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 17.20%/yr vs -11.06%/yr for DGZ. Their -0.63 correlation means they have often moved in opposite directions in the past. 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 -6.16% return, which is significantly lower than DGZ's 1.46% return.
AAAU
- 1D
- -1.46%
- 1M
- -1.72%
- 6M
- -16.57%
- YTD
- -6.16%
- 1Y
- 20.45%
- 3Y*
- 27.49%
- 5Y*
- 17.20%
- 10Y*
- —
- ALL TIME*
- 16.50%
DGZ
- 1D
- -2.65%
- 1M
- -11.56%
- 6M
- 3.27%
- YTD
- 1.46%
- 1Y
- -15.73%
- 3Y*
- -17.39%
- 5Y*
- -11.06%
- 10Y*
- -7.90%
- ALL TIME*
- -7.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $42.23M | $43.92M | $64.42M | |
| $27.40K | $33.87K | $42.21K |
AAAU vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | -6.16% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
DGZ DB Gold Short Exchange Traded Notes | 1.46% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | -7.43% |
Correlation
The correlation between AAAU and DGZ is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.54 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | -0.63 |
Over the past year, the inverse relationship between AAAU and DGZ has weakened: their correlation has moved from -0.63 to -0.31, 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 | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.02 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | -0.49 | +1.37 |
| Martin ratioReturn relative to average drawdown | 1.89 | -0.86 | +2.75 |
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Drawdowns
AAAU vs. DGZ - Drawdown Comparison
The maximum AAAU drawdown since its inception was -26.29%, 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 | -26.29% | -86.32% | +60.03% |
Max Drawdown (1Y)Largest decline over 1 year | -26.29% | -36.14% | +9.85% |
Max Drawdown (3Y)Largest decline over 3 years | -26.29% | -59.54% | +33.25% |
Max Drawdown (5Y)Largest decline over 5 years | -26.29% | -61.54% | +35.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -24.96% | -82.62% | +57.66% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -57.94% | +51.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.13% | 20.58% | -8.45% |
Volatility
AAAU vs. DGZ - Volatility Comparison
The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 6.30%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 19.90%. 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 | 6.30% | 19.90% | -13.60% |
Volatility (6M)Calculated over the trailing 6-month period | 23.27% | 60.03% | -36.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.85% | 71.95% | -44.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.32% | 37.59% | -19.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.24% | 28.84% | -11.60% |
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 -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (19.90%) compared to AAAU (6.30%). In terms of maximum drawdown, AAAU dropped -26.29% vs DGZ's -86.32%.
On 5-year performance, AAAU leads with 17.20% vs -11.06% for DGZ. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 6.30%. 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 17.20% return vs -11.06%. 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 (0.83 vs -0.25), 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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