CN vs. DGZ

Last updated Jun 4, 2026

CN (Xtrackers MSCI All China Equity ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - CN is a China Equities fund tracking the MSCI China All Shares, while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Both are passively managed. At a correlation of -0.03, they often move in opposite directions. CN charges 0.50%/yr vs 0.75%/yr for DGZ.

Performance

CN vs. DGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All China Equity ETF (CN) and DB Gold Short Exchange Traded Notes (DGZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CN vs. DGZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%
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%	-11.36%

Correlation

The correlation between CN and DGZ is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since May 1, 2014	-0.03

Return for Risk

CN vs. DGZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGZ

DGZ Risk / Return Rank: 7
DGZ Sharpe Ratio Rank: 7
DGZ Sortino Ratio Rank: 8
DGZ Omega Ratio Rank: 8
DGZ Calmar Ratio Rank: 5
DGZ Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CN vs. DGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All China Equity ETF (CN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CN	DGZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.23	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.31	—

Drawdowns

Drawdown Indicators

	CN	DGZ	Difference
Max Drawdown Largest peak-to-trough decline	—	-86.32%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-38.32%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-59.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-61.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-71.49%	—
Current Drawdown Current decline from peak	—	-82.41%	—
Average Drawdown Average peak-to-trough decline	—	-57.74%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	21.80%	—

Volatility

Volatility by Period

	CN	DGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	45.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	54.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	66.38%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	35.24%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	27.40%	—

CN vs. DGZ - Expense Ratio Comparison

CN has a 0.50% expense ratio, which is lower than DGZ's 0.75% expense ratio.

Dividends

CN vs. DGZ - Dividend Comparison

Neither CN nor DGZ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
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

Can I hold both CN and DGZ in my portfolio?

CN and DGZ have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CN or DGZ?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CN or DGZ?

CN is cheaper with a 0.50% expense ratio, compared with 0.75% for DGZ.

Which ETF pays a higher dividend yield, CN or DGZ?

CN and DGZ have nearly identical dividend yields, around 0.00%.

What is the main difference between CN and DGZ?

CN is categorized as China Equities, while DGZ is Inverse Commodities. CN tracks MSCI China All Shares, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Their fees differ too: 0.50% for CN and 0.75% for DGZ.