DGZ vs. GLDN

Last updated Jun 24, 2026

DGZ (DB Gold Short Exchange Traded Notes) and GLDN (Nicholas Gold Income 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 GLDN is a Gold fund actively managed by Nicholas. DGZ is passively managed, while GLDN is actively managed. At a correlation of -0.23, they often move in opposite directions. DGZ charges 0.75%/yr vs 1.07%/yr for GLDN.

Performance

DGZ vs. GLDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Short Exchange Traded Notes (DGZ) and Nicholas Gold Income ETF (GLDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

GLDN

• 1D: -3.40%
• 1M: -8.97%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGZ vs. GLDN - Yearly Performance Comparison

	2026 (YTD)
DGZ DB Gold Short Exchange Traded Notes	17.53%
GLDN Nicholas Gold Income ETF	-23.39%

Correlation

The correlation between DGZ and GLDN is -0.23, 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 (All Time) Calculated using the full available price history since Feb 18, 2026	-0.23

Return for Risk

DGZ vs. GLDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGZ

DGZ Risk / Return Rank: 9
DGZ Sharpe Ratio Rank: 8
DGZ Sortino Ratio Rank: 10
DGZ Omega Ratio Rank: 11
DGZ Calmar Ratio Rank: 7
DGZ Martin Ratio Rank: 7

GLDN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. GLDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Nicholas Gold Income ETF (GLDN). 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	GLDN	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	—	—
Sortino ratio: Return per unit of downside risk	0.36	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	-0.20	—	—
Martin ratio: Return relative to average drawdown	-0.35	—	—

Drawdowns

DGZ vs. GLDN - Drawdown Comparison

The maximum DGZ drawdown since its inception was -86.32%, which is greater than GLDN's maximum drawdown of -33.32%. Use the drawdown chart below to compare losses from any high point for DGZ and GLDN.

Drawdown Indicators

	DGZ	GLDN	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	-33.32%	-53.00%
Max Drawdown (1Y) Largest decline over 1 year	-38.32%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-59.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.49%	—	—
Current Drawdown Current decline from peak	-80.51%	-30.25%	-50.26%
Average Drawdown Average peak-to-trough decline	-57.80%	-17.07%	-40.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.24%	—	—

Volatility

Volatility by Period

	DGZ	GLDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	58.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	69.62%	43.09%	+26.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	43.09%	-6.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.17%	43.09%	-14.92%

DGZ vs. GLDN - Expense Ratio Comparison

DGZ has a 0.75% expense ratio, which is lower than GLDN's 1.07% expense ratio.

Dividends

DGZ vs. GLDN - Dividend Comparison

DGZ has not paid dividends to shareholders, while GLDN's dividend yield for the trailing twelve months is around 5.52%.

Position	TTM
DGZ DB Gold Short Exchange Traded Notes	0.00%
GLDN Nicholas Gold Income ETF	5.52%

Frequently Asked Questions

Can I hold both DGZ and GLDN in my portfolio?

DGZ and GLDN 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.

Which ETF is better, DGZ or GLDN?

On fees, DGZ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DGZ or GLDN?

DGZ is cheaper with a 0.75% expense ratio, compared with 1.07% for GLDN.

Which ETF pays a higher dividend yield, DGZ or GLDN?

GLDN has the higher dividend yield at 5.52%, compared with 0.00% for DGZ.

What is the main difference between DGZ and GLDN?

DGZ is categorized as Inverse Commodities, while GLDN is Gold. They also come from different issuers: Deutsche Bank and Nicholas. Their fees differ too: 0.75% for DGZ and 1.07% for GLDN.