DGZ vs. BCD
DGZ (DB Gold Short Exchange Traded Notes) and BCD (abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF) 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 BCD is a Commodities fund actively managed by Aberdeen. DGZ is passively managed, while BCD is actively managed. Over the past 5 years, DGZ returned -10.05%/yr vs 11.98%/yr for BCD. At a correlation of -0.26, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.29%/yr for BCD.
Performance
DGZ vs. BCD - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 2.71% return, which is significantly lower than BCD's 20.45% return.
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%
BCD
- 1D
- -0.16%
- 1M
- -1.43%
- YTD
- 20.45%
- 6M
- 20.51%
- 1Y
- 31.80%
- 3Y*
- 14.44%
- 5Y*
- 11.98%
- 10Y*
- —
DGZ vs. BCD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -3.19% |
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 20.45% | 15.71% | 6.20% | -7.58% | 18.38% | 31.87% | 4.76% | 7.34% | -8.65% | 3.08% |
Correlation
The correlation between DGZ and BCD is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2017 | -0.26 |
The correlation between DGZ and BCD shifts across timeframes, from -0.36 (1 year) to -0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DGZ vs. BCD — Risk / Return Rank
DGZ
BCD
DGZ vs. BCD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD). 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 | BCD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.92 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.43 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 4.42 | -4.83 |
| Martin ratioReturn relative to average drawdown | -0.70 | 12.57 | -13.27 |
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 | BCD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | 2.33 | -2.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.78 | -1.07 |
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 | 0.67 | -0.99 |
Drawdowns
DGZ vs. BCD - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than BCD's maximum drawdown of -29.81%. Use the drawdown chart below to compare losses from any high point for DGZ and BCD.
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Drawdown Indicators
| DGZ | BCD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -29.81% | -56.51% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -7.22% | -31.10% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -10.50% | -49.04% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -23.03% | -38.51% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -82.41% | -3.60% | -78.81% |
Average DrawdownAverage peak-to-trough decline | -57.74% | -9.86% | -47.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.80% | 2.54% | +19.26% |
Volatility
DGZ vs. BCD - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) at 4.33%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than BCD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | BCD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.00% | 4.33% | +40.67% |
Volatility (6M)Calculated over the trailing 6-month period | 54.96% | 11.74% | +43.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.38% | 13.72% | +52.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 15.41% | +19.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.40% | 13.90% | +13.50% |
DGZ vs. BCD - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than BCD's 0.29% expense ratio.
Dividends
DGZ vs. BCD - Dividend Comparison
DGZ has not paid dividends to shareholders, while BCD's dividend yield for the trailing twelve months is around 14.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 14.29% | 17.21% | 3.60% | 4.51% | 5.21% | 8.30% | 1.29% | 1.55% | 1.59% | 0.07% |
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% |
Frequently Asked Questions
DGZ and BCD have a correlation of -0.36, 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 BCD (4.33%). In terms of maximum drawdown, DGZ dropped -86.32% vs BCD's -29.81%.
On 5-year performance, BCD leads with 11.98% vs -10.05% for DGZ. On fees, BCD is cheaper at 0.29% per year. On volatility, BCD has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BCD has performed better with a 11.98% return vs -10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCD is cheaper with a 0.29% expense ratio, compared with 0.75% for DGZ.
BCD has the higher dividend yield at 14.29%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while BCD is Commodities. They also come from different issuers: Deutsche Bank and Aberdeen. Their fees differ too: 0.75% for DGZ and 0.29% for BCD.
BCD currently has the higher Sharpe Ratio (2.33 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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