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DGZ vs. GLDI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DGZ vs. GLDI

Last updated Jun 4, 2026

DGZ (DB Gold Short Exchange Traded Notes) and GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) 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 Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, DGZ returned -8.68%/yr vs 8.99%/yr for GLDI. At a correlation of -0.67, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.65%/yr for GLDI.

Performance

DGZ vs. GLDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Short Exchange Traded Notes (DGZ) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DGZ achieves a 2.71% return, which is significantly higher than GLDI's 2.06% return. Over the past 10 years, DGZ has underperformed GLDI with an annualized return of -8.68%, while GLDI has yielded a comparatively higher 8.99% annualized 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%

GLDI

1D
-0.81%
1M
0.90%
YTD
2.06%
6M
4.42%
1Y
21.23%
3Y*
19.54%
5Y*
11.15%
10Y*
8.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DGZ vs. GLDI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DGZ
DB Gold Short Exchange Traded Notes		2.71%-32.55%-16.46%-4.75%4.93%1.53%-20.80%-13.42%4.88%-11.36%
GLDI
Credit Suisse X-Links Gold Shares Covered Call ETN		2.06%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 -0.36, 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

-0.41

Correlation (5Y)
Calculated over the trailing 5-year period

-0.53

Correlation (10Y)
Calculated over the trailing 10-year period

-0.59

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2013

-0.67

Over the past year, the inverse relationship between DGZ and GLDI has weakened: their correlation has moved from -0.67 to -0.36, meaning they move in opposite directions less often than they have historically.

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DB Gold Short Exchange Traded Notes

Credit Suisse X-Links Gold Shares Covered Call ETN

Often compared with DGZ:
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Often compared with GLDI:
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Return for Risk

DGZ vs. GLDI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DGZ
DGZ Risk / Return Rank: 77
Overall Rank
DGZ Sharpe Ratio Rank: 77
Sharpe Ratio Rank
DGZ Sortino Ratio Rank: 88
Sortino Ratio Rank
DGZ Omega Ratio Rank: 88
Omega Ratio Rank
DGZ Calmar Ratio Rank: 55
Calmar Ratio Rank
DGZ Martin Ratio Rank: 55
Martin Ratio Rank
GLDI
GLDI Risk / Return Rank: 3838
Overall Rank
GLDI Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
GLDI Sortino Ratio Rank: 3535
Sortino Ratio Rank
GLDI Omega Ratio Rank: 4747
Omega Ratio Rank
GLDI Calmar Ratio Rank: 3131
Calmar Ratio Rank
GLDI Martin Ratio Rank: 3838
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 Credit Suisse X-Links Gold Shares Covered Call ETN (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.

DGZGLDIDifference

Sharpe ratio

Return per unit of total volatility

-0.23

1.46

-1.70

Sortino ratio

Return per unit of downside risk

0.11

1.90

-1.79

Omega ratio

Gain probability vs. loss probability

1.01

1.30

-0.29

Calmar ratio

Return relative to maximum drawdown

-0.40

1.55

-1.95

Martin ratio

Return relative to average drawdown

-0.70

6.07

-6.78

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGZ vs. GLDI - Sharpe Ratio Comparison

The current DGZ Sharpe Ratio is -0.23, which is lower than the GLDI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DGZ and GLDI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DGZGLDIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.23

1.46

-1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.29

0.99

-1.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.32

0.79

-1.11

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.31

0.37

-0.68

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

DGZGLDIDifference

Max Drawdown

Largest peak-to-trough decline

-86.32%

-32.26%

-54.06%

Max Drawdown (1Y)

Largest decline over 1 year

-38.32%

-13.73%

-24.59%

Max Drawdown (3Y)

Largest decline over 3 years

-59.54%

-13.73%

-45.81%

Max Drawdown (5Y)

Largest decline over 5 years

-61.54%

-14.07%

-47.47%

Max Drawdown (10Y)

Largest decline over 10 years

-71.49%

-14.94%

-56.55%

Current Drawdown

Current decline from peak

-82.41%

-7.37%

-75.04%

Average Drawdown

Average peak-to-trough decline

-57.74%

-14.00%

-43.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.80%

3.50%

+18.30%

Volatility

DGZ vs. GLDI - Volatility Comparison

DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) at 3.88%. 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

DGZGLDIDifference

Volatility (1M)

Calculated over the trailing 1-month period

45.00%

3.88%

+41.12%

Volatility (6M)

Calculated over the trailing 6-month period

54.96%

12.87%

+42.09%

Volatility (1Y)

Calculated over the trailing 1-year period

66.38%

14.57%

+51.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.24%

11.31%

+23.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.40%

11.35%

+16.05%

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 22.37%.

PositionTTM20252024202320222021202020192018201720162015
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
Credit Suisse X-Links Gold Shares Covered Call ETN		22.37%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 -0.36, 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 GLDI (3.88%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLDI's -32.26%.

On 10-year performance, GLDI leads with 8.99% vs -8.68% for DGZ. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 3.88%. 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 8.99% return vs -8.68%. 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 22.37%, compared with 0.00% for DGZ.

DGZ is categorized as Inverse Commodities, while GLDI is Precious Metals. 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 Credit Suisse. Their fees differ too: 0.75% for DGZ and 0.65% for GLDI.

GLDI currently has the higher Sharpe Ratio (1.46 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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