DGZ vs. GLDN

Last updated Aug 6, 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. Their -0.10 correlation means they have often moved in opposite directions in the past. 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: -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%

GLDN

• 1D: 6.18%
• 1M: 3.13%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGZ DB Gold Short Exchange Traded Notes	$26.88K	$31.34K	$38.49K
GLDN Nicholas Gold Income ETF	$89.38K	$105.25K	$99.21K

DGZ vs. GLDN - Yearly Performance Comparison

	2026 (YTD)
DGZ DB Gold Short Exchange Traded Notes	0.37%
GLDN Nicholas Gold Income ETF	-20.08%

Correlation

The correlation between DGZ and GLDN is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	-0.10

Return for Risk

DGZ vs. GLDN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DGZ

DGZ Risk / Return Rank: 7
DGZ Sharpe Ratio Rank: 7
DGZ Sortino Ratio Rank: 10
DGZ Omega Ratio Rank: 10
DGZ Calmar Ratio Rank: 5
DGZ Martin Ratio Rank: 5

GLDN

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	-0.26	—	—
Sortino ratio: Return per unit of downside risk	0.11	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.53	—	—
Martin ratio: Return relative to average drawdown	-0.92	—	—

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 -36.20%. 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%	-36.20%	-50.12%
Max Drawdown (1Y) Largest decline over 1 year	-36.14%	—	—
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	-83.35%	-27.23%	-56.12%
Average Drawdown Average peak-to-trough decline	-57.95%	-21.05%	-36.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.66%	—	—

Volatility

Volatility by Period

	DGZ	GLDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	60.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	73.43%	42.00%	+31.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.19%	42.00%	-3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.22%	42.00%	-12.78%

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 6.99%.

Position	TTM
DGZ DB Gold Short Exchange Traded Notes	0.00%
GLDN Nicholas Gold Income ETF	6.99%

Frequently Asked Questions

Can I hold both DGZ and GLDN in my portfolio?

DGZ and GLDN have a correlation of -0.10, 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 6.99%, 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.