GLD vs. DGZ
GLD (SPDR Gold Shares) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, 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, GLD returned 11.25%/yr vs -7.50%/yr for DGZ. At a correlation of -0.83, they often move in opposite directions. GLD charges 0.40%/yr vs 0.75%/yr for DGZ.
Performance
GLD vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -7.67% return, which is significantly lower than DGZ's 9.14% return. Over the past 10 years, GLD has outperformed DGZ with an annualized return of 11.25%, while DGZ has yielded a comparatively lower -7.50% annualized return.
GLD
- 1D
- -3.02%
- 1M
- -11.58%
- YTD
- -7.67%
- 6M
- -11.17%
- 1Y
- 19.51%
- 3Y*
- 27.10%
- 5Y*
- 17.04%
- 10Y*
- 11.25%
DGZ
- 1D
- -4.08%
- 1M
- 22.69%
- YTD
- 9.14%
- 6M
- 15.72%
- 1Y
- -10.15%
- 3Y*
- -15.43%
- 5Y*
- -9.99%
- 10Y*
- -7.50%
GLD vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -7.67% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
DGZ DB Gold Short Exchange Traded Notes | 9.14% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between GLD and DGZ is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.83 |
Over the past year, the inverse relationship between GLD and DGZ has weakened: their correlation has moved from -0.83 to -0.39, meaning they move in opposite directions less often than they have historically.
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Return for Risk
GLD vs. DGZ — Risk / Return Rank
GLD
DGZ
GLD vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.04 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | -0.27 | +1.01 |
| Martin ratioReturn relative to average drawdown | 2.12 | -0.46 | +2.57 |
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Drawdowns
GLD vs. DGZ - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GLD and DGZ.
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Drawdown Indicators
| GLD | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -86.32% | +40.76% |
Max Drawdown (1Y)Largest decline over 1 year | -26.21% | -38.32% | +12.11% |
Max Drawdown (3Y)Largest decline over 3 years | -26.21% | -59.54% | +33.33% |
Max Drawdown (5Y)Largest decline over 5 years | -26.21% | -61.54% | +35.33% |
Max Drawdown (10Y)Largest decline over 10 years | -26.21% | -71.49% | +45.28% |
Current DrawdownCurrent decline from peak | -26.21% | -81.30% | +55.09% |
Average DrawdownAverage peak-to-trough decline | -16.17% | -57.80% | +41.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.24% | 22.26% | -13.02% |
Volatility
GLD vs. DGZ - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 8.58%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 44.67%. This indicates that GLD 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
| GLD | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 44.67% | -36.09% |
Volatility (6M)Calculated over the trailing 6-month period | 24.57% | 58.82% | -34.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.75% | 69.74% | -41.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.30% | 36.54% | -18.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.07% | 28.20% | -12.13% |
GLD vs. DGZ - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
GLD vs. DGZ - Dividend Comparison
Neither GLD nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
GLD and DGZ have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (44.67%) compared to GLD (8.58%). In terms of maximum drawdown, GLD dropped -45.56% vs DGZ's -86.32%.
On 10-year performance, GLD leads with 11.25% vs -7.50% for DGZ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.25% return vs -7.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.75% for DGZ.
GLD and DGZ have nearly identical dividend yields, around 0.00%.
GLD is categorized as Gold, while DGZ is Inverse Commodities. GLD tracks LBMA Gold Price PM, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: State Street and Deutsche Bank. Their fees differ too: 0.40% for GLD and 0.75% for DGZ.
GLD currently has the higher Sharpe Ratio (0.71 vs -0.15), 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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