DGZ vs. HDEF

Last updated Apr 1, 2026

Compare and contrast key facts about DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF).

DGZ and HDEF 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. HDEF is a passively managed fund by Deutsche Bank that tracks the performance of the MSCI EAFE High Dividend Yield US Dollar Hedged Index. It was launched on Aug 12, 2015. Both DGZ and HDEF 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. HDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). The values are adjusted to include any dividend payments, if applicable.

DGZ vs. HDEF - 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%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	5.06%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	9.89%

Returns By Period

In the year-to-date period, DGZ achieves a -9.08% return, which is significantly lower than HDEF's 5.06% return. Over the past 10 years, DGZ has underperformed HDEF with an annualized return of -9.99%, while HDEF has yielded a comparatively higher 8.87% 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%

HDEF

• 1D: 1.98%
• 1M: -4.72%
• YTD: 5.06%
• 6M: 11.32%
• 1Y: 24.25%
• 3Y*: 16.72%
• 5Y*: 11.17%
• 10Y*: 8.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGZ vs. HDEF - Expense Ratio Comparison

DGZ has a 0.75% expense ratio, which is higher than HDEF's 0.20% expense ratio.

DGZ

DB Gold Short Exchange Traded Notes

HDEF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Return for Risk

DGZ vs. HDEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGZ

DGZ Risk / Return Rank: 3
DGZ Sharpe Ratio Rank: 3
DGZ Sortino Ratio Rank: 3
DGZ Omega Ratio Rank: 3
DGZ Calmar Ratio Rank: 2
DGZ Martin Ratio Rank: 2

HDEF

HDEF Risk / Return Rank: 86
HDEF Sharpe Ratio Rank: 85
HDEF Sortino Ratio Rank: 86
HDEF Omega Ratio Rank: 88
HDEF Calmar Ratio Rank: 86
HDEF Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	DGZ	HDEF	Difference
Sharpe ratio Return per unit of total volatility	-0.59	1.68	-2.27
Sortino ratio Return per unit of downside risk	-0.65	2.25	-2.90
Omega ratio Gain probability vs. loss probability	0.92	1.35	-0.43
Calmar ratio Return relative to maximum drawdown	-0.69	2.51	-3.20
Martin ratio Return relative to average drawdown	-1.31	9.67	-10.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGZ vs. HDEF - Sharpe Ratio Comparison

The current DGZ Sharpe Ratio is -0.59, which is lower than the HDEF Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of DGZ and HDEF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DGZ	HDEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	1.68	-2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.50	0.80	-1.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.43	0.55	-0.98
Sharpe Ratio (All Time) Calculated using the full available price history	-0.38	0.46	-0.84

Correlation

The correlation between DGZ and HDEF is -0.11. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

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 3.61%.

	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	3.61%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

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.

Drawdown Indicators

	DGZ	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	-36.43%	-49.89%
Max Drawdown (1Y) Largest decline over 1 year	-41.53%	-9.32%	-32.21%
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 Drawdown Current decline from peak	-84.42%	-4.72%	-79.70%
Average Drawdown Average peak-to-trough decline	-57.48%	-5.07%	-52.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.88%	2.42%	+19.46%

Volatility

DGZ vs. HDEF - Volatility Comparison

DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 16.64% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 5.52%. 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.

Volatility by Period

	DGZ	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.64%	5.52%	+11.12%
Volatility (6M) Calculated over the trailing 6-month period	43.96%	8.54%	+35.42%
Volatility (1Y) Calculated over the trailing 1-year period	48.50%	14.54%	+33.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.23%	14.10%	+14.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.03%	16.21%	+6.82%