DGZ vs. DBJP
DGZ (DB Gold Short Exchange Traded Notes) and DBJP (Xtrackers MSCI Japan 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 DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DGZ returned -8.53%/yr vs 16.77%/yr for DBJP. Their 0.11 correlation means their historical movements had little consistent relationship. DGZ charges 0.75%/yr vs 0.45%/yr for DBJP.
Performance
DGZ vs. DBJP - 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 DBJP's 21.38% return. Over the past 10 years, DGZ has underperformed DBJP with an annualized return of -8.53%, while DBJP has yielded a comparatively higher 16.77% 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%
DBJP
- 1D
- 0.55%
- 1M
- -2.77%
- 6M
- 10.96%
- YTD
- 21.38%
- 1Y
- 45.96%
- 3Y*
- 28.39%
- 5Y*
- 21.97%
- 10Y*
- 16.77%
- ALL TIME*
- 14.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.34M | $4.41M | $4.81M | |
| $26.88K | $31.34K | $38.49K |
DGZ vs. DBJP - 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% |
DBJP Xtrackers MSCI Japan Hedged Equity ETF | 21.38% | 29.51% | 25.53% | 36.21% | -4.19% | 13.04% | 10.53% | 20.87% | -14.82% | 21.24% |
Correlation
The correlation between DGZ and DBJP is -0.09, 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. | -0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2011 | 0.11 |
The correlation between DGZ and DBJP shifts across timeframes, from -0.09 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DGZ vs. DBJP — Risk / Return Rank
DGZ
DBJP
DGZ vs. DBJP - 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 Japan Hedged Equity ETF (DBJP). 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 | DBJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.40 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 4.44 | -4.97 |
| Martin ratioReturn relative to average drawdown | -0.92 | 15.10 | -16.02 |
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Drawdowns
DGZ vs. DBJP - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than DBJP's maximum drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for DGZ and DBJP.
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Drawdown Indicators
| DGZ | DBJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -31.30% | -55.02% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -10.39% | -25.75% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -21.50% | -38.04% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -21.50% | -40.04% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -31.30% | -40.19% |
Current DrawdownCurrent decline from peak | -83.35% | -4.05% | -79.30% |
Average DrawdownAverage peak-to-trough decline | -57.95% | -7.24% | -50.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.66% | 3.05% | +17.61% |
Volatility
DGZ vs. DBJP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.24% compared to Xtrackers MSCI Japan Hedged Equity ETF (DBJP) at 5.79%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than DBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | DBJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.24% | 5.79% | +18.45% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 16.06% | +44.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.43% | 20.06% | +53.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.19% | 19.27% | +18.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.22% | 19.27% | +9.95% |
DGZ vs. DBJP - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than DBJP's 0.45% expense ratio.
Dividends
DGZ vs. DBJP - Dividend Comparison
DGZ has not paid dividends to shareholders, while DBJP's dividend yield for the trailing twelve months is around 1.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBJP Xtrackers MSCI Japan Hedged Equity ETF | 1.25% | 2.81% | 2.80% | 5.21% | 0.80% | 2.30% | 2.53% | 2.56% | 3.87% | 2.07% | 1.13% | 5.95% |
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 DBJP have a correlation of -0.09, 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 DBJP (5.79%). In terms of maximum drawdown, DGZ dropped -86.32% vs DBJP's -31.30%.
On 10-year performance, DBJP leads with 16.77% vs -8.53% for DGZ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBJP has performed better with a 16.77% return vs -8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBJP is cheaper with a 0.45% expense ratio, compared with 0.75% for DGZ.
DBJP has the higher dividend yield at 1.25%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while DBJP is Japan Equities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while DBJP tracks MSCI Japan US Dollar Hedged Index. They also come from different issuers: Deutsche Bank and Xtrackers. Their fees differ too: 0.75% for DGZ and 0.45% for DBJP.
DBJP currently has the higher Sharpe Ratio (2.30 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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