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 -7.50%/yr vs -20.80%/yr for GLL. Their correlation of 0.82 suggests significant overlap in exposure. DGZ charges 0.75%/yr vs 0.95%/yr for GLL.
Performance
DGZ vs. GLL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DGZ achieves a 9.14% return, which is significantly higher than GLL's 4.59% return. Over the past 10 years, DGZ has outperformed GLL with an annualized return of -7.50%, while GLL has yielded a comparatively lower -20.80% annualized return.
DGZ
- 1D
- -4.08%
- 1M
- 22.69%
- YTD
- 9.14%
- 6M
- 15.72%
- 1Y
- -10.15%
- 3Y*
- -15.43%
- 5Y*
- -9.99%
- 10Y*
- -7.50%
GLL
- 1D
- 5.97%
- 1M
- 25.98%
- YTD
- 4.59%
- 6M
- 12.64%
- 1Y
- -38.04%
- 3Y*
- -38.14%
- 5Y*
- -27.61%
- 10Y*
- -20.80%
DGZ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 9.14% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
GLL ProShares UltraShort Gold | 4.59% | -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 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| 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 (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.82 |
Over the past year, the correlation between DGZ and GLL has dropped to 0.40 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.90 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | -0.59 | +0.32 |
| Martin ratioReturn relative to average drawdown | -0.46 | -0.88 | +0.43 |
Loading charts...
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.
Loading charts...
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 | -38.32% | -65.10% | +26.78% |
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 | -81.30% | -98.70% | +17.40% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -85.16% | +27.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.26% | 43.16% | -20.90% |
Volatility
DGZ vs. GLL - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 44.67% compared to ProShares UltraShort Gold (GLL) at 16.87%. 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.
Loading charts...
Volatility by Period
| DGZ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.67% | 16.87% | +27.80% |
Volatility (6M)Calculated over the trailing 6-month period | 58.82% | 47.26% | +11.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.74% | 54.71% | +15.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.54% | 36.50% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.20% | 32.36% | -4.16% |
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 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (44.67%) compared to GLL (16.87%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLL's -99.24%.
On 10-year performance, DGZ leads with -7.50% vs -20.80% for GLL. On fees, DGZ is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 16.87%. 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 -7.50% return vs -20.80%. 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 (-0.15 vs -0.70), 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.
Find the right allocation for DGZ and GLL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer