GBUG vs. DGZ

Last updated Aug 1, 2026

GBUG (Sprott Active Gold & Silver Miners ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GBUG is a Gold fund actively managed by Sprott, while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). GBUG is actively managed, while DGZ is passively managed. Over the past year, GBUG returned 59.61% vs -15.73% for DGZ. Their -0.29 correlation means they have often moved in opposite directions in the past. GBUG charges 0.89%/yr vs 0.75%/yr for DGZ.

Performance

GBUG vs. DGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Active Gold & Silver Miners ETF (GBUG) and DB Gold Short Exchange Traded Notes (DGZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBUG achieves a -11.43% return, which is significantly lower than DGZ's 1.46% return.

GBUG

• 1D: -3.48%
• 1M: -5.07%
• 6M: -17.22%
• YTD: -11.43%
• 1Y: 59.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 60.10%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGZ DB Gold Short Exchange Traded Notes	$27.40K	$33.87K	$42.21K
GBUG Sprott Active Gold & Silver Miners ETF	$1.01M	$985.52K	$1.44M

GBUG vs. DGZ - Yearly Performance Comparison

	2026 (YTD)	2025
GBUG Sprott Active Gold & Silver Miners ETF	-11.43%	122.37%
DGZ DB Gold Short Exchange Traded Notes	1.46%	-28.88%

Correlation

The correlation between GBUG and DGZ is -0.24, 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.	-0.24
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.29

Return for Risk

GBUG vs. DGZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GBUG

GBUG Risk / Return Rank: 45
GBUG Sharpe Ratio Rank: 50
GBUG Sortino Ratio Rank: 45
GBUG Omega Ratio Rank: 49
GBUG Calmar Ratio Rank: 47
GBUG Martin Ratio Rank: 36

DGZ

DGZ Risk / Return Rank: 8
DGZ Sharpe Ratio Rank: 7
DGZ Sortino Ratio Rank: 11
DGZ Omega Ratio Rank: 11
DGZ Calmar Ratio Rank: 5
DGZ Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GBUG vs. DGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Active Gold & Silver Miners ETF (GBUG) 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.

	GBUG	DGZ	Difference
Sharpe ratio: Return per unit of total volatility	1.21	-0.25	+1.46
Sortino ratio: Return per unit of downside risk	1.65	0.12	+1.53
Omega ratio: Gain probability vs. loss probability	1.22	1.02	+0.21
Calmar ratio: Return relative to maximum drawdown	1.67	-0.49	+2.16
Martin ratio: Return relative to average drawdown	3.51	-0.86	+4.37

GBUG vs. DGZ - Sharpe Ratio Comparison

The current GBUG Sharpe Ratio is 1.21, which is higher than the DGZ Sharpe Ratio of -0.25. The chart below compares the historical Sharpe Ratios of GBUG and DGZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GBUG vs. DGZ - Drawdown Comparison

The maximum GBUG drawdown since its inception was -37.35%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GBUG and DGZ.

Drawdown Indicators

	GBUG	DGZ	Difference
Max Drawdown Largest peak-to-trough decline	-37.35%	-86.32%	+48.97%
Max Drawdown (1Y) Largest decline over 1 year	-37.35%	-36.14%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-59.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-61.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-71.49%	—
Current Drawdown Current decline from peak	-33.49%	-82.62%	+49.13%
Average Drawdown Average peak-to-trough decline	-10.30%	-57.94%	+47.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	20.58%	-2.85%

Volatility

GBUG vs. DGZ - Volatility Comparison

The current volatility for Sprott Active Gold & Silver Miners ETF (GBUG) is 14.21%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 19.90%. This indicates that GBUG 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.

Volatility by Period

	GBUG	DGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.21%	19.90%	-5.69%
Volatility (6M) Calculated over the trailing 6-month period	42.45%	60.03%	-17.58%
Volatility (1Y) Calculated over the trailing 1-year period	51.46%	71.95%	-20.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.42%	37.59%	+10.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.42%	28.84%	+19.58%

GBUG vs. DGZ - Expense Ratio Comparison

GBUG has a 0.89% expense ratio, which is higher than DGZ's 0.75% expense ratio.

Dividends

GBUG vs. DGZ - Dividend Comparison

GBUG's dividend yield for the trailing twelve months is around 1.76%, while DGZ has not paid dividends to shareholders.

Position	TTM	2025
DGZ DB Gold Short Exchange Traded Notes	0.00%	0.00%
GBUG Sprott Active Gold & Silver Miners ETF	1.76%	1.56%

Frequently Asked Questions

Can I hold both GBUG and DGZ in my portfolio?

GBUG and DGZ have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBUG or DGZ?

DGZ has higher volatility (19.90%) compared to GBUG (14.21%). In terms of maximum drawdown, GBUG dropped -37.35% vs DGZ's -86.32%.

Which ETF is better, GBUG or DGZ?

On 1-year performance, GBUG leads with 59.61% vs -15.73% for DGZ. On fees, DGZ is cheaper at 0.75% per year. On volatility, GBUG has been the lower-risk option at 14.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBUG or DGZ?

Over the 1-year period, GBUG has performed better with a 59.61% return vs -15.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBUG or DGZ?

DGZ is cheaper with a 0.75% expense ratio, compared with 0.89% for GBUG.

Which ETF pays a higher dividend yield, GBUG or DGZ?

GBUG has the higher dividend yield at 1.76%, compared with 0.00% for DGZ.

What is the main difference between GBUG and DGZ?

GBUG is categorized as Gold, while DGZ is Inverse Commodities. They also come from different issuers: Sprott and Deutsche Bank. Their fees differ too: 0.89% for GBUG and 0.75% for DGZ.

Which has better risk-adjusted returns?

GBUG currently has the higher Sharpe Ratio (1.21 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.