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 -10.20%/yr vs 10.85%/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 5.98% return, which is significantly lower than BCD's 13.57% return.
DGZ
- 1D
- 5.28%
- 1M
- 4.90%
- 6M
- 8.26%
- YTD
- 5.98%
- 1Y
- -12.30%
- 3Y*
- -16.25%
- 5Y*
- -10.20%
- 10Y*
- -7.70%
BCD
- 1D
- -0.07%
- 1M
- -1.21%
- 6M
- 10.98%
- YTD
- 13.57%
- 1Y
- 21.88%
- 3Y*
- 11.12%
- 5Y*
- 10.85%
- 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 | 5.98% | -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 | 13.57% | 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 -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2017 | -0.26 |
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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 | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.29 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 1.79 | -2.13 |
| Martin ratioReturn relative to average drawdown | -0.62 | 6.21 | -6.83 |
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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 | -81.85% | -9.11% | -72.74% |
Average DrawdownAverage peak-to-trough decline | -57.86% | -9.85% | -48.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 3.64% | +16.50% |
Volatility
DGZ vs. BCD - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.43% compared to abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) at 4.04%. 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 | 24.43% | 4.04% | +20.39% |
Volatility (6M)Calculated over the trailing 6-month period | 59.01% | 11.94% | +47.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.10% | 14.07% | +56.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.86% | 15.38% | +21.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.40% | 13.91% | +14.49% |
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 15.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 15.16% | 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 -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.43%) compared to BCD (4.04%). In terms of maximum drawdown, DGZ dropped -86.32% vs BCD's -29.81%.
On 5-year performance, BCD leads with 10.85% vs -10.20% for DGZ. On fees, BCD is cheaper at 0.29% per year. On volatility, BCD has been the lower-risk option at 4.04%. 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 10.85% return vs -10.20%. 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 15.16%, 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 (1.61 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.
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