DGZ vs. IAU
DGZ (DB Gold Short Exchange Traded Notes) and IAU (iShares Gold Trust) 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 IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, DGZ returned -7.90%/yr vs 11.21%/yr for IAU. Their -0.82 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.25%/yr for IAU.
Performance
DGZ vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a 1.46% return, which is significantly higher than IAU's -6.16% return. Over the past 10 years, DGZ has underperformed IAU with an annualized return of -7.90%, while IAU has yielded a comparatively higher 11.21% annualized 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%
IAU
- 1D
- -1.46%
- 1M
- -1.73%
- 6M
- -16.48%
- YTD
- -6.16%
- 1Y
- 20.35%
- 3Y*
- 27.40%
- 5Y*
- 17.12%
- 10Y*
- 11.21%
- ALL TIME*
- 10.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.40K | $33.87K | $42.21K | |
| $349.43M | $363.40M | $472.72M |
DGZ vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 1.46% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
IAU iShares Gold Trust | -6.16% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between DGZ and IAU is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.82 |
Over the past year, the inverse relationship between DGZ and IAU has weakened: their correlation has moved from -0.82 to -0.31, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. IAU — Risk / Return Rank
DGZ
IAU
DGZ vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.17 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 0.87 | -1.36 |
| Martin ratioReturn relative to average drawdown | -0.86 | 1.88 | -2.74 |
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Drawdowns
DGZ vs. IAU - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for DGZ and IAU.
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Drawdown Indicators
| DGZ | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -45.14% | -41.18% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -26.36% | -9.78% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -26.36% | -33.18% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -26.36% | -35.18% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -26.36% | -45.13% |
Current DrawdownCurrent decline from peak | -82.62% | -25.01% | -57.61% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -16.02% | -41.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 12.16% | +8.42% |
Volatility
DGZ vs. IAU - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 19.90% compared to iShares Gold Trust (IAU) at 6.35%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.90% | 6.35% | +13.55% |
Volatility (6M)Calculated over the trailing 6-month period | 60.03% | 23.35% | +36.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.95% | 27.92% | +44.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.59% | 18.42% | +19.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 16.08% | +12.76% |
DGZ vs. IAU - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
DGZ vs. IAU - Dividend Comparison
Neither DGZ nor IAU has paid dividends to shareholders.
Frequently Asked Questions
DGZ and IAU have a correlation of -0.31, 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 IAU (6.35%). In terms of maximum drawdown, DGZ dropped -86.32% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.21% vs -7.90% for DGZ. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.21% return vs -7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.75% for DGZ.
DGZ and IAU have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while IAU is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while IAU tracks LBMA Gold Price. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DGZ and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.82 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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