DGZ vs. SGDJ
DGZ (DB Gold Short Exchange Traded Notes) and SGDJ (Sprott Junior Gold Miners 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 SGDJ is a Gold fund tracking the Solactive Junior Gold Miners Custom Factors Index. Both are passively managed. Over the past 10 years, DGZ returned -8.53%/yr vs 9.15%/yr for SGDJ. Their -0.55 correlation means they have often moved in opposite directions in the past. DGZ charges 0.75%/yr vs 0.50%/yr for SGDJ.
Performance
DGZ vs. SGDJ - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a -2.82% return, which is significantly lower than SGDJ's 0.33% return. Over the past 10 years, DGZ has underperformed SGDJ with an annualized return of -8.53%, while SGDJ has yielded a comparatively higher 9.15% annualized return.
DGZ
- 1D
- -12.96%
- 1M
- -14.11%
- 6M
- -3.97%
- YTD
- -2.82%
- 1Y
- -18.99%
- 3Y*
- -18.82%
- 5Y*
- -12.22%
- 10Y*
- -8.53%
- ALL TIME*
- -7.90%
SGDJ
- 1D
- 6.52%
- 1M
- 4.27%
- 6M
- -12.90%
- YTD
- 0.33%
- 1Y
- 78.08%
- 3Y*
- 52.46%
- 5Y*
- 19.97%
- 10Y*
- 9.15%
- ALL TIME*
- 14.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.88K | $31.34K | $38.49K | |
| $2.96M | $3.48M | $4.91M |
DGZ vs. SGDJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | -2.82% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
SGDJ Sprott Junior Gold Miners ETF | 0.33% | 174.44% | 19.35% | 6.66% | -27.60% | -15.12% | 47.91% | 37.00% | -25.63% | 5.94% |
Correlation
The correlation between DGZ and SGDJ is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.52 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2015 | -0.55 |
Over the past year, the inverse relationship between DGZ and SGDJ has weakened: their correlation has moved from -0.55 to -0.23, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. SGDJ — Risk / Return Rank
DGZ
SGDJ
DGZ vs. SGDJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Sprott Junior Gold Miners ETF (SGDJ). 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 | SGDJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.07 | -2.59 |
| Martin ratioReturn relative to average drawdown | -0.92 | 4.26 | -5.18 |
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Drawdowns
DGZ vs. SGDJ - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than SGDJ's maximum drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for DGZ and SGDJ.
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Drawdown Indicators
| DGZ | SGDJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -59.27% | -27.05% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -37.98% | +1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -37.98% | -21.56% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -52.66% | -8.88% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -59.20% | -12.29% |
Current DrawdownCurrent decline from peak | -83.35% | -26.85% | -56.50% |
Average DrawdownAverage peak-to-trough decline | -57.95% | -26.34% | -31.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.66% | 18.41% | +2.25% |
Volatility
DGZ vs. SGDJ - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.24% compared to Sprott Junior Gold Miners ETF (SGDJ) at 14.49%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than SGDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | SGDJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.24% | 14.49% | +9.75% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 40.46% | +20.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.43% | 52.79% | +20.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.19% | 41.45% | -3.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.22% | 40.97% | -11.75% |
DGZ vs. SGDJ - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than SGDJ's 0.50% expense ratio.
Dividends
DGZ vs. SGDJ - Dividend Comparison
DGZ has not paid dividends to shareholders, while SGDJ's dividend yield for the trailing twelve months is around 8.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
SGDJ Sprott Junior Gold Miners ETF | 8.34% | 8.37% | 6.55% | 4.55% | 2.46% | 2.20% | 1.97% | 0.65% | 0.00% | 0.14% | 1.77% | 0.85% |
Frequently Asked Questions
DGZ and SGDJ have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.24%) compared to SGDJ (14.49%). In terms of maximum drawdown, DGZ dropped -86.32% vs SGDJ's -59.27%.
On 10-year performance, SGDJ leads with 9.15% vs -8.53% for DGZ. On fees, SGDJ is cheaper at 0.50% per year. On volatility, SGDJ has been the lower-risk option at 14.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGDJ has performed better with a 9.15% return vs -8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGDJ is cheaper with a 0.50% expense ratio, compared with 0.75% for DGZ.
SGDJ has the higher dividend yield at 8.34%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while SGDJ is Gold. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while SGDJ tracks Solactive Junior Gold Miners Custom Factors Index. They also come from different issuers: Deutsche Bank and Sprott. Their fees differ too: 0.75% for DGZ and 0.50% for SGDJ.
SGDJ currently has the higher Sharpe Ratio (1.49 vs -0.26), 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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