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 -7.54%/yr vs 13.31%/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 8.78% return, which is significantly higher than SLV's -8.55% return. Over the past 10 years, DGZ has underperformed SLV with an annualized return of -7.54%, while SLV has yielded a comparatively higher 13.31% annualized return.
DGZ
- 1D
- 4.82%
- 1M
- 22.28%
- YTD
- 8.78%
- 6M
- 15.55%
- 1Y
- -11.10%
- 3Y*
- -15.52%
- 5Y*
- -10.09%
- 10Y*
- -7.54%
SLV
- 1D
- -1.01%
- 1M
- -13.82%
- YTD
- -8.55%
- 6M
- -5.70%
- 1Y
- 80.04%
- 3Y*
- 41.99%
- 5Y*
- 19.74%
- 10Y*
- 13.31%
DGZ vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 8.78% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
SLV iShares Silver Trust | -8.55% | 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 -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
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 -0.31, 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 | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.28 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.77 | -2.06 |
| Martin ratioReturn relative to average drawdown | -0.50 | 3.70 | -4.20 |
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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 | -38.32% | -45.40% | +7.08% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -45.40% | -14.14% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -45.40% | -16.14% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -45.40% | -26.09% |
Current DrawdownCurrent decline from peak | -81.37% | -44.21% | -37.16% |
Average DrawdownAverage peak-to-trough decline | -57.79% | -44.65% | -13.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.23% | 21.70% | +0.53% |
Volatility
DGZ vs. SLV - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.73% compared to iShares Silver Trust (SLV) at 13.67%. 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 | 45.73% | 13.67% | +32.06% |
Volatility (6M)Calculated over the trailing 6-month period | 58.49% | 59.03% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.61% | 60.18% | +9.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.44% | 36.51% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.18% | 32.05% | -3.87% |
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 -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.73%) compared to SLV (13.67%). In terms of maximum drawdown, DGZ dropped -86.32% vs SLV's -76.28%.
On 10-year performance, SLV leads with 13.31% vs -7.54% for DGZ. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 13.67%. 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 13.31% return vs -7.54%. 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 (1.34 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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