FGDL vs. DGZ
FGDL (Franklin Responsibly Sourced Gold ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - FGDL is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). Both are passively managed. Over the past 3 years, FGDL returned 27.63%/yr vs -16.81%/yr for DGZ. Their -0.47 correlation means they have often moved in opposite directions in the past. FGDL charges 0.15%/yr vs 0.75%/yr for DGZ.
Performance
FGDL vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, FGDL achieves a -6.34% return, which is significantly lower than DGZ's 4.59% return.
FGDL
- 1D
- -0.15%
- 1M
- -1.51%
- 6M
- -13.15%
- YTD
- -6.34%
- 1Y
- 20.61%
- 3Y*
- 27.63%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.59%
DGZ
- 1D
- 3.09%
- 1M
- -8.83%
- 6M
- -0.09%
- YTD
- 4.59%
- 1Y
- -13.13%
- 3Y*
- -16.81%
- 5Y*
- -10.41%
- 10Y*
- -7.86%
- ALL TIME*
- -7.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.92K | $33.16K | $42.03K | |
| $970.05K | $896.65K | $1.27M |
FGDL vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FGDL Franklin Responsibly Sourced Gold ETF | -6.34% | 64.15% | 27.31% | 12.92% | 0.72% |
DGZ DB Gold Short Exchange Traded Notes | 4.59% | -32.55% | -16.46% | -4.75% | 3.37% |
Correlation
The correlation between FGDL and DGZ is -0.32, 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. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.47 |
The correlation between FGDL and DGZ shifts across timeframes, from -0.47 (all time) to -0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FGDL vs. DGZ — Risk / Return Rank
FGDL
DGZ
FGDL vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Responsibly Sourced Gold ETF (FGDL) and DB Gold Short Exchange Traded Notes (DGZ). 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.
| FGDL | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.03 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | -0.36 | +1.14 |
| Martin ratioReturn relative to average drawdown | 1.66 | -0.64 | +2.30 |
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Drawdowns
FGDL vs. DGZ - Drawdown Comparison
The maximum FGDL drawdown since its inception was -26.58%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for FGDL and DGZ.
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Drawdown Indicators
| FGDL | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.58% | -86.32% | +59.74% |
Max Drawdown (1Y)Largest decline over 1 year | -26.58% | -36.14% | +9.56% |
Max Drawdown (3Y)Largest decline over 3 years | -26.58% | -59.54% | +32.96% |
Max Drawdown (5Y)Largest decline over 5 years | — | -61.54% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -25.16% | -82.08% | +56.92% |
Average DrawdownAverage peak-to-trough decline | -4.65% | -57.94% | +53.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.43% | 20.60% | -8.17% |
Volatility
FGDL vs. DGZ - Volatility Comparison
The current volatility for Franklin Responsibly Sourced Gold ETF (FGDL) is 5.87%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 20.11%. This indicates that FGDL experiences smaller price fluctuations and is considered to be less risky than DGZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGDL | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.87% | 20.11% | -14.24% |
Volatility (6M)Calculated over the trailing 6-month period | 21.00% | 59.60% | -38.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 72.10% | -43.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.39% | 37.63% | -18.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.39% | 28.87% | -9.48% |
FGDL vs. DGZ - Expense Ratio Comparison
FGDL has a 0.15% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
FGDL vs. DGZ - Dividend Comparison
Neither FGDL nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
FGDL and DGZ have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (20.11%) compared to FGDL (5.87%). In terms of maximum drawdown, FGDL dropped -26.58% vs DGZ's -86.32%.
On 3-year performance, FGDL leads with 27.63% vs -16.81% for DGZ. On fees, FGDL is cheaper at 0.15% per year. On volatility, FGDL has been the lower-risk option at 5.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FGDL has performed better with a 27.63% return vs -16.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FGDL is cheaper with a 0.15% expense ratio, compared with 0.75% for DGZ.
FGDL and DGZ have nearly identical dividend yields, around 0.00%.
FGDL is categorized as Gold, while DGZ is Inverse Commodities. FGDL tracks LBMA Gold Price PM ($/ozt), while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Franklin Templeton and Deutsche Bank. Their fees differ too: 0.15% for FGDL and 0.75% for DGZ.
FGDL currently has the higher Sharpe Ratio (0.73 vs -0.18), 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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