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 -16.62%/yr vs 60.95%/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 2.71% return, which is significantly higher than GDMN's -4.13% 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%
GDMN
- 1D
- -3.68%
- 1M
- -2.43%
- YTD
- -4.13%
- 6M
- 2.73%
- 1Y
- 76.93%
- 3Y*
- 60.95%
- 5Y*
- —
- 10Y*
- —
DGZ vs. GDMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 2.71% | -32.55% | -16.46% | -4.75% | 4.93% | -2.53% |
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | -4.13% | 237.09% | 28.23% | 12.97% | -14.62% | 5.11% |
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 17, 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.
| DGZ | GDMN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.23 | 1.26 | -1.49 |
Sortino ratioReturn per unit of downside risk | 0.11 | 1.68 | -1.57 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.98 | -2.38 |
Martin ratioReturn relative to average drawdown | -0.70 | 4.68 | -5.38 |
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 | GDMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | 1.26 | -1.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | 0.80 | -1.12 |
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% | -39.03% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -39.03% | -20.51% |
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 | -82.41% | -37.06% | -45.35% |
Average DrawdownAverage peak-to-trough decline | -57.74% | -18.89% | -38.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.80% | 16.51% | +5.29% |
Volatility
DGZ vs. GDMN - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) at 17.94%. 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 | 45.00% | 17.94% | +27.06% |
Volatility (6M)Calculated over the trailing 6-month period | 54.96% | 51.79% | +3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.38% | 61.32% | +5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 47.59% | -12.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.40% | 47.59% | -20.19% |
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 2.82%.
| 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 | 2.82% | 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 (45.00%) compared to GDMN (17.94%). In terms of maximum drawdown, DGZ dropped -86.32% vs GDMN's -52.82%.
On 3-year performance, GDMN leads with 60.95% vs -16.62% for DGZ. On fees, GDMN is cheaper at 0.45% per year. On volatility, GDMN has been the lower-risk option at 17.94%. 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 60.95% return vs -16.62%. 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 2.82%, 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 (1.26 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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