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 11.29%/yr vs -7.86%/yr for DGZ. Their -0.82 correlation means they have often moved in opposite directions in the past. 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 -6.21% return, which is significantly lower than DGZ's 4.59% return. Over the past 10 years, GLD has outperformed DGZ with an annualized return of 11.29%, while DGZ has yielded a comparatively lower -7.86% annualized return.
GLD
- 1D
- 0.05%
- 1M
- -1.70%
- 6M
- -12.97%
- YTD
- -6.21%
- 1Y
- 20.25%
- 3Y*
- 27.30%
- 5Y*
- 17.00%
- 10Y*
- 11.29%
- ALL TIME*
- 10.28%
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 | |
| $2.42B | $2.35B | $2.72B |
GLD vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -6.21% | 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 | 4.59% | -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 -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.82 |
Over the past year, the inverse relationship between GLD and DGZ has weakened: their correlation has moved from -0.82 to -0.31, 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 | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.03 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | -0.36 | +1.13 |
| Martin ratioReturn relative to average drawdown | 1.65 | -0.64 | +2.29 |
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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 | -26.40% | -36.14% | +9.74% |
Max Drawdown (3Y)Largest decline over 3 years | -26.40% | -59.54% | +33.14% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | -61.54% | +35.14% |
Max Drawdown (10Y)Largest decline over 10 years | -26.40% | -71.49% | +45.09% |
Current DrawdownCurrent decline from peak | -25.04% | -82.08% | +57.04% |
Average DrawdownAverage peak-to-trough decline | -16.21% | -57.94% | +41.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.29% | 20.60% | -8.31% |
Volatility
GLD vs. DGZ - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 6.05%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 20.11%. 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 | 6.05% | 20.11% | -14.06% |
Volatility (6M)Calculated over the trailing 6-month period | 20.95% | 59.60% | -38.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.11% | 72.10% | -43.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 37.63% | -19.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.14% | 28.87% | -12.73% |
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 -0.31, 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 GLD (6.05%). In terms of maximum drawdown, GLD dropped -45.56% vs DGZ's -86.32%.
On 10-year performance, GLD leads with 11.29% vs -7.86% for DGZ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.05%. 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 11.29% return vs -7.86%. 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 (0.72 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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