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 -9.28%/yr vs 4.29%/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 13.79% return, which is significantly higher than HYUP's 1.83% 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%
HYUP
- 1D
- -0.07%
- 1M
- 0.42%
- YTD
- 1.83%
- 6M
- 2.23%
- 1Y
- 6.49%
- 3Y*
- 10.30%
- 5Y*
- 4.29%
- 10Y*
- —
DGZ vs. HYUP - 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% |
HYUP Xtrackers High Beta High Yield Bond ETF | 1.83% | 8.83% | 10.30% | 14.56% | -13.30% | 5.13% | 5.73% | 16.54% | -3.90% |
Correlation
The correlation between DGZ and HYUP is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
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 | -0.09 |
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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 | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.29 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.14 | -2.34 |
| Martin ratioReturn relative to average drawdown | -0.35 | 9.08 | -9.43 |
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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 | -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 | -80.51% | -0.38% | -80.13% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -3.40% | -54.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 0.72% | +21.52% |
Volatility
DGZ vs. HYUP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Xtrackers High Beta High Yield Bond ETF (HYUP) at 1.13%. 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 | 45.91% | 1.13% | +44.78% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 3.42% | +55.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 4.28% | +65.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 8.29% | +28.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 9.73% | +18.44% |
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 7.32%.
| 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 | 7.32% | 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 -0.15, 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 HYUP (1.13%). In terms of maximum drawdown, DGZ dropped -86.32% vs HYUP's -24.79%.
On 5-year performance, HYUP leads with 4.29% vs -9.28% for DGZ. On fees, HYUP is cheaper at 0.20% per year. On volatility, HYUP has been the lower-risk option at 1.13%. 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 4.29% return vs -9.28%. 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 7.32%, 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 (1.53 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.
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