DGZ vs. GLL
DGZ (DB Gold Short Exchange Traded Notes) and GLL (ProShares UltraShort Gold) 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 GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, DGZ returned -7.86%/yr vs -20.82%/yr for GLL. Their correlation of 0.81 means they have usually moved in the same direction. DGZ charges 0.75%/yr vs 0.95%/yr for GLL.
Performance
DGZ vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 4.59% return, which is significantly higher than GLL's 1.26% return. Over the past 10 years, DGZ has outperformed GLL with an annualized return of -7.86%, while GLL has yielded a comparatively lower -20.82% annualized return.
DGZ
- 1D
- 3.09%
- 1M
- -8.83%
- 6M
- -0.09%
- YTD
- 4.59%
- 1Y
- -13.13%
- 3Y*
- -16.81%
- 5Y*
- -10.41%
- 10Y*
- -7.86%
- ALL TIME*
- -7.54%
GLL
- 1D
- -0.08%
- 1M
- 3.32%
- 6M
- 23.22%
- YTD
- 1.26%
- 1Y
- -39.18%
- 3Y*
- -38.64%
- 5Y*
- -27.51%
- 10Y*
- -20.82%
- ALL TIME*
- -21.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.92K | $33.16K | $42.03K | |
| $40.14M | $37.19M | $59.19M |
DGZ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 4.59% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
GLL ProShares UltraShort Gold | 1.26% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between DGZ and GLL is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.81 |
Over the past year, the correlation between DGZ and GLL has dropped to 0.31 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.
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Return for Risk
DGZ vs. GLL — Risk / Return Rank
DGZ
GLL
DGZ vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.89 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | -0.61 | +0.25 |
| Martin ratioReturn relative to average drawdown | -0.64 | -0.89 | +0.25 |
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Drawdowns
DGZ vs. GLL - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for DGZ and GLL.
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Drawdown Indicators
| DGZ | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -99.24% | +12.92% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -64.23% | +28.09% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -87.95% | +28.41% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -89.76% | +28.22% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -95.76% | +24.27% |
Current DrawdownCurrent decline from peak | -82.08% | -98.74% | +16.66% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -85.24% | +27.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.60% | 44.13% | -23.53% |
Volatility
DGZ vs. GLL - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 20.11% compared to ProShares UltraShort Gold (GLL) at 11.92%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.11% | 11.92% | +8.19% |
Volatility (6M)Calculated over the trailing 6-month period | 59.60% | 41.51% | +18.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.10% | 55.36% | +16.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.63% | 36.89% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.87% | 32.49% | -3.62% |
DGZ vs. GLL - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
DGZ vs. GLL - Dividend Comparison
Neither DGZ nor GLL has paid dividends to shareholders.
Frequently Asked Questions
DGZ and GLL have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (20.11%) compared to GLL (11.92%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLL's -99.24%.
On 10-year performance, DGZ leads with -7.86% vs -20.82% for GLL. On fees, DGZ is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 11.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGZ has performed better with a -7.86% return vs -20.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ is cheaper with a 0.75% expense ratio, compared with 0.95% for GLL.
DGZ and GLL have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while GLL is Leveraged Commodities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGZ and 0.95% for GLL.
DGZ currently has the higher Sharpe Ratio (-0.18 vs -0.71), 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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