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 -8.53%/yr vs 10.51%/yr for DBP. Their -0.79 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.73%/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 -2.82% return, which is significantly higher than DBP's -4.80% return. Over the past 10 years, DGZ has underperformed DBP with an annualized return of -8.53%, while DBP has yielded a comparatively higher 10.51% 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%
DBP
- 1D
- 3.84%
- 1M
- 1.72%
- 6M
- -17.61%
- YTD
- -4.80%
- 1Y
- 30.15%
- 3Y*
- 29.70%
- 5Y*
- 17.94%
- 10Y*
- 10.51%
- ALL TIME*
- 8.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.71M | $2.85M | $1.95M | |
| $26.88K | $31.34K | $38.49K |
DGZ vs. DBP - 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% |
DBP Invesco DB Precious Metals Fund | -4.80% | 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 -0.29, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.79 |
Over the past year, the inverse relationship between DGZ and DBP has weakened: their correlation has moved from -0.79 to -0.29, 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 | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.18 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.91 | -1.44 |
| Martin ratioReturn relative to average drawdown | -0.92 | 1.84 | -2.76 |
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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 | -36.14% | -33.30% | -2.84% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -33.30% | -26.24% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -33.30% | -28.24% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -33.30% | -38.19% |
Current DrawdownCurrent decline from peak | -83.35% | -28.26% | -55.09% |
Average DrawdownAverage peak-to-trough decline | -57.95% | -25.46% | -32.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.66% | 16.41% | +4.25% |
Volatility
DGZ vs. DBP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.24% compared to Invesco DB Precious Metals Fund (DBP) at 7.71%. 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 | 24.24% | 7.71% | +16.53% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 23.92% | +36.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.43% | 34.44% | +38.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.19% | 21.54% | +16.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.22% | 18.97% | +10.25% |
DGZ vs. DBP - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than DBP's 0.73% 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 2.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.56% | 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 -0.29, 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 DBP (7.71%). In terms of maximum drawdown, DGZ dropped -86.32% vs DBP's -53.89%.
On 10-year performance, DBP leads with 10.51% vs -8.53% for DGZ. On fees, DBP is cheaper at 0.73% per year. On volatility, DBP has been the lower-risk option at 7.71%. 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 10.51% return vs -8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBP is cheaper with a 0.73% expense ratio, compared with 0.75% for DGZ.
DBP has the higher dividend yield at 2.56%, 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 0.73% for DBP.
DBP currently has the higher Sharpe Ratio (0.88 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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