DGZ vs. RAAX
DGZ (DB Gold Short Exchange Traded Notes) and RAAX (VanEck Inflation Allocation 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 RAAX is a Diversified Portfolio fund actively managed by VanEck. DGZ is passively managed, while RAAX is actively managed. Over the past 5 years, DGZ returned -9.28%/yr vs 12.91%/yr for RAAX. At a correlation of -0.36, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.78%/yr for RAAX.
Performance
DGZ vs. RAAX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DGZ having a 13.79% return and RAAX slightly lower at 13.77%.
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%
RAAX
- 1D
- -1.27%
- 1M
- -4.59%
- YTD
- 13.77%
- 6M
- 11.58%
- 1Y
- 28.77%
- 3Y*
- 20.58%
- 5Y*
- 12.91%
- 10Y*
- —
DGZ vs. RAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 6.37% |
RAAX VanEck Inflation Allocation ETF | 13.77% | 26.74% | 12.50% | 6.71% | 1.51% | 21.56% | -8.27% | 6.14% | -2.41% |
Correlation
The correlation between DGZ and RAAX is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | -0.36 |
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Return for Risk
DGZ vs. RAAX — Risk / Return Rank
DGZ
RAAX
DGZ vs. RAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and VanEck Inflation Allocation ETF (RAAX). 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 | RAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.37 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 4.03 | -4.23 |
| Martin ratioReturn relative to average drawdown | -0.35 | 13.32 | -13.67 |
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Drawdowns
DGZ vs. RAAX - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than RAAX's maximum drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for DGZ and RAAX.
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Drawdown Indicators
| DGZ | RAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -33.91% | -52.41% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -7.17% | -31.15% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -11.59% | -47.95% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -23.55% | -37.99% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -80.51% | -6.93% | -73.58% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -6.77% | -51.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 2.17% | +20.07% |
Volatility
DGZ vs. RAAX - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to VanEck Inflation Allocation ETF (RAAX) at 4.82%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than RAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | RAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.91% | 4.82% | +41.09% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 12.36% | +46.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 14.32% | +55.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 15.67% | +20.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 15.78% | +12.39% |
DGZ vs. RAAX - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is lower than RAAX's 0.78% expense ratio.
Dividends
DGZ vs. RAAX - Dividend Comparison
DGZ has not paid dividends to shareholders, while RAAX's dividend yield for the trailing twelve months is around 2.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RAAX VanEck Inflation Allocation ETF | 2.05% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% |
Frequently Asked Questions
DGZ and RAAX have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to RAAX (4.82%). In terms of maximum drawdown, DGZ dropped -86.32% vs RAAX's -33.91%.
On 5-year performance, RAAX leads with 12.91% vs -9.28% for DGZ. On fees, DGZ is cheaper at 0.75% per year. On volatility, RAAX has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAAX has performed better with a 12.91% return vs -9.28%. 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 0.78% for RAAX.
RAAX has the higher dividend yield at 2.05%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while RAAX is Diversified Portfolio. They also come from different issuers: Deutsche Bank and VanEck. Their fees differ too: 0.75% for DGZ and 0.78% for RAAX.
RAAX currently has the higher Sharpe Ratio (2.02 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.
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