GDE vs. DGZ

Last updated Jul 18, 2026

GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GDE is a Gold fund actively managed by WisdomTree, while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). GDE is actively managed, while DGZ is passively managed. Over the past 3 years, GDE returned 38.21%/yr vs -17.16%/yr for DGZ. At a correlation of -0.41, they often move in opposite directions. GDE charges 0.20%/yr vs 0.75%/yr for DGZ.

Performance

GDE vs. DGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) 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, GDE achieves a -1.10% return, which is significantly lower than DGZ's 0.34% return.

GDE

• 1D: 0.35%
• 1M: -4.48%
• 6M: -7.25%
• YTD: -1.10%
• 1Y: 32.21%
• 3Y*: 38.21%
• 5Y*: —
• 10Y*: —

DGZ

• 1D: -8.07%
• 1M: -13.20%
• 6M: -1.01%
• YTD: 0.34%
• 1Y: -17.21%
• 3Y*: -17.16%
• 5Y*: -11.15%
• 10Y*: -8.38%

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

GDE vs. DGZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	-1.10%	73.76%	44.79%	33.85%	-8.58%
DGZ DB Gold Short Exchange Traded Notes	0.34%	-32.55%	-16.46%	-4.75%	10.13%

Correlation

The correlation between GDE and DGZ is -0.37, 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	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	-0.41

Return for Risk

GDE vs. DGZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDE

GDE Risk / Return Rank: 34
GDE Sharpe Ratio Rank: 35
GDE Sortino Ratio Rank: 32
GDE Omega Ratio Rank: 36
GDE Calmar Ratio Rank: 34
GDE Martin Ratio Rank: 30

DGZ

DGZ Risk / Return Rank: 7
DGZ Sharpe Ratio Rank: 7
DGZ Sortino Ratio Rank: 9
DGZ Omega Ratio Rank: 9
DGZ Calmar Ratio Rank: 5
DGZ Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDE vs. DGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) 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.

	GDE	DGZ	Difference
Sharpe ratio: Return per unit of total volatility	1.05	-0.24	+1.29
Sortino ratio: Return per unit of downside risk	1.45	0.12	+1.33
Omega ratio: Gain probability vs. loss probability	1.20	1.02	+0.19
Calmar ratio: Return relative to maximum drawdown	1.43	-0.48	+1.91
Martin ratio: Return relative to average drawdown	3.39	-0.85	+4.24

GDE vs. DGZ - Sharpe Ratio Comparison

The current GDE Sharpe Ratio is 1.05, which is higher than the DGZ Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of GDE 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

GDE vs. DGZ - Drawdown Comparison

The maximum GDE drawdown since its inception was -32.01%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GDE and DGZ.

Drawdown Indicators

	GDE	DGZ	Difference
Max Drawdown Largest peak-to-trough decline	-32.01%	-86.32%	+54.31%
Max Drawdown (1Y) Largest decline over 1 year	-22.66%	-36.14%	+13.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	-59.54%	+36.88%
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	-19.98%	-82.81%	+62.83%
Average Drawdown Average peak-to-trough decline	-8.15%	-57.88%	+49.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.53%	20.26%	-10.73%

Volatility

GDE vs. DGZ - Volatility Comparison

The current volatility for WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) is 7.92%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 24.84%. This indicates that GDE 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

	GDE	DGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	24.84%	-16.92%
Volatility (6M) Calculated over the trailing 6-month period	26.34%	59.82%	-33.48%
Volatility (1Y) Calculated over the trailing 1-year period	30.80%	70.93%	-40.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.12%	37.17%	-10.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.12%	28.59%	-1.47%

GDE vs. DGZ - Expense Ratio Comparison

GDE has a 0.20% expense ratio, which is lower than DGZ's 0.75% expense ratio.

Dividends

GDE vs. DGZ - Dividend Comparison

GDE's dividend yield for the trailing twelve months is around 4.37%, while DGZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
DGZ DB Gold Short Exchange Traded Notes	0.00%	0.00%	0.00%	0.00%	0.00%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.37%	4.32%	7.14%	2.22%	0.81%

Frequently Asked Questions

Can I hold both GDE and DGZ in my portfolio?

GDE and DGZ have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDE or DGZ?

DGZ has higher volatility (24.84%) compared to GDE (7.92%). In terms of maximum drawdown, GDE dropped -32.01% vs DGZ's -86.32%.

Which ETF is better, GDE or DGZ?

On 3-year performance, GDE leads with 38.21% vs -17.16% for DGZ. On fees, GDE is cheaper at 0.20% per year. On volatility, GDE has been the lower-risk option at 7.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDE or DGZ?

Over the 3-year period, GDE has performed better with a 38.21% return vs -17.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDE or DGZ?

GDE is cheaper with a 0.20% expense ratio, compared with 0.75% for DGZ.

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

GDE has the higher dividend yield at 4.37%, compared with 0.00% for DGZ.

What is the main difference between GDE and DGZ?

GDE is categorized as Gold, while DGZ is Inverse Commodities. They also come from different issuers: WisdomTree and Deutsche Bank. Their fees differ too: 0.20% for GDE and 0.75% for DGZ.

Which has better risk-adjusted returns?

GDE currently has the higher Sharpe Ratio (1.05 vs -0.24), 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.