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 3 years, DGZ returned -15.52%/yr vs 29.63%/yr for IAUM. At a correlation of -0.58, they often move in opposite directions. 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 8.78% return, which is significantly higher than IAUM's -2.86% return.
DGZ
- 1D
- 4.82%
- 1M
- 22.28%
- YTD
- 8.78%
- 6M
- 15.55%
- 1Y
- -11.10%
- 3Y*
- -15.52%
- 5Y*
- -10.09%
- 10Y*
- -7.54%
IAUM
- 1D
- -0.62%
- 1M
- -7.06%
- YTD
- -2.86%
- 6M
- -5.65%
- 1Y
- 24.40%
- 3Y*
- 29.63%
- 5Y*
- —
- 10Y*
- —
DGZ vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 8.78% | -32.55% | -16.46% | -4.75% | 4.93% | -3.90% |
IAUM iShares Gold Trust Micro | -2.86% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between DGZ and IAUM is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | -0.58 |
The correlation between DGZ and IAUM shifts across timeframes, from -0.58 (all time) to -0.39 (1 year), reflecting how their relationship changes across market environments.
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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 | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.19 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.01 | -1.30 |
| Martin ratioReturn relative to average drawdown | -0.50 | 2.74 | -3.24 |
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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 -24.37%. 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% | -24.37% | -61.95% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -24.37% | -13.95% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -24.37% | -35.17% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -81.37% | -22.36% | -59.01% |
Average DrawdownAverage peak-to-trough decline | -57.79% | -5.45% | -52.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.23% | 8.94% | +13.29% |
Volatility
DGZ vs. IAUM - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.73% compared to iShares Gold Trust Micro (IAUM) at 7.99%. 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 | 45.73% | 7.99% | +37.74% |
Volatility (6M)Calculated over the trailing 6-month period | 58.49% | 24.04% | +34.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.61% | 27.25% | +42.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.44% | 18.09% | +18.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.18% | 18.09% | +10.09% |
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 -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.73%) compared to IAUM (7.99%). In terms of maximum drawdown, DGZ dropped -86.32% vs IAUM's -24.37%.
On 3-year performance, IAUM leads with 29.63% vs -15.52% for DGZ. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 29.63% return vs -15.52%. 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 (0.90 vs -0.16), 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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