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 -9.28%/yr vs 3.51%/yr for HYDW. At a correlation of -0.10, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.20%/yr for HYDW.
Performance
DGZ vs. HYDW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DGZ achieves a 13.79% return, which is significantly higher than HYDW's 1.28% 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%
HYDW
- 1D
- 0.03%
- 1M
- 0.50%
- YTD
- 1.28%
- 6M
- 1.45%
- 1Y
- 5.27%
- 3Y*
- 7.33%
- 5Y*
- 3.51%
- 10Y*
- —
DGZ vs. HYDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 6.13% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 1.28% | 8.47% | 5.42% | 9.84% | -7.86% | 2.77% | 5.51% | 11.44% | -1.15% |
Correlation
The correlation between DGZ and HYDW is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018 | -0.10 |
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. 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.
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 | HYDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.36 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.53 | -2.73 |
| Martin ratioReturn relative to average drawdown | -0.35 | 12.02 | -12.36 |
Loading charts...
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.
Loading charts...
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 | -80.51% | -0.10% | -80.41% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -1.88% | -55.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 0.44% | +21.80% |
Volatility
DGZ vs. HYDW - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Xtrackers Low Beta High Yield Bond ETF (HYDW) at 0.66%. 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.
Loading charts...
Volatility by Period
| DGZ | HYDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 0.66% | +45.25% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 2.28% | +56.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 2.95% | +66.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 6.41% | +30.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 6.97% | +21.20% |
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 5.73%.
| 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 | 5.73% | 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 -0.10, 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 HYDW (0.66%). In terms of maximum drawdown, DGZ dropped -86.32% vs HYDW's -17.75%.
On 5-year performance, HYDW leads with 3.51% vs -9.28% for DGZ. On fees, HYDW is cheaper at 0.20% per year. On volatility, HYDW has been the lower-risk option at 0.66%. 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 3.51% return vs -9.28%. 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 5.73%, 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 (1.80 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 HYDW
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