GDXJ vs. DGZ
GDXJ (VanEck Junior Gold Miners ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, 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 10 years, GDXJ returned 8.85%/yr vs -7.86%/yr for DGZ. Their -0.62 correlation means they have often moved in opposite directions in the past. GDXJ charges 0.52%/yr vs 0.75%/yr for DGZ.
Performance
GDXJ vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, GDXJ achieves a -13.28% return, which is significantly lower than DGZ's 4.59% return. Over the past 10 years, GDXJ has outperformed DGZ with an annualized return of 8.85%, while DGZ has yielded a comparatively lower -7.86% annualized return.
GDXJ
- 1D
- 3.44%
- 1M
- -4.12%
- 6M
- -20.48%
- YTD
- -13.28%
- 1Y
- 55.23%
- 3Y*
- 43.15%
- 5Y*
- 18.66%
- 10Y*
- 8.85%
- ALL TIME*
- 1.78%
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 | |
| $470.71M | $441.62M | $622.38M |
GDXJ vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | -13.28% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
DGZ DB Gold Short Exchange Traded Notes | 4.59% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between GDXJ and DGZ is -0.23, 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. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | -0.62 |
Over the past year, the inverse relationship between GDXJ and DGZ has weakened: their correlation has moved from -0.62 to -0.23, meaning they move in opposite directions less often than they have historically.
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Return for Risk
GDXJ vs. DGZ — Risk / Return Rank
GDXJ
DGZ
GDXJ vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) 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.
| GDXJ | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.03 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | -0.36 | +1.71 |
| Martin ratioReturn relative to average drawdown | 2.83 | -0.64 | +3.47 |
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Drawdowns
GDXJ vs. DGZ - Drawdown Comparison
The maximum GDXJ drawdown since its inception was -88.66%, roughly equal to the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GDXJ and DGZ.
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Drawdown Indicators
| GDXJ | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.66% | -86.32% | -2.34% |
Max Drawdown (1Y)Largest decline over 1 year | -41.32% | -36.14% | -5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -41.32% | -59.54% | +18.22% |
Max Drawdown (5Y)Largest decline over 5 years | -48.79% | -61.54% | +12.75% |
Max Drawdown (10Y)Largest decline over 10 years | -57.77% | -71.49% | +13.72% |
Current DrawdownCurrent decline from peak | -36.83% | -82.08% | +45.25% |
Average DrawdownAverage peak-to-trough decline | -60.25% | -57.94% | -2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.56% | 20.60% | -1.04% |
Volatility
GDXJ vs. DGZ - Volatility Comparison
The current volatility for VanEck Junior Gold Miners ETF (GDXJ) is 14.46%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 20.11%. This indicates that GDXJ 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
| GDXJ | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.46% | 20.11% | -5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 42.31% | 59.60% | -17.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.05% | 72.10% | -18.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.11% | 37.63% | +4.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.20% | 28.87% | +15.33% |
GDXJ vs. DGZ - Expense Ratio Comparison
GDXJ has a 0.52% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
GDXJ vs. DGZ - Dividend Comparison
GDXJ's dividend yield for the trailing twelve months is around 2.69%, while DGZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDXJ VanEck Junior Gold Miners ETF | 2.69% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
Frequently Asked Questions
GDXJ and DGZ have a correlation of -0.23, 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 GDXJ (14.46%). In terms of maximum drawdown, GDXJ dropped -88.66% vs DGZ's -86.32%.
On 10-year performance, GDXJ leads with 8.85% vs -7.86% for DGZ. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GDXJ has been the lower-risk option at 14.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDXJ has performed better with a 8.85% return vs -7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXJ is cheaper with a 0.52% expense ratio, compared with 0.75% for DGZ.
GDXJ has the higher dividend yield at 2.69%, compared with 0.00% for DGZ.
GDXJ is categorized as Gold, while DGZ is Inverse Commodities. GDXJ tracks MVIS Global Junior Gold Miners Index, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: VanEck and Deutsche Bank. Their fees differ too: 0.52% for GDXJ and 0.75% for DGZ.
GDXJ currently has the higher Sharpe Ratio (1.03 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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