DGZ vs. IAUM
DGZ (DB Gold Short Exchange Traded Notes) and IAUM (iShares Gold Trust Micro) 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 IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, DGZ returned -11.06%/yr vs 17.35%/yr for IAUM. Their -0.54 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.09%/yr for IAUM.
Performance
DGZ vs. IAUM - 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 IAUM's -6.09% 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%
IAUM
- 1D
- -1.46%
- 1M
- -1.68%
- 6M
- -16.73%
- YTD
- -6.09%
- 1Y
- 20.58%
- 3Y*
- 27.63%
- 5Y*
- 17.35%
- 10Y*
- —
- ALL TIME*
- 17.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.40K | $33.87K | $42.21K | |
| $77.48M | $77.88M | $93.44M |
DGZ vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 1.46% | -32.55% | -16.46% | -4.75% | 4.93% | -3.90% |
IAUM iShares Gold Trust Micro | -6.09% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between DGZ and IAUM 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 (All Time) Calculated using the full available price history since Jun 29, 2021 | -0.54 |
Over the past year, the inverse relationship between DGZ and IAUM has weakened: their correlation has moved from -0.54 to -0.31, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. IAUM — Risk / Return Rank
DGZ
IAUM
DGZ vs. IAUM - 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 Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.17 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 0.88 | -1.37 |
| Martin ratioReturn relative to average drawdown | -0.86 | 1.90 | -2.76 |
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Drawdowns
DGZ vs. IAUM - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than IAUM's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for DGZ and IAUM.
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Drawdown Indicators
| DGZ | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -26.31% | -60.01% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -26.31% | -9.83% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -26.31% | -33.23% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -26.31% | -35.23% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -82.62% | -24.95% | -57.67% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -5.87% | -52.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 12.14% | +8.44% |
Volatility
DGZ vs. IAUM - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 19.90% compared to iShares Gold Trust Micro (IAUM) at 6.29%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.90% | 6.29% | +13.61% |
Volatility (6M)Calculated over the trailing 6-month period | 60.03% | 23.21% | +36.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.95% | 27.81% | +44.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.59% | 18.33% | +19.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 18.19% | +10.65% |
DGZ vs. IAUM - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than IAUM's 0.09% expense ratio.
Dividends
DGZ vs. IAUM - Dividend Comparison
Neither DGZ nor IAUM has paid dividends to shareholders.
Frequently Asked Questions
DGZ and IAUM 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 IAUM (6.29%). In terms of maximum drawdown, DGZ dropped -86.32% vs IAUM's -26.31%.
On 5-year performance, IAUM leads with 17.35% vs -11.06% for DGZ. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IAUM has performed better with a 17.35% return vs -11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.75% for DGZ.
DGZ and IAUM have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while IAUM is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DGZ and 0.09% for IAUM.
IAUM currently has the higher Sharpe Ratio (0.83 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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