DGZ vs. GLD
DGZ (DB Gold Short Exchange Traded Notes) and GLD (SPDR Gold Shares) 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 GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DGZ returned -7.90%/yr vs 11.05%/yr for GLD. Their -0.82 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.40%/yr for GLD.
Performance
DGZ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 1.46% return, which is significantly higher than GLD's -6.25% return. Over the past 10 years, DGZ has underperformed GLD with an annualized return of -7.90%, while GLD has yielded a comparatively higher 11.05% annualized return.
DGZ
- 1D
- -2.65%
- 1M
- -11.56%
- 6M
- 3.27%
- YTD
- 1.46%
- 1Y
- -15.73%
- 3Y*
- -17.39%
- 5Y*
- -11.06%
- 10Y*
- -7.90%
- ALL TIME*
- -7.69%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.40K | $33.87K | $42.21K | |
| $2.38B | $2.40B | $2.72B |
DGZ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 1.46% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
GLD SPDR Gold Shares | -6.25% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between DGZ and GLD is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.82 |
Over the past year, the inverse relationship between DGZ and GLD has weakened: their correlation has moved from -0.82 to -0.31, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. GLD — Risk / Return Rank
DGZ
GLD
DGZ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.17 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 0.86 | -1.35 |
| Martin ratioReturn relative to average drawdown | -0.86 | 1.86 | -2.72 |
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Drawdowns
DGZ vs. GLD - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DGZ and GLD.
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Drawdown Indicators
| DGZ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -45.56% | -40.76% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -26.40% | -9.74% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -26.40% | -33.14% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -26.40% | -35.14% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -26.40% | -45.09% |
Current DrawdownCurrent decline from peak | -82.62% | -25.08% | -57.54% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -16.21% | -41.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 12.18% | +8.40% |
Volatility
DGZ vs. GLD - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 19.90% compared to SPDR Gold Shares (GLD) at 6.40%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.90% | 6.40% | +13.50% |
Volatility (6M)Calculated over the trailing 6-month period | 60.03% | 23.52% | +36.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.95% | 28.13% | +43.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.59% | 18.49% | +19.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 16.14% | +12.70% |
DGZ vs. GLD - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
DGZ vs. GLD - Dividend Comparison
Neither DGZ nor GLD has paid dividends to shareholders.
Frequently Asked Questions
DGZ and GLD have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (19.90%) compared to GLD (6.40%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.05% vs -7.90% for DGZ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.05% return vs -7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.75% for DGZ.
DGZ and GLD have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while GLD is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.75% for DGZ and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.81 vs -0.25), 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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