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 11.51%/yr vs -7.54%/yr for DGZ. At a correlation of -0.63, they often move in opposite directions. 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 -6.73% return, which is significantly lower than DGZ's 8.78% return. Over the past 10 years, GDXJ has outperformed DGZ with an annualized return of 11.51%, while DGZ has yielded a comparatively lower -7.54% annualized return.
GDXJ
- 1D
- -1.03%
- 1M
- -4.93%
- YTD
- -6.73%
- 6M
- -11.57%
- 1Y
- 61.56%
- 3Y*
- 47.15%
- 5Y*
- 19.28%
- 10Y*
- 11.51%
DGZ
- 1D
- 4.82%
- 1M
- 22.28%
- YTD
- 8.78%
- 6M
- 15.55%
- 1Y
- -11.10%
- 3Y*
- -15.52%
- 5Y*
- -10.09%
- 10Y*
- -7.54%
GDXJ vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | -6.73% | 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 | 8.78% | -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 -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | -0.63 |
Over the past year, the inverse relationship between GDXJ and DGZ has weakened: their correlation has moved from -0.63 to -0.30, 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 | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.04 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | -0.29 | +1.86 |
| Martin ratioReturn relative to average drawdown | 4.14 | -0.50 | +4.64 |
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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 | -39.47% | -38.32% | -1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -39.47% | -59.54% | +20.07% |
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 | -32.06% | -81.37% | +49.31% |
Average DrawdownAverage peak-to-trough decline | -60.41% | -57.79% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.91% | 22.23% | -7.32% |
Volatility
GDXJ vs. DGZ - Volatility Comparison
The current volatility for VanEck Junior Gold Miners ETF (GDXJ) is 19.55%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.73%. 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 | 19.55% | 45.73% | -26.18% |
Volatility (6M)Calculated over the trailing 6-month period | 44.13% | 58.49% | -14.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.24% | 69.61% | -17.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.64% | 36.44% | +5.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.30% | 28.18% | +16.12% |
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 2.50%, 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 | 2.50% | 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 -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.73%) compared to GDXJ (19.55%). In terms of maximum drawdown, GDXJ dropped -88.66% vs DGZ's -86.32%.
On 10-year performance, GDXJ leads with 11.51% vs -7.54% for DGZ. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GDXJ has been the lower-risk option at 19.55%. 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 11.51% return vs -7.54%. 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 2.50%, 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 (1.19 vs -0.16), 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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