BAR vs. DGZ
BAR (GraniteShares Gold Trust) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt), 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, BAR returned 18.41%/yr vs -10.05%/yr for DGZ. At a correlation of -0.67, they often move in opposite directions. BAR charges 0.17%/yr vs 0.75%/yr for DGZ.
Performance
BAR vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, BAR achieves a 2.94% return, which is significantly higher than DGZ's 2.71% return.
BAR
- 1D
- -1.02%
- 1M
- -1.62%
- YTD
- 2.94%
- 6M
- 5.50%
- 1Y
- 32.26%
- 3Y*
- 31.38%
- 5Y*
- 18.41%
- 10Y*
- —
DGZ
- 1D
- 4.82%
- 1M
- 16.59%
- YTD
- 2.71%
- 6M
- 4.61%
- 1Y
- -15.32%
- 3Y*
- -16.62%
- 5Y*
- -10.05%
- 10Y*
- -8.68%
BAR vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAR GraniteShares Gold Trust | 2.94% | 64.12% | 26.97% | 12.96% | -0.55% | -3.92% | 25.02% | 18.16% | -1.87% | -1.15% |
DGZ DB Gold Short Exchange Traded Notes | 2.71% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | 1.65% |
Correlation
The correlation between BAR and DGZ is -0.40, 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 | -0.40 |
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 Sep 1, 2017 | -0.67 |
Over the past year, the inverse relationship between BAR and DGZ has weakened: their correlation has moved from -0.67 to -0.40, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BAR vs. DGZ — Risk / Return Rank
BAR
DGZ
BAR vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares Gold Trust (BAR) 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.
| BAR | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.01 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | -0.40 | +2.09 |
| Martin ratioReturn relative to average drawdown | 4.19 | -0.70 | +4.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BAR | DGZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | -0.23 | +1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | -0.29 | +1.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | -0.31 | +1.21 |
Drawdowns
BAR vs. DGZ - Drawdown Comparison
The maximum BAR drawdown since its inception was -21.53%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for BAR and DGZ.
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Drawdown Indicators
| BAR | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.53% | -86.32% | +64.79% |
Max Drawdown (1Y)Largest decline over 1 year | -19.19% | -38.32% | +19.13% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -59.54% | +40.35% |
Max Drawdown (5Y)Largest decline over 5 years | -20.91% | -61.54% | +40.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -17.72% | -82.41% | +64.69% |
Average DrawdownAverage peak-to-trough decline | -6.45% | -57.74% | +51.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 21.80% | -14.08% |
Volatility
BAR vs. DGZ - Volatility Comparison
The current volatility for GraniteShares Gold Trust (BAR) is 5.46%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.00%. This indicates that BAR 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
| BAR | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 45.00% | -39.54% |
Volatility (6M)Calculated over the trailing 6-month period | 23.03% | 54.96% | -31.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.43% | 66.38% | -39.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.90% | 35.24% | -17.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.38% | 27.40% | -11.02% |
BAR vs. DGZ - Expense Ratio Comparison
BAR has a 0.17% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
BAR vs. DGZ - Dividend Comparison
Neither BAR nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
BAR and DGZ have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.00%) compared to BAR (5.46%). In terms of maximum drawdown, BAR dropped -21.53% vs DGZ's -86.32%.
On 5-year performance, BAR leads with 18.41% vs -10.05% for DGZ. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BAR has performed better with a 18.41% return vs -10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAR is cheaper with a 0.17% expense ratio, compared with 0.75% for DGZ.
BAR and DGZ have nearly identical dividend yields, around 0.00%.
BAR is categorized as Gold, while DGZ is Inverse Commodities. BAR tracks LBMA Gold Price PM ($/ozt), while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: GraniteShares and Deutsche Bank. Their fees differ too: 0.17% for BAR and 0.75% for DGZ.
BAR currently has the higher Sharpe Ratio (1.23 vs -0.23), 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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