DGZ vs. DBP
DGZ (DB Gold Short Exchange Traded Notes) and DBP (Invesco DB Precious Metals Fund) 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 DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return. Both are passively managed. Over the past 10 years, DGZ returned -7.12%/yr vs 10.50%/yr for DBP. At a correlation of -0.81, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.78%/yr for DBP.
Performance
DGZ vs. DBP - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 13.79% return, which is significantly higher than DBP's -7.35% return. Over the past 10 years, DGZ has underperformed DBP with an annualized return of -7.12%, while DBP has yielded a comparatively higher 10.50% 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%
DBP
- 1D
- -2.46%
- 1M
- -11.00%
- YTD
- -7.35%
- 6M
- -11.28%
- 1Y
- 27.61%
- 3Y*
- 29.27%
- 5Y*
- 16.74%
- 10Y*
- 10.50%
DGZ vs. DBP - 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% |
DBP Invesco DB Precious Metals Fund | -7.35% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
Correlation
The correlation between DGZ and DBP is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.81 |
Over the past year, the inverse relationship between DGZ and DBP has weakened: their correlation has moved from -0.81 to -0.38, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. DBP — Risk / Return Rank
DGZ
DBP
DGZ vs. DBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Invesco DB Precious Metals Fund (DBP). 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 | DBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.18 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.92 | -1.12 |
| Martin ratioReturn relative to average drawdown | -0.35 | 2.25 | -2.60 |
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Drawdowns
DGZ vs. DBP - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than DBP's maximum drawdown of -53.89%. Use the drawdown chart below to compare losses from any high point for DGZ and DBP.
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Drawdown Indicators
| DGZ | DBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -53.89% | -32.43% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -30.18% | -8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -30.18% | -29.36% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -30.18% | -31.36% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -30.18% | -41.31% |
Current DrawdownCurrent decline from peak | -80.51% | -30.18% | -50.33% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -25.42% | -32.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 12.30% | +9.94% |
Volatility
DGZ vs. DBP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Invesco DB Precious Metals Fund (DBP) at 8.93%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than DBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | DBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 8.93% | +36.98% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 30.96% | +27.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 33.62% | +36.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 21.18% | +15.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 18.83% | +9.34% |
DGZ vs. DBP - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is lower than DBP's 0.78% expense ratio.
Dividends
DGZ vs. DBP - Dividend Comparison
DGZ has not paid dividends to shareholders, while DBP's dividend yield for the trailing twelve months is around 2.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.63% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
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% |
Frequently Asked Questions
DGZ and DBP have a correlation of -0.38, 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 DBP (8.93%). In terms of maximum drawdown, DGZ dropped -86.32% vs DBP's -53.89%.
On 10-year performance, DBP leads with 10.50% vs -7.12% for DGZ. On fees, DGZ is cheaper at 0.75% per year. On volatility, DBP has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBP has performed better with a 10.50% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ is cheaper with a 0.75% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while DBP is Precious Metals. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return. They also come from different issuers: Deutsche Bank and Invesco. Their fees differ too: 0.75% for DGZ and 0.78% for DBP.
DBP currently has the higher Sharpe Ratio (0.82 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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