DGZ vs. GLDI
DGZ (DB Gold Short Exchange Traded Notes) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) 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 GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, DGZ returned -8.53%/yr vs 7.74%/yr for GLDI. Their -0.65 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.65%/yr for GLDI.
Performance
DGZ vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a -2.82% return, which is significantly higher than GLDI's -4.63% return. Over the past 10 years, DGZ has underperformed GLDI with an annualized return of -8.53%, while GLDI has yielded a comparatively higher 7.74% 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%
GLDI
- 1D
- 0.21%
- 1M
- -1.55%
- 6M
- -8.98%
- YTD
- -4.63%
- 1Y
- 10.40%
- 3Y*
- 16.72%
- 5Y*
- 10.39%
- 10Y*
- 7.74%
- ALL TIME*
- 3.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.88K | $31.34K | $38.49K | |
| $10.54M | $8.79M | $7.93M |
DGZ vs. GLDI - 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% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.63% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
Correlation
The correlation between DGZ and GLDI is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.49 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013 | -0.65 |
Over the past year, the inverse relationship between DGZ and GLDI has weakened: their correlation has moved from -0.65 to -0.28, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. GLDI — Risk / Return Rank
DGZ
GLDI
DGZ vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.14 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.68 | -1.21 |
| Martin ratioReturn relative to average drawdown | -0.92 | 1.69 | -2.61 |
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Drawdowns
DGZ vs. GLDI - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for DGZ and GLDI.
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Drawdown Indicators
| DGZ | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -32.26% | -54.06% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -15.81% | -20.33% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -15.81% | -43.73% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -15.81% | -45.73% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -15.81% | -55.68% |
Current DrawdownCurrent decline from peak | -83.35% | -13.44% | -69.91% |
Average DrawdownAverage peak-to-trough decline | -57.95% | -13.99% | -43.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.66% | 6.38% | +14.28% |
Volatility
DGZ vs. GLDI - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.24% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 4.82%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.24% | 4.82% | +19.42% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 15.54% | +45.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.43% | 16.72% | +56.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.19% | 11.86% | +26.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.22% | 11.64% | +17.58% |
DGZ vs. GLDI - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than GLDI's 0.65% expense ratio.
Dividends
DGZ vs. GLDI - Dividend Comparison
DGZ has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 26.11%.
| 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% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.11% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
Frequently Asked Questions
DGZ and GLDI have a correlation of -0.28, 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 GLDI (4.82%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLDI's -32.26%.
On 10-year performance, GLDI leads with 7.74% vs -8.53% for DGZ. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLDI has performed better with a 7.74% return vs -8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 0.75% for DGZ.
GLDI has the higher dividend yield at 26.11%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while GLDI is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: Deutsche Bank and UBS. Their fees differ too: 0.75% for DGZ and 0.65% for GLDI.
GLDI currently has the higher Sharpe Ratio (0.65 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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