DGZ vs. SLV
DGZ (DB Gold Short Exchange Traded Notes) and SLV (iShares Silver Trust) 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 SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, DGZ returned -7.63%/yr vs 10.58%/yr for SLV. At a correlation of -0.66, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.50%/yr for SLV.
Performance
DGZ vs. SLV - 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 SLV's -19.03% return. Over the past 10 years, DGZ has underperformed SLV with an annualized return of -7.63%, while SLV has yielded a comparatively higher 10.58% annualized 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%
SLV
- 1D
- -3.32%
- 1M
- -14.90%
- 6M
- -32.46%
- YTD
- -19.03%
- 1Y
- 48.90%
- 3Y*
- 31.65%
- 5Y*
- 16.48%
- 10Y*
- 10.58%
DGZ vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 7.37% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
SLV iShares Silver Trust | -19.03% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between DGZ and SLV is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.66 |
Over the past year, the inverse relationship between DGZ and SLV has weakened: their correlation has moved from -0.66 to -0.30, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. SLV — Risk / Return Rank
DGZ
SLV
DGZ vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.20 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 0.96 | -1.27 |
| Martin ratioReturn relative to average drawdown | -0.55 | 1.99 | -2.55 |
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Drawdowns
DGZ vs. SLV - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for DGZ and SLV.
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Drawdown Indicators
| DGZ | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -76.28% | -10.04% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -50.97% | +14.83% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -50.97% | -8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -50.97% | -10.57% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -50.97% | -20.52% |
Current DrawdownCurrent decline from peak | -81.61% | -50.61% | -31.00% |
Average DrawdownAverage peak-to-trough decline | -57.86% | -44.67% | -13.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.16% | 24.60% | -4.44% |
Volatility
DGZ vs. SLV - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.11% compared to iShares Silver Trust (SLV) at 14.50%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.11% | 14.50% | +9.61% |
Volatility (6M)Calculated over the trailing 6-month period | 58.97% | 57.45% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.25% | 61.10% | +9.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 36.85% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.40% | 32.17% | -3.77% |
DGZ vs. SLV - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
DGZ vs. SLV - Dividend Comparison
Neither DGZ nor SLV has paid dividends to shareholders.
Frequently Asked Questions
DGZ and SLV have a correlation of -0.30, 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 SLV (14.50%). In terms of maximum drawdown, DGZ dropped -86.32% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.58% vs -7.63% for DGZ. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 14.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 10.58% return vs -7.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.75% for DGZ.
DGZ and SLV have nearly identical dividend yields, around 0.00%.
DGZ is categorized as Inverse Commodities, while SLV is Silver. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while SLV tracks LBMA Silver Price. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DGZ and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (0.81 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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