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 -9.77%/yr vs 3.45%/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
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Returns By Period
In the year-to-date period, DGZ achieves a 7.37% return, which is significantly higher than HYDW's 1.35% return.
DGZ
- 1D
- 1.32%
- 1M
- 6.28%
- 6M
- 12.88%
- YTD
- 7.37%
- 1Y
- -11.14%
- 3Y*
- -15.55%
- 5Y*
- -9.77%
- 10Y*
- -7.63%
HYDW
- 1D
- -0.17%
- 1M
- 0.16%
- 6M
- 1.17%
- YTD
- 1.35%
- 1Y
- 5.17%
- 3Y*
- 6.86%
- 5Y*
- 3.45%
- 10Y*
- —
DGZ vs. HYDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 7.37% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 6.13% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 1.35% | 8.47% | 5.42% | 9.84% | -7.86% | 2.77% | 5.51% | 11.44% | -1.15% |
Correlation
The correlation between DGZ and HYDW is -0.11, 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 | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018 | -0.10 |
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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.
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 | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.36 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 2.48 | -2.79 |
| Martin ratioReturn relative to average drawdown | -0.55 | 11.95 | -12.50 |
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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 | -36.14% | -2.09% | -34.05% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -3.54% | -56.00% |
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 | -81.61% | -0.32% | -81.29% |
Average DrawdownAverage peak-to-trough decline | -57.86% | -1.87% | -55.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.16% | 0.43% | +19.73% |
Volatility
DGZ vs. HYDW - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.11% compared to Xtrackers Low Beta High Yield Bond ETF (HYDW) at 0.58%. 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 | 24.11% | 0.58% | +23.53% |
Volatility (6M)Calculated over the trailing 6-month period | 58.97% | 2.29% | +56.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.25% | 2.91% | +67.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 6.41% | +30.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.40% | 6.95% | +21.45% |
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 -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.11%) compared to HYDW (0.58%). In terms of maximum drawdown, DGZ dropped -86.32% vs HYDW's -17.75%.
On 5-year performance, HYDW leads with 3.45% vs -9.77% for DGZ. On fees, HYDW is cheaper at 0.20% per year. On volatility, HYDW has been the lower-risk option at 0.58%. 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 3.45% return vs -9.77%. 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 (1.79 vs -0.16), 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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