAAU currently has the higher Sharpe Ratio (0.89 vs -0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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