DGZ vs. BAR
DGZ (DB Gold Short Exchange Traded Notes) and BAR (GraniteShares Gold Trust) are both exchange-traded funds - DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, DGZ returned -11.06%/yr vs 17.20%/yr for BAR. Their -0.64 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.17%/yr for BAR.
Performance
DGZ vs. BAR - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 1.46% return, which is significantly higher than BAR's -6.21% return.
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%
BAR
- 1D
- -1.51%
- 1M
- -1.73%
- 6M
- -16.49%
- YTD
- -6.21%
- 1Y
- 20.39%
- 3Y*
- 27.47%
- 5Y*
- 17.20%
- 10Y*
- —
- ALL TIME*
- 13.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.48M | $7.76M | $9.82M | |
| $27.40K | $33.87K | $42.21K |
DGZ vs. BAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 1.46% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | 0.60% |
BAR GraniteShares Gold Trust | -6.21% | 64.12% | 26.97% | 12.96% | -0.55% | -3.92% | 25.02% | 18.16% | -1.87% | -0.79% |
Correlation
The correlation between DGZ and BAR 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 31, 2017 | -0.64 |
Over the past year, the inverse relationship between DGZ and BAR has weakened: their correlation has moved from -0.64 to -0.31, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. BAR — Risk / Return Rank
DGZ
BAR
DGZ vs. BAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and GraniteShares Gold Trust (BAR). 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.
| DGZ | BAR | 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 | 1.02 | 1.17 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 0.87 | -1.36 |
| Martin ratioReturn relative to average drawdown | -0.86 | 1.88 | -2.75 |
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Drawdowns
DGZ vs. BAR - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than BAR's maximum drawdown of -26.32%. Use the drawdown chart below to compare losses from any high point for DGZ and BAR.
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Drawdown Indicators
| DGZ | BAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -26.32% | -60.00% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -26.32% | -9.82% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -26.32% | -33.22% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -26.32% | -35.22% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -82.62% | -25.04% | -57.58% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -6.75% | -51.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 12.15% | +8.43% |
Volatility
DGZ vs. BAR - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 19.90% compared to GraniteShares Gold Trust (BAR) at 6.32%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than BAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | BAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.90% | 6.32% | +13.58% |
Volatility (6M)Calculated over the trailing 6-month period | 60.03% | 23.33% | +36.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.95% | 27.91% | +44.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.59% | 18.38% | +19.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 16.61% | +12.23% |
DGZ vs. BAR - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than BAR's 0.17% expense ratio.
Dividends
DGZ vs. BAR - Dividend Comparison
Neither DGZ nor BAR has paid dividends to shareholders.
Frequently Asked Questions
DGZ and BAR 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 BAR (6.32%). In terms of maximum drawdown, DGZ dropped -86.32% vs BAR's -26.32%.
On 5-year performance, BAR leads with 17.20% vs -11.06% for DGZ. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 6.32%. 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 17.20% return vs -11.06%. 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.
DGZ and BAR have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while BAR is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while BAR tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Deutsche Bank and GraniteShares. Their fees differ too: 0.75% for DGZ and 0.17% for BAR.
BAR currently has the higher Sharpe Ratio (0.82 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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