DGZ vs. CN

Last updated Aug 2, 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. Their -0.03 correlation means they have often moved in opposite directions in the past. 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: -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%

CN

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

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGZ DB Gold Short Exchange Traded Notes	$27.40K	$33.87K	$42.21K

DGZ vs. CN - 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%	-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 was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	-0.01
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.08
Correlation (10Y) Provides a long-term view across more market conditions.	-0.07
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 historical risk-adjusted metric ranks over the past 12 months.

DGZ

DGZ Risk / Return Rank: 8
DGZ Sharpe Ratio Rank: 7
DGZ Sortino Ratio Rank: 11
DGZ Omega Ratio Rank: 11
DGZ Calmar Ratio Rank: 5
DGZ Martin Ratio Rank: 5

CN

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	-0.25	—	—
Sortino ratio: Return per unit of downside risk	0.12	—	—
Omega ratio: Gain probability vs. loss probability	1.02	—	—
Calmar ratio: Return relative to maximum drawdown	-0.49	—	—
Martin ratio: Return relative to average drawdown	-0.86	—	—

Drawdowns

Drawdown Indicators

	DGZ	CN	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-36.14%	—	—
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	-82.62%	—	—
Average Drawdown Average peak-to-trough decline	-57.94%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	20.58%	—	—

Volatility

Volatility by Period

	DGZ	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	60.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	71.95%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.59%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.84%	—	—

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.