DGZ vs. GLTR
DGZ (DB Gold Short Exchange Traded Notes) and GLTR (abrdn 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 -7.12%/yr vs 11.27%/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
Loading charts...
Returns By Period
In the year-to-date period, DGZ achieves a 13.79% return, which is significantly higher than GLTR's -9.21% return. Over the past 10 years, DGZ has underperformed GLTR with an annualized return of -7.12%, while GLTR has yielded a comparatively higher 11.27% annualized return.
DGZ
- 1D
- 4.60%
- 1M
- 27.91%
- YTD
- 13.79%
- 6M
- 21.33%
- 1Y
- -7.69%
- 3Y*
- -14.24%
- 5Y*
- -9.28%
- 10Y*
- -7.12%
GLTR
- 1D
- -3.07%
- 1M
- -12.32%
- YTD
- -9.21%
- 6M
- -12.60%
- 1Y
- 33.31%
- 3Y*
- 29.08%
- 5Y*
- 14.31%
- 10Y*
- 11.27%
DGZ vs. GLTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
GLTR abrdn Physical Precious Metals Basket Shares ETF | -9.21% | 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 -0.36, 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 | -0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2010 | -0.73 |
Over the past year, the inverse relationship between DGZ and GLTR has weakened: their correlation has moved from -0.73 to -0.36, meaning they move in opposite directions less often than they have historically.
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. 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 abrdn 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.
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 | GLTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.19 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.97 | -1.17 |
| Martin ratioReturn relative to average drawdown | -0.35 | 2.27 | -2.62 |
Loading charts...
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.
Loading charts...
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% | -34.55% | -3.77% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -34.55% | -24.99% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -34.55% | -26.99% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -34.55% | -36.94% |
Current DrawdownCurrent decline from peak | -80.51% | -34.55% | -45.96% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -28.83% | -28.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 14.68% | +7.56% |
Volatility
DGZ vs. GLTR - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to abrdn Physical Precious Metals Basket Shares ETF (GLTR) at 10.06%. 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.
Loading charts...
Volatility by Period
| DGZ | GLTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 10.06% | +35.85% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 36.51% | +22.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 38.78% | +30.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 23.90% | +12.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 20.68% | +7.49% |
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 -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to GLTR (10.06%). In terms of maximum drawdown, DGZ dropped -86.32% vs GLTR's -55.70%.
On 10-year performance, GLTR leads with 11.27% vs -7.12% for DGZ. On fees, GLTR is cheaper at 0.60% per year. On volatility, GLTR has been the lower-risk option at 10.06%. 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 11.27% return vs -7.12%. 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 abrdn. Their fees differ too: 0.75% for DGZ and 0.60% for GLTR.
GLTR currently has the higher Sharpe Ratio (0.86 vs -0.11), 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 GLTR
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