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 -7.90%/yr vs 10.33%/yr for SLV. Their -0.65 correlation means they have often moved in opposite directions in the past. 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 1.46% return, which is significantly higher than SLV's -18.72% return. Over the past 10 years, DGZ has underperformed SLV with an annualized return of -7.90%, while SLV has yielded a comparatively higher 10.33% annualized return.
DGZ
- 1D
- -2.65%
- 1M
- -11.56%
- 6M
- 3.27%
- YTD
- 1.46%
- 1Y
- -15.73%
- 3Y*
- -17.39%
- 5Y*
- -11.06%
- 10Y*
- -7.90%
- ALL TIME*
- -7.69%
SLV
- 1D
- -2.13%
- 1M
- -4.83%
- 6M
- -30.59%
- YTD
- -18.72%
- 1Y
- 55.88%
- 3Y*
- 32.93%
- 5Y*
- 17.25%
- 10Y*
- 10.33%
- ALL TIME*
- 7.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.40K | $33.87K | $42.21K | |
| $716.70M | $772.79M | $1.26B |
DGZ vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 1.46% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
SLV iShares Silver Trust | -18.72% | 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 -0.26, 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. | -0.26 |
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. | -0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.65 |
Over the past year, the inverse relationship between DGZ and SLV has weakened: their correlation has moved from -0.65 to -0.26, 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 | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.21 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 1.10 | -1.59 |
| Martin ratioReturn relative to average drawdown | -0.86 | 2.10 | -2.96 |
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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% | -52.28% | +16.14% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -52.28% | -7.26% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -52.28% | -9.26% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | -52.28% | -19.21% |
Current DrawdownCurrent decline from peak | -82.62% | -50.42% | -32.20% |
Average DrawdownAverage peak-to-trough decline | -57.94% | -44.68% | -13.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 27.31% | -6.73% |
Volatility
DGZ vs. SLV - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 19.90% compared to iShares Silver Trust (SLV) at 11.23%. 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 | 19.90% | 11.23% | +8.67% |
Volatility (6M)Calculated over the trailing 6-month period | 60.03% | 55.44% | +4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.95% | 61.35% | +10.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.59% | 36.97% | +0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 32.22% | -3.38% |
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 -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (19.90%) compared to SLV (11.23%). In terms of maximum drawdown, DGZ dropped -86.32% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.33% vs -7.90% for DGZ. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 11.23%. 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 10.33% return vs -7.90%. 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 (0.94 vs -0.25), 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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