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 tracking the Bloomberg Commodity Index 3 Month Forward Total Return. Both are passively managed. Over the past 5 years, DGZ returned -11.06%/yr vs 10.65%/yr for BCD. Their -0.25 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.30%/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 1.46% return, which is significantly lower than BCD's 16.41% 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%
BCD
- 1D
- -0.06%
- 1M
- 5.50%
- 6M
- 7.33%
- YTD
- 16.41%
- 1Y
- 28.51%
- 3Y*
- 10.83%
- 5Y*
- 10.65%
- 10Y*
- —
- ALL TIME*
- 8.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.39M | $1.55M | $2.26M | |
| $27.40K | $33.87K | $42.21K |
DGZ vs. BCD - 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% | -3.74% |
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 16.41% | 15.71% | 6.20% | -7.58% | 18.38% | 31.87% | 4.76% | 7.34% | -8.65% | 3.83% |
Correlation
The correlation between DGZ and BCD is -0.32, 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. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2017 | -0.25 |
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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.
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 | BCD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.35 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 2.22 | -2.71 |
| Martin ratioReturn relative to average drawdown | -0.86 | 7.25 | -8.11 |
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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 | -36.14% | -12.70% | -23.44% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -12.70% | -46.84% |
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 | -82.62% | -6.83% | -75.79% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -9.83% | -48.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 3.88% | +16.70% |
Volatility
DGZ vs. BCD - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 19.90% compared to abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) at 3.93%. 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 | 19.90% | 3.93% | +15.97% |
Volatility (6M)Calculated over the trailing 6-month period | 60.03% | 11.95% | +48.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.95% | 14.22% | +57.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.59% | 15.36% | +22.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 13.91% | +14.93% |
DGZ vs. BCD - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than BCD's 0.30% 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 14.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 14.79% | 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 -0.32, 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 BCD (3.93%). In terms of maximum drawdown, DGZ dropped -86.32% vs BCD's -29.81%.
On 5-year performance, BCD leads with 10.65% vs -11.06% for DGZ. On fees, BCD is cheaper at 0.30% per year. On volatility, BCD has been the lower-risk option at 3.93%. 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 10.65% return vs -11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCD is cheaper with a 0.30% expense ratio, compared with 0.75% for DGZ.
BCD has the higher dividend yield at 14.79%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while BCD is Commodities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while BCD tracks Bloomberg Commodity Index 3 Month Forward Total Return. They also come from different issuers: Deutsche Bank and Aberdeen. Their fees differ too: 0.75% for DGZ and 0.30% for BCD.
BCD currently has the higher Sharpe Ratio (1.98 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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