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 -11.08%/yr vs 18.92%/yr for BAR. At a correlation of -0.67, they often move in opposite directions. 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 -2.01% return, which is significantly lower than BAR's 4.00% return.
DGZ
- 1D
- 1.49%
- 1M
- 7.99%
- YTD
- -2.01%
- 6M
- -0.71%
- 1Y
- -18.73%
- 3Y*
- -17.92%
- 5Y*
- -11.08%
- 10Y*
- -9.10%
BAR
- 1D
- 0.20%
- 1M
- -2.64%
- YTD
- 4.00%
- 6M
- 6.51%
- 1Y
- 32.54%
- 3Y*
- 31.82%
- 5Y*
- 18.92%
- 10Y*
- —
DGZ vs. BAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | -2.01% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | 1.65% |
BAR GraniteShares Gold Trust | 4.00% | 64.12% | 26.97% | 12.96% | -0.55% | -3.92% | 25.02% | 18.16% | -1.87% | -1.15% |
Correlation
The correlation between DGZ and BAR 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 DGZ and BAR 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
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.
| DGZ | BAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.28 | 1.24 | -1.52 |
Sortino ratioReturn per unit of downside risk | 0.01 | 1.63 | -1.63 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | -0.51 | 1.87 | -2.39 |
Martin ratioReturn relative to average drawdown | -0.90 | 4.71 | -5.61 |
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
| DGZ | BAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | 1.24 | -1.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 1.06 | -1.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.32 | 0.91 | -1.23 |
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 -21.53%. 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% | -21.53% | -64.79% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -19.19% | -19.13% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -19.19% | -40.35% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -20.91% | -40.63% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -83.21% | -16.87% | -66.34% |
Average DrawdownAverage peak-to-trough decline | -57.73% | -6.44% | -51.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.76% | 7.64% | +14.12% |
Volatility
DGZ vs. BAR - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 44.94% compared to GraniteShares Gold Trust (BAR) at 5.74%. 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 | 44.94% | 5.74% | +39.20% |
Volatility (6M)Calculated over the trailing 6-month period | 54.77% | 23.01% | +31.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.21% | 26.52% | +39.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.18% | 17.92% | +17.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.37% | 16.38% | +10.99% |
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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (44.94%) compared to BAR (5.74%). In terms of maximum drawdown, DGZ dropped -86.32% vs BAR's -21.53%.
On 5-year performance, BAR leads with 18.92% vs -11.08% for DGZ. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 5.74%. 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 18.92% return vs -11.08%. 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 (1.24 vs -0.28), 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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