DGZ vs. GCC
DGZ (DB Gold Short Exchange Traded Notes) and GCC (WisdomTree Enhanced Commodity Strategy 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 GCC is a Commodities fund actively managed by WisdomTree. DGZ is passively managed, while GCC is actively managed. Over the past 10 years, DGZ returned -8.68%/yr vs 6.84%/yr for GCC. At a correlation of -0.37, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.55%/yr for GCC.
Performance
DGZ vs. GCC - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 2.71% return, which is significantly lower than GCC's 18.63% return. Over the past 10 years, DGZ has underperformed GCC with an annualized return of -8.68%, while GCC has yielded a comparatively higher 6.84% annualized return.
DGZ
- 1D
- 4.82%
- 1M
- 16.59%
- YTD
- 2.71%
- 6M
- 4.61%
- 1Y
- -15.32%
- 3Y*
- -16.62%
- 5Y*
- -10.05%
- 10Y*
- -8.68%
GCC
- 1D
- -0.48%
- 1M
- -1.53%
- YTD
- 18.63%
- 6M
- 21.66%
- 1Y
- 37.16%
- 3Y*
- 19.03%
- 5Y*
- 11.48%
- 10Y*
- 6.84%
DGZ vs. GCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 2.71% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
GCC WisdomTree Enhanced Commodity Strategy Fund | 18.63% | 20.01% | 15.13% | -3.72% | 7.74% | 19.96% | 1.38% | 7.07% | -8.69% | -0.57% |
Correlation
The correlation between DGZ and GCC is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2008 | -0.37 |
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Return for Risk
DGZ vs. GCC — Risk / Return Rank
DGZ
GCC
DGZ vs. GCC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and WisdomTree Enhanced Commodity Strategy Fund (GCC). 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.
| DGZ | GCC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.42 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 3.64 | -4.04 |
| Martin ratioReturn relative to average drawdown | -0.70 | 13.42 | -14.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DGZ | GCC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | 2.24 | -2.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.68 | -0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.32 | 0.46 | -0.78 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | 0.08 | -0.40 |
Drawdowns
DGZ vs. GCC - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than GCC's maximum drawdown of -63.19%. Use the drawdown chart below to compare losses from any high point for DGZ and GCC.
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Drawdown Indicators
| DGZ | GCC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -63.19% | -23.13% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -10.25% | -28.07% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -11.22% | -48.32% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -27.07% | -34.47% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -32.93% | -38.56% |
Current DrawdownCurrent decline from peak | -82.41% | -5.29% | -77.12% |
Average DrawdownAverage peak-to-trough decline | -57.74% | -34.91% | -22.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.80% | 2.78% | +19.02% |
Volatility
DGZ vs. GCC - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to WisdomTree Enhanced Commodity Strategy Fund (GCC) at 4.53%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.00% | 4.53% | +40.47% |
Volatility (6M)Calculated over the trailing 6-month period | 54.96% | 14.76% | +40.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.38% | 16.63% | +49.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 16.93% | +18.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.40% | 14.77% | +12.63% |
DGZ vs. GCC - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than GCC's 0.55% expense ratio.
Dividends
DGZ vs. GCC - Dividend Comparison
DGZ has not paid dividends to shareholders, while GCC's dividend yield for the trailing twelve months is around 5.60%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GCC WisdomTree Enhanced Commodity Strategy Fund | 5.60% | 6.64% | 3.51% | 3.68% | 22.49% | 9.76% |
Frequently Asked Questions
DGZ and GCC have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.00%) compared to GCC (4.53%). In terms of maximum drawdown, DGZ dropped -86.32% vs GCC's -63.19%.
On 10-year performance, GCC leads with 6.84% vs -8.68% for DGZ. On fees, GCC is cheaper at 0.55% per year. On volatility, GCC has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GCC has performed better with a 6.84% return vs -8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GCC is cheaper with a 0.55% expense ratio, compared with 0.75% for DGZ.
GCC has the higher dividend yield at 5.60%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while GCC is Commodities. They also come from different issuers: Deutsche Bank and WisdomTree. Their fees differ too: 0.75% for DGZ and 0.55% for GCC.
GCC currently has the higher Sharpe Ratio (2.24 vs -0.23), 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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