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 -8.53%/yr vs 11.17%/yr for DBAW. Their 0.03 correlation means their historical movements had little consistent relationship. 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 -2.82% return, which is significantly lower than DBAW's 17.38% return. Over the past 10 years, DGZ has underperformed DBAW with an annualized return of -8.53%, while DBAW has yielded a comparatively higher 11.17% annualized return.
DGZ
- 1D
- -12.96%
- 1M
- -14.11%
- 6M
- -3.97%
- YTD
- -2.82%
- 1Y
- -18.99%
- 3Y*
- -18.82%
- 5Y*
- -12.22%
- 10Y*
- -8.53%
- ALL TIME*
- -7.90%
DBAW
- 1D
- -0.01%
- 1M
- -0.47%
- 6M
- 11.47%
- YTD
- 17.38%
- 1Y
- 32.12%
- 3Y*
- 20.97%
- 5Y*
- 11.58%
- 10Y*
- 11.17%
- ALL TIME*
- 9.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $980.00K | $1.73M | $1.17M | |
| $26.88K | $31.34K | $38.49K |
DGZ vs. DBAW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | -2.82% | -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 | 17.38% | 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 -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.10 (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 | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.42 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 3.59 | -4.11 |
| Martin ratioReturn relative to average drawdown | -0.92 | 13.14 | -14.06 |
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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 | -36.14% | -9.00% | -27.14% |
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 | -83.35% | -1.67% | -81.68% |
Average DrawdownAverage peak-to-trough decline | -57.95% | -4.97% | -52.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.66% | 2.45% | +18.21% |
Volatility
DGZ vs. DBAW - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.24% compared to Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) at 4.49%. 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 | 24.24% | 4.49% | +19.75% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 12.99% | +47.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.43% | 14.67% | +58.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.19% | 14.06% | +24.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.22% | 15.22% | +14.00% |
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 1.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF | 1.67% | 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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.24%) compared to DBAW (4.49%). In terms of maximum drawdown, DGZ dropped -86.32% vs DBAW's -31.44%.
On 10-year performance, DBAW leads with 11.17% vs -8.53% for DGZ. On fees, DBAW is cheaper at 0.41% per year. On volatility, DBAW has been the lower-risk option at 4.49%. 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 11.17% return vs -8.53%. 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 1.67%, 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 (2.20 vs -0.26), 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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