DGZ vs. GLDM
DGZ (DB Gold Short Exchange Traded Notes) and GLDM (SPDR Gold MiniShares Trust) 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 GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, DGZ returned -9.28%/yr vs 18.18%/yr for GLDM. At a correlation of -0.66, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.10%/yr for GLDM.
Performance
DGZ vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 13.79% return, which is significantly higher than GLDM's -4.72% return.
DGZ
- 1D
- 4.60%
- 1M
- 27.91%
- YTD
- 13.79%
- 6M
- 21.33%
- 1Y
- -7.69%
- 3Y*
- -14.24%
- 5Y*
- -9.28%
- 10Y*
- -7.12%
GLDM
- 1D
- -1.91%
- 1M
- -8.82%
- YTD
- -4.72%
- 6M
- -8.62%
- 1Y
- 21.66%
- 3Y*
- 28.79%
- 5Y*
- 18.18%
- 10Y*
- —
DGZ vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 0.48% |
GLDM SPDR Gold MiniShares Trust | -4.72% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between DGZ and GLDM is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | -0.66 |
Over the past year, the inverse relationship between DGZ and GLDM has weakened: their correlation has moved from -0.66 to -0.40, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. GLDM — Risk / Return Rank
DGZ
GLDM
DGZ vs. GLDM - 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 MiniShares Trust (GLDM). 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 | GLDM | 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 | 1.05 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.89 | -1.09 |
| Martin ratioReturn relative to average drawdown | -0.35 | 2.40 | -2.75 |
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Drawdowns
DGZ vs. GLDM - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for DGZ and GLDM.
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Drawdown Indicators
| DGZ | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -24.35% | -61.97% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -24.35% | -13.97% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -24.35% | -35.19% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -24.35% | -37.19% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -80.51% | -23.82% | -56.69% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -6.32% | -51.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 9.05% | +13.19% |
Volatility
DGZ vs. GLDM - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to SPDR Gold MiniShares Trust (GLDM) at 8.16%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 8.16% | +37.75% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 24.22% | +34.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 27.36% | +42.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 18.15% | +18.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 17.02% | +11.15% |
DGZ vs. GLDM - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
DGZ vs. GLDM - Dividend Comparison
Neither DGZ nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
DGZ and GLDM have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to GLDM (8.16%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 18.18% vs -9.28% for DGZ. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 8.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 18.18% return vs -9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.75% for DGZ.
DGZ and GLDM have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while GLDM is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while GLDM 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 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (0.80 vs -0.11), 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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