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 -11.06%/yr vs 4.20%/yr for HYUP. Their -0.09 correlation means they have often moved in opposite directions in the past. 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 1.46% return, which is significantly lower than HYUP's 1.73% return.
DGZ
- 1D
- -2.65%
- 1M
- -11.56%
- 6M
- 3.27%
- YTD
- 1.46%
- 1Y
- -15.73%
- 3Y*
- -17.39%
- 5Y*
- -11.06%
- 10Y*
- -7.90%
- ALL TIME*
- -7.69%
HYUP
- 1D
- -0.13%
- 1M
- -0.47%
- 6M
- 1.22%
- YTD
- 1.73%
- 1Y
- 5.16%
- 3Y*
- 9.33%
- 5Y*
- 4.20%
- 10Y*
- —
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.40K | $33.87K | $42.21K | |
| $124.28K | $175.42K | $203.86K |
DGZ vs. HYUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 1.46% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 6.13% |
HYUP Xtrackers High Beta High Yield Bond ETF | 1.73% | 8.83% | 10.30% | 14.56% | -13.30% | 5.13% | 5.73% | 16.54% | -3.90% |
Correlation
The correlation between DGZ and HYUP is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 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.
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 | HYUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.24 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 1.73 | -2.22 |
| Martin ratioReturn relative to average drawdown | -0.86 | 7.24 | -8.10 |
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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 | -36.14% | -3.05% | -33.09% |
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 | -82.62% | -0.49% | -82.13% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -3.36% | -54.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 0.73% | +19.85% |
Volatility
DGZ vs. HYUP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 19.90% compared to Xtrackers High Beta High Yield Bond ETF (HYUP) at 0.87%. 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 | 19.90% | 0.87% | +19.03% |
Volatility (6M)Calculated over the trailing 6-month period | 60.03% | 3.43% | +56.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.95% | 4.24% | +67.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.59% | 8.27% | +29.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 9.67% | +19.17% |
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 7.42%.
| 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 | 6.82% | 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 -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (19.90%) compared to HYUP (0.87%). In terms of maximum drawdown, DGZ dropped -86.32% vs HYUP's -24.79%.
On 5-year performance, HYUP leads with 4.20% vs -11.06% for DGZ. On fees, HYUP is cheaper at 0.20% per year. On volatility, HYUP has been the lower-risk option at 0.87%. 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 4.20% return vs -11.06%. 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 6.82%, 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 (1.24 vs -0.25), 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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