ASHS vs. DGZ
ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, 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, ASHS returned 4.06%/yr vs -7.12%/yr for DGZ. At a correlation of -0.07, they often move in opposite directions. ASHS charges 0.65%/yr vs 0.75%/yr for DGZ.
Performance
ASHS vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, ASHS achieves a 20.07% return, which is significantly higher than DGZ's 13.79% return. Over the past 10 years, ASHS has outperformed DGZ with an annualized return of 4.06%, while DGZ has yielded a comparatively lower -7.12% annualized return.
ASHS
- 1D
- -2.58%
- 1M
- 1.98%
- YTD
- 20.07%
- 6M
- 23.64%
- 1Y
- 63.65%
- 3Y*
- 16.53%
- 5Y*
- 4.91%
- 10Y*
- 4.06%
DGZ
- 1D
- 4.60%
- 1M
- 27.91%
- YTD
- 13.79%
- 6M
- 21.33%
- 1Y
- -7.69%
- 3Y*
- -14.24%
- 5Y*
- -9.28%
- 10Y*
- -7.12%
ASHS vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 20.07% | 39.48% | 2.68% | -10.03% | -24.78% | 17.66% | 28.22% | 24.53% | -35.91% | 7.90% |
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between ASHS and DGZ is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 21, 2014 | -0.07 |
The correlation between ASHS and DGZ shifts across timeframes, from -0.21 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ASHS vs. DGZ — Risk / Return Rank
ASHS
DGZ
ASHS vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) 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.
| ASHS | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.05 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 4.56 | -0.20 | +4.76 |
| Martin ratioReturn relative to average drawdown | 14.25 | -0.35 | +14.59 |
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Drawdowns
ASHS vs. DGZ - Drawdown Comparison
The maximum ASHS drawdown since its inception was -69.90%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for ASHS and DGZ.
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Drawdown Indicators
| ASHS | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.90% | -86.32% | +16.42% |
Max Drawdown (1Y)Largest decline over 1 year | -14.03% | -38.32% | +24.29% |
Max Drawdown (3Y)Largest decline over 3 years | -34.13% | -59.54% | +25.41% |
Max Drawdown (5Y)Largest decline over 5 years | -47.81% | -61.54% | +13.73% |
Max Drawdown (10Y)Largest decline over 10 years | -47.81% | -71.49% | +23.68% |
Current DrawdownCurrent decline from peak | -30.70% | -80.51% | +49.81% |
Average DrawdownAverage peak-to-trough decline | -48.49% | -57.80% | +9.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 22.24% | -17.76% |
Volatility
ASHS vs. DGZ - Volatility Comparison
The current volatility for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) is 7.72%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.91%. This indicates that ASHS 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
| ASHS | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 45.91% | -38.19% |
Volatility (6M)Calculated over the trailing 6-month period | 17.92% | 58.66% | -40.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 69.62% | -46.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.60% | 36.50% | -9.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.60% | 28.17% | -2.57% |
ASHS vs. DGZ - Expense Ratio Comparison
ASHS has a 0.65% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
ASHS vs. DGZ - Dividend Comparison
Neither ASHS nor DGZ has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.00% | 0.00% | 0.69% | 0.65% | 1.90% | 0.76% | 0.43% | 0.57% | 0.00% | 0.00% | 0.00% | 8.34% |
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ASHS and DGZ have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to ASHS (7.72%). In terms of maximum drawdown, ASHS dropped -69.90% vs DGZ's -86.32%.
On 10-year performance, ASHS leads with 4.06% vs -7.12% for DGZ. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ASHS has performed better with a 4.06% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ASHS is cheaper with a 0.65% expense ratio, compared with 0.75% for DGZ.
ASHS and DGZ have nearly identical dividend yields, around 0.00%.
ASHS is categorized as China Equities, while DGZ is Inverse Commodities. ASHS tracks CSI 500 Index, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Their fees differ too: 0.65% for ASHS and 0.75% for DGZ.
ASHS currently has the higher Sharpe Ratio (2.74 vs -0.11), 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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