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 -9.77%/yr vs 16.91%/yr for IAUM. At a correlation of -0.56, 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 7.37% return, which is significantly higher than IAUM's -7.23% return.
DGZ
- 1D
- 1.32%
- 1M
- 6.28%
- 6M
- 12.88%
- YTD
- 7.37%
- 1Y
- -11.14%
- 3Y*
- -15.55%
- 5Y*
- -9.77%
- 10Y*
- -7.63%
IAUM
- 1D
- -2.57%
- 1M
- -4.96%
- 6M
- -12.91%
- YTD
- -7.23%
- 1Y
- 19.15%
- 3Y*
- 26.91%
- 5Y*
- 16.91%
- 10Y*
- —
DGZ vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 7.37% | -32.55% | -16.46% | -4.75% | 4.93% | -3.90% |
IAUM iShares Gold Trust Micro | -7.23% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between DGZ and IAUM is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | -0.56 |
The correlation between DGZ and IAUM shifts across timeframes, from -0.56 (all time) to -0.37 (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 | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.15 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 0.74 | -1.05 |
| Martin ratioReturn relative to average drawdown | -0.55 | 1.80 | -2.36 |
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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 -26.14%. 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% | -26.14% | -60.18% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -26.14% | -10.00% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -26.14% | -33.40% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -26.14% | -35.40% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -81.61% | -25.86% | -55.75% |
Average DrawdownAverage peak-to-trough decline | -57.86% | -5.66% | -52.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.16% | 10.65% | +9.51% |
Volatility
DGZ vs. IAUM - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.11% compared to iShares Gold Trust Micro (IAUM) at 7.53%. 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 | 24.11% | 7.53% | +16.58% |
Volatility (6M)Calculated over the trailing 6-month period | 58.97% | 23.90% | +35.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.25% | 27.65% | +42.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 18.23% | +18.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.40% | 18.17% | +10.23% |
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 -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.11%) compared to IAUM (7.53%). In terms of maximum drawdown, DGZ dropped -86.32% vs IAUM's -26.14%.
On 5-year performance, IAUM leads with 16.91% vs -9.77% for DGZ. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.53%. 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 16.91% return vs -9.77%. 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 (0.70 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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