DGZ vs. COPA

Last updated Jun 24, 2026

DGZ (DB Gold Short Exchange Traded Notes) and COPA (Themes Copper Miners 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 COPA is a Copper fund tracking the BITA Global Copper Mining Select Index. Both are passively managed. Over the past year, DGZ returned -7.69% vs 99.76% for COPA. At a correlation of -0.28, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.35%/yr for COPA.

Performance

DGZ vs. COPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Short Exchange Traded Notes (DGZ) and Themes Copper Miners ETF (COPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DGZ having a 13.79% return and COPA slightly higher at 13.98%.

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%

COPA

• 1D: -6.61%
• 1M: -0.86%
• YTD: 13.98%
• 6M: 15.21%
• 1Y: 99.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DGZ vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DGZ DB Gold Short Exchange Traded Notes	13.79%	-32.55%	-0.42%
COPA Themes Copper Miners ETF	13.98%	100.86%	-13.18%

Correlation

The correlation between DGZ and COPA is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	-0.28

Return for Risk

DGZ vs. COPA — 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

COPA

COPA Risk / Return Rank: 72
COPA Sharpe Ratio Rank: 83
COPA Sortino Ratio Rank: 66
COPA Omega Ratio Rank: 67
COPA Calmar Ratio Rank: 76
COPA Martin Ratio Rank: 69

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. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Themes Copper Miners ETF (COPA). 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	COPA	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	2.41	-2.52
Sortino ratio: Return per unit of downside risk	0.36	2.75	-2.40
Omega ratio: Gain probability vs. loss probability	1.05	1.36	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.20	3.58	-3.78
Martin ratio: Return relative to average drawdown	-0.35	11.60	-11.95

DGZ vs. COPA - Sharpe Ratio Comparison

The current DGZ Sharpe Ratio is -0.11, which is lower than the COPA Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of DGZ and COPA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DGZ vs. COPA - Drawdown Comparison

The maximum DGZ drawdown since its inception was -86.32%, which is greater than COPA's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for DGZ and COPA.

Drawdown Indicators

	DGZ	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	-34.72%	-51.60%
Max Drawdown (1Y) Largest decline over 1 year	-38.32%	-28.05%	-10.27%
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%	-11.77%	-68.74%
Average Drawdown Average peak-to-trough decline	-57.80%	-9.54%	-48.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.24%	8.63%	+13.61%

Volatility

DGZ vs. COPA - Volatility Comparison

DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Themes Copper Miners ETF (COPA) at 17.52%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than COPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGZ	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.91%	17.52%	+28.39%
Volatility (6M) Calculated over the trailing 6-month period	58.66%	36.16%	+22.50%
Volatility (1Y) Calculated over the trailing 1-year period	69.62%	41.67%	+27.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	39.27%	-2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.17%	39.27%	-11.10%

DGZ vs. COPA - Expense Ratio Comparison

DGZ has a 0.75% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

DGZ vs. COPA - Dividend Comparison

DGZ has not paid dividends to shareholders, while COPA's dividend yield for the trailing twelve months is around 3.74%.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.74%	4.26%	1.33%
DGZ DB Gold Short Exchange Traded Notes	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DGZ and COPA in my portfolio?

DGZ and COPA have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGZ or COPA?

DGZ has higher volatility (45.91%) compared to COPA (17.52%). In terms of maximum drawdown, DGZ dropped -86.32% vs COPA's -34.72%.

Which ETF is better, DGZ or COPA?

On 1-year performance, COPA leads with 99.76% vs -7.69% for DGZ. On fees, COPA is cheaper at 0.35% per year. On volatility, COPA has been the lower-risk option at 17.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGZ or COPA?

Over the 1-year period, COPA has performed better with a 99.76% return vs -7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGZ or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 0.75% for DGZ.

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

COPA has the higher dividend yield at 3.74%, compared with 0.00% for DGZ.

What is the main difference between DGZ and COPA?

DGZ is categorized as Inverse Commodities, while COPA is Copper. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while COPA tracks BITA Global Copper Mining Select Index. They also come from different issuers: Deutsche Bank and Themes. Their fees differ too: 0.75% for DGZ and 0.35% for COPA.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.41 vs -0.11), 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.