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 -9.28%/yr vs 13.10%/yr for USSG. At a correlation of -0.05, 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 13.79% return, which is significantly higher than USSG's 7.41% return.
DGZ
- 1D
- 4.60%
- 1M
- 27.91%
- YTD
- 13.79%
- 6M
- 21.33%
- 1Y
- -7.69%
- 3Y*
- -14.24%
- 5Y*
- -9.28%
- 10Y*
- -7.12%
USSG
- 1D
- -1.38%
- 1M
- -1.40%
- YTD
- 7.41%
- 6M
- 6.03%
- 1Y
- 24.41%
- 3Y*
- 21.01%
- 5Y*
- 13.10%
- 10Y*
- —
DGZ vs. USSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.81% |
USSG Xtrackers MSCI USA ESG Leaders Equity ETF | 7.41% | 18.97% | 23.45% | 29.17% | -20.33% | 31.83% | 18.71% | 19.24% |
Correlation
The correlation between DGZ and USSG is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | -0.05 |
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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.
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 | USSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.32 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.19 | -2.39 |
| Martin ratioReturn relative to average drawdown | -0.35 | 9.23 | -9.57 |
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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 | -80.51% | -3.10% | -77.41% |
Average DrawdownAverage peak-to-trough decline | -57.80% | -5.57% | -52.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.24% | 2.65% | +19.59% |
Volatility
DGZ vs. USSG - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.91% compared to Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) at 5.30%. 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 | 45.91% | 5.30% | +40.61% |
Volatility (6M)Calculated over the trailing 6-month period | 58.66% | 10.95% | +47.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.62% | 13.73% | +55.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 17.70% | +18.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.17% | 20.17% | +8.00% |
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 1.01%.
| 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 | 1.01% | 1.02% | 1.13% | 1.60% | 1.52% | 1.13% | 1.42% | 1.21% |
Frequently Asked Questions
DGZ and USSG have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.91%) compared to USSG (5.30%). In terms of maximum drawdown, DGZ dropped -86.32% vs USSG's -34.10%.
On 5-year performance, USSG leads with 13.10% vs -9.28% for DGZ. On fees, USSG is cheaper at 0.10% per year. On volatility, USSG has been the lower-risk option at 5.30%. 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 13.10% return vs -9.28%. 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 1.01%, 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 (1.79 vs -0.11), 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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