DBAW vs. DGZ
DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - DBAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA US Dollar Hedged 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, DBAW returned 10.99%/yr vs -7.86%/yr for DGZ. Their 0.03 correlation means their historical movements had little consistent relationship. DBAW charges 0.41%/yr vs 0.75%/yr for DGZ.
Performance
DBAW vs. DGZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBAW achieves a 15.50% return, which is significantly higher than DGZ's 4.59% return. Over the past 10 years, DBAW has outperformed DGZ with an annualized return of 10.99%, while DGZ has yielded a comparatively lower -7.86% annualized return.
DBAW
- 1D
- 0.24%
- 1M
- -0.39%
- 6M
- 9.89%
- YTD
- 15.50%
- 1Y
- 31.91%
- 3Y*
- 20.32%
- 5Y*
- 11.27%
- 10Y*
- 10.99%
- ALL TIME*
- 9.39%
DGZ
- 1D
- 3.09%
- 1M
- -8.83%
- 6M
- -0.09%
- YTD
- 4.59%
- 1Y
- -13.13%
- 3Y*
- -16.81%
- 5Y*
- -10.41%
- 10Y*
- -7.86%
- ALL TIME*
- -7.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.39M | $1.84M | $1.16M | |
| $26.92K | $33.16K | $42.03K |
DBAW vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF | 15.50% | 26.47% | 14.35% | 16.26% | -13.35% | 13.08% | 7.44% | 22.96% | -10.38% | 18.79% |
DGZ DB Gold Short Exchange Traded Notes | 4.59% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between DBAW and DGZ is -0.11, 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. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2014 | 0.03 |
The correlation between DBAW and DGZ shifts across timeframes, from -0.11 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DBAW vs. DGZ — Risk / Return Rank
DBAW
DGZ
DBAW vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) 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.
| DBAW | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.03 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | -0.36 | +3.93 |
| Martin ratioReturn relative to average drawdown | 13.08 | -0.64 | +13.72 |
Loading charts...
Drawdowns
DBAW vs. DGZ - Drawdown Comparison
The maximum DBAW drawdown since its inception was -31.44%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for DBAW and DGZ.
Loading charts...
Drawdown Indicators
| DBAW | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.44% | -86.32% | +54.88% |
Max Drawdown (1Y)Largest decline over 1 year | -9.00% | -36.14% | +27.14% |
Max Drawdown (3Y)Largest decline over 3 years | -14.11% | -59.54% | +45.43% |
Max Drawdown (5Y)Largest decline over 5 years | -17.87% | -61.54% | +43.67% |
Max Drawdown (10Y)Largest decline over 10 years | -31.44% | -71.49% | +40.05% |
Current DrawdownCurrent decline from peak | -3.24% | -82.08% | +78.84% |
Average DrawdownAverage peak-to-trough decline | -4.97% | -57.94% | +52.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 20.60% | -18.15% |
Volatility
DBAW vs. DGZ - Volatility Comparison
The current volatility for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) is 4.84%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 20.11%. This indicates that DBAW 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.
Loading charts...
Volatility by Period
| DBAW | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.84% | 20.11% | -15.27% |
Volatility (6M)Calculated over the trailing 6-month period | 12.92% | 59.60% | -46.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.66% | 72.10% | -57.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.05% | 37.63% | -23.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.22% | 28.87% | -13.65% |
DBAW vs. DGZ - Expense Ratio Comparison
DBAW has a 0.41% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
DBAW vs. DGZ - Dividend Comparison
DBAW's dividend yield for the trailing twelve months is around 1.70%, while DGZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF | 1.70% | 3.83% | 1.70% | 3.45% | 8.81% | 2.05% | 2.08% | 2.91% | 2.93% | 2.41% | 1.99% | 5.74% |
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
DBAW and DGZ have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (20.11%) compared to DBAW (4.84%). In terms of maximum drawdown, DBAW dropped -31.44% vs DGZ's -86.32%.
On 10-year performance, DBAW leads with 10.99% vs -7.86% for DGZ. On fees, DBAW is cheaper at 0.41% per year. On volatility, DBAW has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBAW has performed better with a 10.99% return vs -7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBAW is cheaper with a 0.41% expense ratio, compared with 0.75% for DGZ.
DBAW has the higher dividend yield at 1.70%, compared with 0.00% for DGZ.
DBAW is categorized as Foreign Large Cap Equities, while DGZ is Inverse Commodities. DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Their fees differ too: 0.41% for DBAW and 0.75% for DGZ.
DBAW currently has the higher Sharpe Ratio (2.19 vs -0.18), 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.
Find the right allocation for DBAW and DGZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer