DGZ vs. HYDW
DGZ (DB Gold Short Exchange Traded Notes) and HYDW (Xtrackers Low Beta High Yield Bond 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 HYDW is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Low Beta Index. Both are passively managed. Over the past 5 years, DGZ returned -10.05%/yr vs 3.55%/yr for HYDW. At a correlation of -0.09, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.20%/yr for HYDW.
Performance
DGZ vs. HYDW - 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 HYDW's 0.89% 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%
HYDW
- 1D
- -0.18%
- 1M
- 0.24%
- YTD
- 0.89%
- 6M
- 1.17%
- 1Y
- 5.56%
- 3Y*
- 6.83%
- 5Y*
- 3.55%
- 10Y*
- —
DGZ vs. HYDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 2.71% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 6.29% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 0.89% | 8.47% | 5.42% | 9.84% | -7.86% | 2.77% | 5.51% | 11.44% | -1.08% |
Correlation
The correlation between DGZ and HYDW is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018 | -0.09 |
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Return for Risk
DGZ vs. HYDW — Risk / Return Rank
DGZ
HYDW
DGZ vs. HYDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers Low Beta High Yield Bond ETF (HYDW). 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 | HYDW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.23 | 1.90 | -2.13 |
Sortino ratioReturn per unit of downside risk | 0.11 | 2.91 | -2.80 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.37 | -0.36 |
Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.67 | -3.07 |
Martin ratioReturn relative to average drawdown | -0.70 | 12.74 | -13.44 |
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 | HYDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | 1.90 | -2.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.56 | -0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | 0.58 | -0.90 |
Drawdowns
DGZ vs. HYDW - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than HYDW's maximum drawdown of -17.75%. Use the drawdown chart below to compare losses from any high point for DGZ and HYDW.
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Drawdown Indicators
| DGZ | HYDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -17.75% | -68.57% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -2.09% | -36.23% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -3.64% | -55.90% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -12.68% | -48.86% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -82.41% | -0.26% | -82.15% |
Average DrawdownAverage peak-to-trough decline | -57.74% | -1.89% | -55.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.80% | 0.44% | +21.36% |
Volatility
DGZ vs. HYDW - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to Xtrackers Low Beta High Yield Bond ETF (HYDW) at 0.74%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than HYDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | HYDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.00% | 0.74% | +44.26% |
Volatility (6M)Calculated over the trailing 6-month period | 54.96% | 2.27% | +52.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.38% | 2.95% | +63.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 6.40% | +28.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.40% | 6.99% | +20.41% |
DGZ vs. HYDW - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than HYDW's 0.20% expense ratio.
Dividends
DGZ vs. HYDW - Dividend Comparison
DGZ has not paid dividends to shareholders, while HYDW's dividend yield for the trailing twelve months is around 5.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 5.75% | 5.75% | 5.35% | 5.69% | 4.78% | 3.30% | 4.45% | 4.56% | 4.42% |
Frequently Asked Questions
DGZ and HYDW have a correlation of -0.06, 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 HYDW (0.74%). In terms of maximum drawdown, DGZ dropped -86.32% vs HYDW's -17.75%.
On 5-year performance, HYDW leads with 3.55% vs -10.05% for DGZ. On fees, HYDW is cheaper at 0.20% per year. On volatility, HYDW has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYDW has performed better with a 3.55% return vs -10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDW is cheaper with a 0.20% expense ratio, compared with 0.75% for DGZ.
HYDW has the higher dividend yield at 5.75%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while HYDW is High Yield Bonds. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while HYDW tracks Solactive USD High Yield Corporates Total Market Low Beta Index. Their fees differ too: 0.75% for DGZ and 0.20% for HYDW.
HYDW currently has the higher Sharpe Ratio (1.90 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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