DGZ vs. LALT
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 -16.62%/yr vs 10.48%/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
Loading charts...
Returns By Period
In the year-to-date period, DGZ achieves a 2.71% return, which is significantly lower than LALT's 10.70% return.
DGZ
- 1D
- 4.82%
- 1M
- 16.59%
- YTD
- 2.71%
- 6M
- 4.61%
- 1Y
- -15.32%
- 3Y*
- -16.62%
- 5Y*
- -10.05%
- 10Y*
- -8.68%
LALT
- 1D
- -0.44%
- 1M
- -0.12%
- YTD
- 10.70%
- 6M
- 10.50%
- 1Y
- 22.25%
- 3Y*
- 10.48%
- 5Y*
- —
- 10Y*
- —
DGZ vs. LALT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 2.71% | -32.55% | -16.46% | 1.12% |
LALT First Trust Multi-Strategy Alternative ETF | 10.70% | 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 | -0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023 | -0.28 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DGZ vs. LALT — Risk / Return Rank
DGZ
LALT
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.
| DGZ | LALT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.51 | ||
| Sortino ratioReturn per unit of downside risk | -4.52 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.65 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 7.79 | -8.19 |
| Martin ratioReturn relative to average drawdown | -0.70 | 30.25 | -30.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DGZ | LALT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.23 | 3.28 | -3.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | 1.62 | -1.94 |
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.
Loading charts...
Drawdown Indicators
| DGZ | LALT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -6.97% | -79.35% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -2.87% | -35.45% |
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 DrawdownCurrent decline from peak | -82.41% | -0.80% | -81.61% |
Average DrawdownAverage peak-to-trough decline | -57.74% | -0.98% | -56.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.80% | 0.74% | +21.06% |
Volatility
DGZ vs. LALT - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to First Trust Multi-Strategy Alternative ETF (LALT) at 1.23%. 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.
Loading charts...
Volatility by Period
| DGZ | LALT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.00% | 1.23% | +43.77% |
Volatility (6M)Calculated over the trailing 6-month period | 54.96% | 5.40% | +49.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.38% | 6.81% | +59.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.24% | 5.78% | +29.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.40% | 5.78% | +21.62% |
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 3.68%.
| 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 | 3.68% | 2.03% | 2.06% | 2.44% |
Frequently Asked Questions
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.
DGZ has higher volatility (45.00%) compared to LALT (1.23%). In terms of maximum drawdown, DGZ dropped -86.32% vs LALT's -6.97%.
On 3-year performance, LALT leads with 10.48% vs -16.62% for DGZ. On fees, DGZ is cheaper at 0.75% per year. On volatility, LALT has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, LALT has performed better with a 10.48% return vs -16.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ is cheaper with a 0.75% expense ratio, compared with 1.94% for LALT.
LALT has the higher dividend yield at 3.68%, compared with 0.00% for DGZ.
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.
LALT currently has the higher Sharpe Ratio (3.28 vs -0.23), 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.
Find the right allocation for DGZ and LALT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer