DGZ vs. USSG
DGZ (DB Gold Short Exchange Traded Notes) and USSG (Xtrackers MSCI USA ESG Leaders Equity 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 USSG is a Large Cap Growth Equities fund tracking the MSCI USA ESG Leaders. Both are passively managed. Over the past 5 years, DGZ returned -11.08%/yr vs 14.22%/yr for USSG. At a correlation of -0.04, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.10%/yr for USSG.
Performance
DGZ vs. USSG - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a -2.01% return, which is significantly lower than USSG's 10.39% return.
DGZ
- 1D
- 1.49%
- 1M
- 7.99%
- YTD
- -2.01%
- 6M
- -0.71%
- 1Y
- -18.73%
- 3Y*
- -17.92%
- 5Y*
- -11.08%
- 10Y*
- -9.10%
USSG
- 1D
- -0.41%
- 1M
- 4.79%
- YTD
- 10.39%
- 6M
- 11.42%
- 1Y
- 29.67%
- 3Y*
- 22.71%
- 5Y*
- 14.22%
- 10Y*
- —
DGZ vs. USSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | -2.01% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.87% |
USSG Xtrackers MSCI USA ESG Leaders Equity ETF | 10.39% | 18.97% | 23.45% | 29.17% | -20.33% | 31.83% | 18.71% | 19.24% |
Correlation
The correlation between DGZ and USSG is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019 | -0.04 |
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Return for Risk
DGZ vs. USSG — Risk / Return Rank
DGZ
USSG
DGZ vs. USSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and Xtrackers MSCI USA ESG Leaders Equity ETF (USSG). 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.
| DGZ | USSG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.28 | 2.28 | -2.56 |
Sortino ratioReturn per unit of downside risk | 0.01 | 3.18 | -3.17 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.40 | -0.40 |
Calmar ratioReturn relative to maximum drawdown | -0.51 | 2.66 | -3.17 |
Martin ratioReturn relative to average drawdown | -0.90 | 11.41 | -12.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DGZ | USSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | 2.28 | -2.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.81 | -1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.32 | 0.85 | -1.17 |
Drawdowns
DGZ vs. USSG - Drawdown Comparison
The maximum DGZ drawdown since its inception was -86.32%, which is greater than USSG's maximum drawdown of -34.10%. Use the drawdown chart below to compare losses from any high point for DGZ and USSG.
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Drawdown Indicators
| DGZ | USSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -34.10% | -52.22% |
Max Drawdown (1Y)Largest decline over 1 year | -38.32% | -11.20% | -27.12% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -20.00% | -39.54% |
Max Drawdown (5Y)Largest decline over 5 years | -61.54% | -27.00% | -34.54% |
Max Drawdown (10Y)Largest decline over 10 years | -71.49% | — | — |
Current DrawdownCurrent decline from peak | -83.21% | -0.41% | -82.80% |
Average DrawdownAverage peak-to-trough decline | -57.73% | -5.60% | -52.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.76% | 2.61% | +19.15% |
Volatility
DGZ vs. USSG - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 44.94% compared to Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) at 3.74%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than USSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGZ | USSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.94% | 3.74% | +41.20% |
Volatility (6M)Calculated over the trailing 6-month period | 54.77% | 10.01% | +44.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.21% | 13.09% | +53.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.18% | 17.59% | +17.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.37% | 20.16% | +7.21% |
DGZ vs. USSG - Expense Ratio Comparison
DGZ has a 0.75% expense ratio, which is higher than USSG's 0.10% expense ratio.
Dividends
DGZ vs. USSG - Dividend Comparison
DGZ has not paid dividends to shareholders, while USSG's dividend yield for the trailing twelve months is around 0.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USSG Xtrackers MSCI USA ESG Leaders Equity ETF | 0.94% | 1.02% | 1.13% | 1.60% | 1.52% | 1.13% | 1.42% | 1.21% |
Frequently Asked Questions
DGZ and USSG have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (44.94%) compared to USSG (3.74%). In terms of maximum drawdown, DGZ dropped -86.32% vs USSG's -34.10%.
On 5-year performance, USSG leads with 14.22% vs -11.08% for DGZ. On fees, USSG is cheaper at 0.10% per year. On volatility, USSG has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USSG has performed better with a 14.22% return vs -11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USSG is cheaper with a 0.10% expense ratio, compared with 0.75% for DGZ.
USSG has the higher dividend yield at 0.94%, compared with 0.00% for DGZ.
DGZ is categorized as Inverse Commodities, while USSG is Large Cap Growth Equities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while USSG tracks MSCI USA ESG Leaders. Their fees differ too: 0.75% for DGZ and 0.10% for USSG.
USSG currently has the higher Sharpe Ratio (2.28 vs -0.28), 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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