DGZ vs. CN

Last updated Jun 24, 2026

DGZ (DB Gold Short Exchange Traded Notes) and CN (Xtrackers MSCI All China Equity 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 CN is a China Equities fund tracking the MSCI China All Shares. Both are passively managed. At a correlation of -0.03, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.50%/yr for CN.

Performance

DGZ vs. CN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DGZ

• 1D: 4.60%
• 1M: 27.91%
• YTD: 13.79%
• 6M: 21.33%
• 1Y: -7.69%
• 3Y*: -14.24%
• 5Y*: -9.28%
• 10Y*: -7.12%

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGZ vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGZ DB Gold Short Exchange Traded Notes	13.79%	-32.55%	-16.46%	-4.75%	4.93%	1.53%	-20.80%	-13.42%	4.88%	-11.36%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between DGZ and CN is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Apr 30, 2014	-0.03

Return for Risk

DGZ vs. CN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGZ

DGZ Risk / Return Rank: 9
DGZ Sharpe Ratio Rank: 8
DGZ Sortino Ratio Rank: 10
DGZ Omega Ratio Rank: 11
DGZ Calmar Ratio Rank: 7
DGZ Martin Ratio Rank: 7

CN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DGZ vs. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers MSCI All China Equity ETF (CN). 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	CN	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	—	—
Sortino ratio: Return per unit of downside risk	0.36	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	-0.20	—	—
Martin ratio: Return relative to average drawdown	-0.35	—	—

Drawdowns

Drawdown Indicators

	DGZ	CN	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-38.32%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-59.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.49%	—	—
Current Drawdown Current decline from peak	-80.51%	—	—
Average Drawdown Average peak-to-trough decline	-57.80%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	22.24%	—	—

Volatility

Volatility by Period

	DGZ	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	58.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	69.62%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.17%	—	—

DGZ vs. CN - Expense Ratio Comparison

DGZ has a 0.75% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

DGZ vs. CN - Dividend Comparison

Neither DGZ nor CN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DGZ and CN in my portfolio?

DGZ and CN have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DGZ or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DGZ or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.75% for DGZ.

Which ETF pays a higher dividend yield, DGZ or CN?

DGZ and CN have nearly identical dividend yields, around 0.00%.

What is the main difference between DGZ and CN?

DGZ is categorized as Inverse Commodities, while CN is China Equities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while CN tracks MSCI China All Shares. Their fees differ too: 0.75% for DGZ and 0.50% for CN.