DGZ vs. GLL
Compare and contrast key facts about DB Gold Short Exchange Traded Notes (DGZ) and ProShares UltraShort Gold (GLL).
DGZ and GLL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DGZ is a passively managed fund by Deutsche Bank that tracks the performance of the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). It was launched on Feb 27, 2008. GLL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Gold (-200%). It was launched on Dec 1, 2008. Both DGZ and GLL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DGZ vs. GLL - Performance Comparison
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DGZ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | -9.08% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
GLL ProShares UltraShort Gold | -22.83% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Returns By Period
In the year-to-date period, DGZ achieves a -9.08% return, which is significantly higher than GLL's -22.83% return. Over the past 10 years, DGZ has outperformed GLL with an annualized return of -9.99%, while GLL has yielded a comparatively lower -24.50% annualized return.
DGZ
- 1D
- 0.81%
- 1M
- 11.14%
- YTD
- -9.08%
- 6M
- -16.77%
- 1Y
- -28.38%
- 3Y*
- -19.40%
- 5Y*
- -13.91%
- 10Y*
- -9.99%
GLL
- 1D
- -7.30%
- 1M
- 22.90%
- YTD
- -22.83%
- 6M
- -39.36%
- 1Y
- -60.18%
- 3Y*
- -42.72%
- 5Y*
- -32.85%
- 10Y*
- -24.50%
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DGZ vs. GLL - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is lower than GLL's 0.95% expense ratio.
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.
| DGZ | GLL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.59 | -1.10 | +0.52 |
Sortino ratioReturn per unit of downside risk | -0.65 | -2.03 | +1.38 |
Omega ratioGain probability vs. loss probability | 0.92 | 0.78 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.86 | +0.16 |
Martin ratioReturn relative to average drawdown | -1.31 | -1.39 | +0.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DGZ | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.59 | -1.10 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.50 | -0.93 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.43 | -0.77 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | -0.69 | +0.31 |
Correlation
The correlation between DGZ and GLL is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DGZ vs. GLL - Dividend Comparison
Neither DGZ nor GLL has paid dividends to shareholders.
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 | -41.53% | -71.53% | +30.00% |
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 | -84.42% | -99.04% | +14.62% |
Average DrawdownAverage peak-to-trough decline | -57.48% | -84.99% | +27.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.88% | 44.01% | -22.13% |
Volatility
DGZ vs. GLL - Volatility Comparison
The current volatility for DB Gold Short Exchange Traded Notes (DGZ) is 16.64%, while ProShares UltraShort Gold (GLL) has a volatility of 21.53%. This indicates that DGZ experiences smaller price fluctuations and is considered to be less risky 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 | 16.64% | 21.53% | -4.89% |
Volatility (6M)Calculated over the trailing 6-month period | 43.96% | 46.40% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.50% | 54.76% | -6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.23% | 35.40% | -7.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.03% | 31.98% | -8.95% |