DGZ vs. GLTR
DGZ (DB Gold Short Exchange Traded Notes) and GLTR (Aberdeen Standard Physical Precious Metals Basket Shares 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 GLTR is a Precious Metals fund tracking the ETFS Physical Precious Metals Basket Index. Both are passively managed. Over the past 10 years, DGZ returned -8.68%/yr vs 13.17%/yr for GLTR. At a correlation of -0.73, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.60%/yr for GLTR.
Performance
DGZ vs. GLTR - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 2.71% return, which is significantly higher than GLTR's 1.47% return. Over the past 10 years, DGZ has underperformed GLTR with an annualized return of -8.68%, while GLTR has yielded a comparatively higher 13.17% annualized return.
DGZ
- 1D
- 4.82%
- 1M
- 16.59%
- YTD
- 2.71%
- 6M
- 4.61%
- 1Y
- -15.32%
- 3Y*
- -16.62%
- 5Y*
- -10.05%
- 10Y*
- -8.68%
GLTR
- 1D
- -1.81%
- 1M
- -1.45%
- YTD
- 1.47%
- 6M
- 10.73%
- 1Y
- 53.06%
- 3Y*
- 32.36%
- 5Y*
- 15.32%
- 10Y*
- 13.17%
DGZ vs. GLTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 2.71% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
GLTR Aberdeen Standard Physical Precious Metals Basket Shares ETF | 1.47% | 87.25% | 20.63% | 2.01% | -0.25% | -9.60% | 29.52% | 20.96% | -2.85% | 12.94% |
Correlation
The correlation between DGZ and GLTR is -0.35, 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 (1Y) Calculated over the trailing 1-year period | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2010 | -0.73 |
Over the past year, the inverse relationship between DGZ and GLTR has weakened: their correlation has moved from -0.73 to -0.35, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. GLTR — Risk / Return Rank
DGZ
GLTR
DGZ vs. GLTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Aberdeen Standard Physical Precious Metals Basket Shares ETF (GLTR). 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 | GLTR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.23 | 1.42 | -1.65 |
Sortino ratioReturn per unit of downside risk | 0.11 | 1.73 | -1.62 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.29 | -0.27 |
Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.80 | -2.20 |
Martin ratioReturn relative to average drawdown | -0.70 | 4.13 | -4.84 |
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 | GLTR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | 1.42 | -1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.65 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.32 | 0.64 | -0.96 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | 0.32 | -0.64 |
Drawdowns
DGZ vs. GLTR - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than GLTR's maximum drawdown of -55.70%. Use the drawdown chart below to compare losses from any high point for DGZ and GLTR.
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Drawdown Indicators
| DGZ | GLTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -55.70% | -30.62% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -29.70% | -8.62% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -29.70% | -29.84% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -29.70% | -31.84% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -29.70% | -41.79% |
Current DrawdownCurrent decline from peak | -82.41% | -26.86% | -55.55% |
Average DrawdownAverage peak-to-trough decline | -57.74% | -28.83% | -28.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.80% | 12.88% | +8.92% |
Volatility
DGZ vs. GLTR - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to Aberdeen Standard Physical Precious Metals Basket Shares ETF (GLTR) at 9.13%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than GLTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | GLTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.00% | 9.13% | +35.87% |
Volatility (6M)Calculated over the trailing 6-month period | 54.96% | 35.41% | +19.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.38% | 37.58% | +28.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 23.63% | +11.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.40% | 20.50% | +6.90% |
DGZ vs. GLTR - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than GLTR's 0.60% expense ratio.
Dividends
DGZ vs. GLTR - Dividend Comparison
Neither DGZ nor GLTR has paid dividends to shareholders.
Frequently Asked Questions
DGZ and GLTR have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.00%) compared to GLTR (9.13%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLTR's -55.70%.
On 10-year performance, GLTR leads with 13.17% vs -8.68% for DGZ. On fees, GLTR is cheaper at 0.60% per year. On volatility, GLTR has been the lower-risk option at 9.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLTR has performed better with a 13.17% return vs -8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLTR is cheaper with a 0.60% expense ratio, compared with 0.75% for DGZ.
DGZ and GLTR have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while GLTR is Precious Metals. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while GLTR tracks ETFS Physical Precious Metals Basket Index. They also come from different issuers: Deutsche Bank and Aberdeen. Their fees differ too: 0.75% for DGZ and 0.60% for GLTR.
GLTR currently has the higher Sharpe Ratio (1.42 vs -0.23), 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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