DGZ vs. GDMN
DGZ (DB Gold Short Exchange Traded Notes) and GDMN (WisdomTree Efficient Gold Plus Gold Miners 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 GDMN is a Commodities fund actively managed by WisdomTree. DGZ is passively managed, while GDMN is actively managed. Over the past 3 years, DGZ returned -14.24%/yr vs 56.12%/yr for GDMN. At a correlation of -0.51, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.45%/yr for GDMN.
Performance
DGZ vs. GDMN - 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 GDMN's -17.89% 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%
GDMN
- 1D
- -5.34%
- 1M
- -15.68%
- YTD
- -17.89%
- 6M
- -24.58%
- 1Y
- 50.67%
- 3Y*
- 56.12%
- 5Y*
- —
- 10Y*
- —
DGZ vs. GDMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | -3.68% |
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | -17.89% | 237.09% | 28.23% | 12.97% | -14.62% | 6.93% |
Correlation
The correlation between DGZ and GDMN is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021 | -0.51 |
The correlation between DGZ and GDMN shifts across timeframes, from -0.51 (all time) to -0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DGZ vs. GDMN — Risk / Return Rank
DGZ
GDMN
DGZ vs. GDMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). 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 | GDMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.18 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.04 | -1.25 |
| Martin ratioReturn relative to average drawdown | -0.35 | 2.68 | -3.02 |
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Drawdowns
DGZ vs. GDMN - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than GDMN's maximum drawdown of -52.82%. Use the drawdown chart below to compare losses from any high point for DGZ and GDMN.
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Drawdown Indicators
| DGZ | GDMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -52.82% | -33.50% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -48.76% | +10.44% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -48.76% | -10.78% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -80.51% | -46.10% | -34.41% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -19.14% | -38.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 19.00% | +3.24% |
Volatility
DGZ vs. GDMN - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) at 22.22%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GDMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GDMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 22.22% | +23.69% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 55.20% | +3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 64.10% | +5.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 48.22% | -11.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 48.22% | -20.05% |
DGZ vs. GDMN - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than GDMN's 0.45% expense ratio.
Dividends
DGZ vs. GDMN - Dividend Comparison
DGZ has not paid dividends to shareholders, while GDMN's dividend yield for the trailing twelve months is around 3.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | 3.29% | 2.70% | 9.44% | 7.69% | 1.44% |
Frequently Asked Questions
DGZ and GDMN have a correlation of -0.36, 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 GDMN (22.22%). In terms of maximum drawdown, DGZ dropped -86.32% vs GDMN's -52.82%.
On 3-year performance, GDMN leads with 56.12% vs -14.24% for DGZ. On fees, GDMN is cheaper at 0.45% per year. On volatility, GDMN has been the lower-risk option at 22.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDMN has performed better with a 56.12% return vs -14.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDMN is cheaper with a 0.45% expense ratio, compared with 0.75% for DGZ.
GDMN has the higher dividend yield at 3.29%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while GDMN is Commodities. They also come from different issuers: Deutsche Bank and WisdomTree. Their fees differ too: 0.75% for DGZ and 0.45% for GDMN.
GDMN currently has the higher Sharpe Ratio (0.79 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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