DGZ vs. HYUP
DGZ (DB Gold Short Exchange Traded Notes) and HYUP (Xtrackers High 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 HYUP is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market High Beta Index. Both are passively managed. Over the past 5 years, DGZ returned -10.05%/yr vs 4.39%/yr for HYUP. At a correlation of -0.09, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.20%/yr for HYUP.
Performance
DGZ vs. HYUP - 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 HYUP's 1.63% 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%
HYUP
- 1D
- -0.33%
- 1M
- 0.54%
- YTD
- 1.63%
- 6M
- 2.12%
- 1Y
- 7.43%
- 3Y*
- 10.16%
- 5Y*
- 4.39%
- 10Y*
- —
DGZ vs. HYUP - 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% |
HYUP Xtrackers High Beta High Yield Bond ETF | 1.63% | 8.83% | 10.30% | 14.56% | -13.30% | 5.13% | 5.73% | 16.54% | -3.90% |
Correlation
The correlation between DGZ and HYUP is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
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. HYUP — Risk / Return Rank
DGZ
HYUP
DGZ vs. HYUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers High Beta High Yield Bond ETF (HYUP). 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 | HYUP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.23 | 1.76 | -1.99 |
Sortino ratioReturn per unit of downside risk | 0.11 | 2.68 | -2.57 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.33 |
Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.45 | -2.85 |
Martin ratioReturn relative to average drawdown | -0.70 | 10.46 | -11.16 |
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 | HYUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | 1.76 | -1.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.53 | -0.82 |
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 | 0.52 | -0.83 |
Drawdowns
DGZ vs. HYUP - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than HYUP's maximum drawdown of -24.79%. Use the drawdown chart below to compare losses from any high point for DGZ and HYUP.
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Drawdown Indicators
| DGZ | HYUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -24.79% | -61.53% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -3.05% | -35.27% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -6.03% | -53.51% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -18.06% | -43.48% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -82.41% | -0.36% | -82.05% |
Average DrawdownAverage peak-to-trough decline | -57.74% | -3.42% | -54.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.80% | 0.71% | +21.09% |
Volatility
DGZ vs. HYUP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to Xtrackers High Beta High Yield Bond ETF (HYUP) at 1.35%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than HYUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | HYUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.00% | 1.35% | +43.65% |
Volatility (6M)Calculated over the trailing 6-month period | 54.96% | 3.35% | +51.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.38% | 4.24% | +62.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 8.27% | +26.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.40% | 9.75% | +17.65% |
DGZ vs. HYUP - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than HYUP's 0.20% expense ratio.
Dividends
DGZ vs. HYUP - Dividend Comparison
DGZ has not paid dividends to shareholders, while HYUP's dividend yield for the trailing twelve months is around 7.33%.
| 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% |
HYUP Xtrackers High Beta High Yield Bond ETF | 7.33% | 7.44% | 7.78% | 7.48% | 7.15% | 6.19% | 6.89% | 6.77% | 6.98% |
Frequently Asked Questions
DGZ and HYUP have a correlation of -0.12, 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 HYUP (1.35%). In terms of maximum drawdown, DGZ dropped -86.32% vs HYUP's -24.79%.
On 5-year performance, HYUP leads with 4.39% vs -10.05% for DGZ. On fees, HYUP is cheaper at 0.20% per year. On volatility, HYUP has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYUP has performed better with a 4.39% return vs -10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYUP is cheaper with a 0.20% expense ratio, compared with 0.75% for DGZ.
HYUP has the higher dividend yield at 7.33%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while HYUP is High Yield Bonds. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while HYUP tracks Solactive USD High Yield Corporates Total Market High Beta Index. Their fees differ too: 0.75% for DGZ and 0.20% for HYUP.
HYUP currently has the higher Sharpe Ratio (1.76 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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