DGZ vs. LALT

Last updated Jun 24, 2026

DGZ (DB Gold Short Exchange Traded Notes) and LALT (First Trust Multi-Strategy Alternative 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 LALT is a Global Allocation fund actively managed by First Trust. DGZ is passively managed, while LALT is actively managed. Over the past 3 years, DGZ returned -14.24%/yr vs 9.88%/yr for LALT. At a correlation of -0.28, they often move in opposite directions. DGZ charges 0.75%/yr vs 1.94%/yr for LALT.

Performance

DGZ vs. LALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Short Exchange Traded Notes (DGZ) and First Trust Multi-Strategy Alternative ETF (LALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGZ achieves a 13.79% return, which is significantly higher than LALT's 7.92% 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%

LALT

• 1D: -0.81%
• 1M: -2.82%
• YTD: 7.92%
• 6M: 7.36%
• 1Y: 18.12%
• 3Y*: 9.88%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGZ vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DGZ DB Gold Short Exchange Traded Notes	13.79%	-32.55%	-16.46%	0.20%
LALT First Trust Multi-Strategy Alternative ETF	7.92%	10.79%	8.77%	0.88%

Correlation

The correlation between DGZ and LALT is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.29
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	-0.28

Return for Risk

DGZ vs. LALT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGZ

DGZ Risk / Return Rank: 9
DGZ Sharpe Ratio Rank: 8
DGZ Sortino Ratio Rank: 10
DGZ Omega Ratio Rank: 11
DGZ Calmar Ratio Rank: 7
DGZ Martin Ratio Rank: 7

LALT

LALT Risk / Return Rank: 88
LALT Sharpe Ratio Rank: 85
LALT Sortino Ratio Rank: 85
LALT Omega Ratio Rank: 86
LALT Calmar Ratio Rank: 91
LALT Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DGZ vs. LALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and First Trust Multi-Strategy Alternative ETF (LALT). 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	LALT	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	2.58	-2.69
Sortino ratio: Return per unit of downside risk	0.36	3.56	-3.20
Omega ratio: Gain probability vs. loss probability	1.05	1.49	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.20	5.53	-5.73
Martin ratio: Return relative to average drawdown	-0.35	20.49	-20.84

DGZ vs. LALT - Sharpe Ratio Comparison

The current DGZ Sharpe Ratio is -0.11, which is lower than the LALT Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of DGZ and LALT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DGZ vs. LALT - Drawdown Comparison

The maximum DGZ drawdown since its inception was -86.32%, which is greater than LALT's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for DGZ and LALT.

Drawdown Indicators

	DGZ	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	-6.97%	-79.35%
Max Drawdown (1Y) Largest decline over 1 year	-38.32%	-3.29%	-35.03%
Max Drawdown (3Y) Largest decline over 3 years	-59.54%	-6.97%	-52.57%
Max Drawdown (5Y) Largest decline over 5 years	-61.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.49%	—	—
Current Drawdown Current decline from peak	-80.51%	-3.29%	-77.22%
Average Drawdown Average peak-to-trough decline	-57.80%	-1.00%	-56.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.24%	0.89%	+21.35%

Volatility

DGZ vs. LALT - Volatility Comparison

DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to First Trust Multi-Strategy Alternative ETF (LALT) at 2.07%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than LALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGZ	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.91%	2.07%	+43.84%
Volatility (6M) Calculated over the trailing 6-month period	58.66%	5.68%	+52.98%
Volatility (1Y) Calculated over the trailing 1-year period	69.62%	7.08%	+62.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	5.83%	+30.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.17%	5.83%	+22.34%

DGZ vs. LALT - Expense Ratio Comparison

DGZ has a 0.75% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

DGZ vs. LALT - Dividend Comparison

DGZ has not paid dividends to shareholders, while LALT's dividend yield for the trailing twelve months is around 3.78%.

Position	TTM	2025	2024	2023
DGZ DB Gold Short Exchange Traded Notes	0.00%	0.00%	0.00%	0.00%
LALT First Trust Multi-Strategy Alternative ETF	3.78%	2.03%	2.06%	2.44%

Frequently Asked Questions

Can I hold both DGZ and LALT in my portfolio?

DGZ and LALT have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGZ or LALT?

DGZ has higher volatility (45.91%) compared to LALT (2.07%). In terms of maximum drawdown, DGZ dropped -86.32% vs LALT's -6.97%.

Which ETF is better, DGZ or LALT?

On 3-year performance, LALT leads with 9.88% vs -14.24% for DGZ. On fees, DGZ is cheaper at 0.75% per year. On volatility, LALT has been the lower-risk option at 2.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGZ or LALT?

Over the 3-year period, LALT has performed better with a 9.88% return vs -14.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGZ or LALT?

DGZ is cheaper with a 0.75% expense ratio, compared with 1.94% for LALT.

Which ETF pays a higher dividend yield, DGZ or LALT?

LALT has the higher dividend yield at 3.78%, compared with 0.00% for DGZ.

What is the main difference between DGZ and LALT?

DGZ is categorized as Inverse Commodities, while LALT is Global Allocation. They also come from different issuers: Deutsche Bank and First Trust. Their fees differ too: 0.75% for DGZ and 1.94% for LALT.

Which has better risk-adjusted returns?

LALT currently has the higher Sharpe Ratio (2.58 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.