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 -7.12%/yr vs 17.47%/yr for DBJP. At a 0.11 correlation, their price movements are largely independent. 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 13.79% return, which is significantly lower than DBJP's 21.03% return. Over the past 10 years, DGZ has underperformed DBJP with an annualized return of -7.12%, while DBJP has yielded a comparatively higher 17.47% 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%
DBJP
- 1D
- -4.33%
- 1M
- 3.46%
- YTD
- 21.03%
- 6M
- 21.10%
- 1Y
- 53.92%
- 3Y*
- 28.45%
- 5Y*
- 21.61%
- 10Y*
- 17.47%
DGZ vs. DBJP - 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% |
DBJP Xtrackers MSCI Japan Hedged Equity ETF | 21.03% | 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 -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
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 -0.10 (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 | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.49 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 5.22 | -5.42 |
| Martin ratioReturn relative to average drawdown | -0.35 | 19.97 | -20.31 |
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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 | -38.32% | -10.39% | -27.93% |
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 | -80.51% | -4.33% | -76.18% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -7.27% | -50.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 2.71% | +19.53% |
Volatility
DGZ vs. DBJP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Xtrackers MSCI Japan Hedged Equity ETF (DBJP) at 7.92%. 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 | 45.91% | 7.92% | +37.99% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 15.56% | +43.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 19.90% | +49.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 19.18% | +17.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 19.31% | +8.86% |
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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to DBJP (7.92%). In terms of maximum drawdown, DGZ dropped -86.32% vs DBJP's -31.30%.
On 10-year performance, DBJP leads with 17.47% vs -7.12% for DGZ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 7.92%. 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 17.47% return vs -7.12%. 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 (2.72 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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