DGZ vs. HDEF
DGZ (DB Gold Short Exchange Traded Notes) and HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity 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 HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DGZ returned -7.12%/yr vs 8.94%/yr for HDEF. At a correlation of -0.11, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.20%/yr for HDEF.
Performance
DGZ vs. HDEF - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 13.79% return, which is significantly higher than HDEF's 4.97% return. Over the past 10 years, DGZ has underperformed HDEF with an annualized return of -7.12%, while HDEF has yielded a comparatively higher 8.94% 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%
HDEF
- 1D
- 0.28%
- 1M
- -2.23%
- YTD
- 4.97%
- 6M
- 4.60%
- 1Y
- 15.97%
- 3Y*
- 16.71%
- 5Y*
- 10.35%
- 10Y*
- 8.94%
DGZ vs. HDEF - 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% |
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 4.97% | 33.01% | 2.85% | 18.53% | -2.51% | 6.95% | -1.90% | 25.02% | -13.74% | 9.89% |
Correlation
The correlation between DGZ and HDEF is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015 | -0.11 |
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Return for Risk
DGZ vs. HDEF — Risk / Return Rank
DGZ
HDEF
DGZ vs. HDEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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 | HDEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.25 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.00 | -2.20 |
| Martin ratioReturn relative to average drawdown | -0.35 | 5.75 | -6.10 |
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Drawdowns
DGZ vs. HDEF - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than HDEF's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for DGZ and HDEF.
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Drawdown Indicators
| DGZ | HDEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -36.43% | -49.89% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -8.03% | -30.29% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -11.15% | -48.39% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -23.63% | -37.91% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -36.43% | -35.06% |
Current DrawdownCurrent decline from peak | -80.51% | -4.80% | -75.71% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -5.05% | -52.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 2.78% | +19.46% |
Volatility
DGZ vs. HDEF - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 3.05%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | HDEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 3.05% | +42.86% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 9.32% | +49.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 11.77% | +57.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 14.13% | +22.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 16.12% | +12.05% |
DGZ vs. HDEF - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than HDEF's 0.20% expense ratio.
Dividends
DGZ vs. HDEF - Dividend Comparison
DGZ has not paid dividends to shareholders, while HDEF's dividend yield for the trailing twelve months is around 3.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 3.96% | 3.88% | 4.53% | 4.38% | 5.41% | 4.76% | 3.93% | 4.20% | 3.55% | 3.38% | 9.53% | 1.87% |
Frequently Asked Questions
DGZ and HDEF have a correlation of -0.11, 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 HDEF (3.05%). In terms of maximum drawdown, DGZ dropped -86.32% vs HDEF's -36.43%.
On 10-year performance, HDEF leads with 8.94% vs -7.12% for DGZ. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDEF has performed better with a 8.94% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDEF is cheaper with a 0.20% expense ratio, compared with 0.75% for DGZ.
HDEF has the higher dividend yield at 3.96%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while HDEF is Foreign Large Cap Equities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index. Their fees differ too: 0.75% for DGZ and 0.20% for HDEF.
HDEF currently has the higher Sharpe Ratio (1.37 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.
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