DGZ vs. GDX
DGZ (DB Gold Short Exchange Traded Notes) and GDX (VanEck Gold Miners ETF) 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 GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, DGZ returned -8.53%/yr vs 11.81%/yr for GDX. Their -0.64 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.51%/yr for GDX.
Performance
DGZ vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a -2.82% return, which is significantly lower than GDX's -2.44% return. Over the past 10 years, DGZ has underperformed GDX with an annualized return of -8.53%, while GDX has yielded a comparatively higher 11.81% 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%
GDX
- 1D
- 7.39%
- 1M
- 6.27%
- 6M
- -15.22%
- YTD
- -2.44%
- 1Y
- 49.29%
- 3Y*
- 43.13%
- 5Y*
- 21.96%
- 10Y*
- 11.81%
- ALL TIME*
- 5.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.88K | $31.34K | $38.49K | |
| $1.47B | $1.40B | $1.77B |
DGZ vs. GDX - 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% |
GDX VanEck Gold Miners ETF | -2.44% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between DGZ and GDX is -0.23, 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. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.64 |
Over the past year, the inverse relationship between DGZ and GDX has weakened: their correlation has moved from -0.64 to -0.23, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. GDX — Risk / Return Rank
DGZ
GDX
DGZ vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.20 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 1.27 | -1.80 |
| Martin ratioReturn relative to average drawdown | -0.92 | 2.70 | -3.62 |
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Drawdowns
DGZ vs. GDX - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for DGZ and GDX.
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Drawdown Indicators
| DGZ | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -80.34% | -5.98% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -38.93% | +2.79% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -38.93% | -20.61% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -46.51% | -15.03% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -49.79% | -21.70% |
Current DrawdownCurrent decline from peak | -83.35% | -27.76% | -55.59% |
Average DrawdownAverage peak-to-trough decline | -57.95% | -40.37% | -17.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.66% | 18.30% | +2.36% |
Volatility
DGZ vs. GDX - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.24% compared to VanEck Gold Miners ETF (GDX) at 13.71%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.24% | 13.71% | +10.53% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 38.25% | +22.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.43% | 48.91% | +24.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.19% | 37.41% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.22% | 37.42% | -8.20% |
DGZ vs. GDX - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
DGZ vs. GDX - Dividend Comparison
DGZ has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.76% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Frequently Asked Questions
DGZ and GDX have a correlation of -0.23, 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 GDX (13.71%). In terms of maximum drawdown, DGZ dropped -86.32% vs GDX's -80.34%.
On 10-year performance, GDX leads with 11.81% vs -8.53% for DGZ. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 13.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 11.81% return vs -8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.75% for DGZ.
GDX has the higher dividend yield at 0.76%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while GDX is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Deutsche Bank and VanEck. Their fees differ too: 0.75% for DGZ and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.01 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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