DGZ vs. DBAW
DGZ (DB Gold Short Exchange Traded Notes) and DBAW (Xtrackers MSCI All World ex US Hedged 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 DBAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DGZ returned -7.12%/yr vs 11.99%/yr for DBAW. At a 0.03 correlation, their price movements are largely independent. DGZ charges 0.75%/yr vs 0.41%/yr for DBAW.
Performance
DGZ vs. DBAW - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 13.79% return, which is significantly lower than DBAW's 16.14% return. Over the past 10 years, DGZ has underperformed DBAW with an annualized return of -7.12%, while DBAW has yielded a comparatively higher 11.99% annualized return.
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%
DBAW
- 1D
- -2.70%
- 1M
- 2.62%
- YTD
- 16.14%
- 6M
- 16.41%
- 1Y
- 35.60%
- 3Y*
- 21.48%
- 5Y*
- 11.25%
- 10Y*
- 11.99%
DGZ vs. DBAW - 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% |
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF | 16.14% | 26.47% | 14.35% | 16.26% | -13.35% | 13.08% | 7.44% | 22.96% | -10.38% | 18.79% |
Correlation
The correlation between DGZ and DBAW is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2014 | 0.03 |
The correlation between DGZ and DBAW shifts across timeframes, from -0.15 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DGZ vs. DBAW — Risk / Return Rank
DGZ
DBAW
DGZ vs. DBAW - 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 World ex US Hedged Equity ETF (DBAW). 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 | DBAW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.49 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.98 | -4.18 |
| Martin ratioReturn relative to average drawdown | -0.35 | 16.14 | -16.48 |
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Drawdowns
DGZ vs. DBAW - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than DBAW's maximum drawdown of -31.44%. Use the drawdown chart below to compare losses from any high point for DGZ and DBAW.
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Drawdown Indicators
| DGZ | DBAW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -31.44% | -54.88% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -9.00% | -29.32% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -14.11% | -45.43% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -17.87% | -43.67% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -31.44% | -40.05% |
Current DrawdownCurrent decline from peak | -80.51% | -2.70% | -77.81% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -4.98% | -52.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 2.21% | +20.03% |
Volatility
DGZ vs. DBAW - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) at 6.39%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than DBAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | DBAW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 6.39% | +39.52% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 12.35% | +46.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 14.01% | +55.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 13.97% | +22.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 15.21% | +12.96% |
DGZ vs. DBAW - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than DBAW's 0.41% expense ratio.
Dividends
DGZ vs. DBAW - Dividend Comparison
DGZ has not paid dividends to shareholders, while DBAW's dividend yield for the trailing twelve months is around 1.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF | 1.69% | 3.83% | 1.70% | 3.45% | 8.81% | 2.05% | 2.08% | 2.91% | 2.93% | 2.41% | 1.99% | 5.74% |
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
DGZ and DBAW have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to DBAW (6.39%). In terms of maximum drawdown, DGZ dropped -86.32% vs DBAW's -31.44%.
On 10-year performance, DBAW leads with 11.99% vs -7.12% for DGZ. On fees, DBAW is cheaper at 0.41% per year. On volatility, DBAW has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBAW has performed better with a 11.99% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBAW is cheaper with a 0.41% expense ratio, compared with 0.75% for DGZ.
DBAW has the higher dividend yield at 1.69%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while DBAW is Foreign Large Cap Equities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index. Their fees differ too: 0.75% for DGZ and 0.41% for DBAW.
DBAW currently has the higher Sharpe Ratio (2.55 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.
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