GLDI vs. DGZ

Last updated Jun 24, 2026

GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 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, GLDI returned 7.83%/yr vs -7.12%/yr for DGZ. At a correlation of -0.67, they often move in opposite directions. GLDI charges 0.65%/yr vs 0.75%/yr for DGZ.

Performance

GLDI vs. DGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) 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, GLDI achieves a -4.45% return, which is significantly lower than DGZ's 13.79% return. Over the past 10 years, GLDI has outperformed DGZ with an annualized return of 7.83%, while DGZ has yielded a comparatively lower -7.12% annualized return.

GLDI

• 1D: -1.62%
• 1M: -7.19%
• YTD: -4.45%
• 6M: -5.42%
• 1Y: 11.67%
• 3Y*: 17.47%
• 5Y*: 10.96%
• 10Y*: 7.83%

DGZ

• 1D: 4.60%
• 1M: 27.91%
• YTD: 13.79%
• 6M: 21.33%
• 1Y: -7.69%
• 3Y*: -14.24%
• 5Y*: -9.28%
• 10Y*: -7.12%

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

GLDI vs. DGZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	-4.45%	34.25%	17.76%	8.93%	-1.11%	-3.42%	23.50%	14.40%	-0.54%	8.94%
DGZ DB Gold Short Exchange Traded Notes	13.79%	-32.55%	-16.46%	-4.75%	4.93%	1.53%	-20.80%	-13.42%	4.88%	-11.36%

Correlation

The correlation between GLDI and DGZ is -0.38, 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	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.40
Correlation (5Y) Calculated over the trailing 5-year period	-0.53
Correlation (10Y) Calculated over the trailing 10-year period	-0.58
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013	-0.67

Over the past year, the inverse relationship between GLDI and DGZ has weakened: their correlation has moved from -0.67 to -0.38, meaning they move in opposite directions less often than they have historically.

Return for Risk

GLDI vs. DGZ — Risk / Return Rank

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

GLDI

GLDI Risk / Return Rank: 21
GLDI Sharpe Ratio Rank: 22
GLDI Sortino Ratio Rank: 19
GLDI Omega Ratio Rank: 23
GLDI Calmar Ratio Rank: 19
GLDI Martin Ratio Rank: 23

DGZ

DGZ Risk / Return Rank: 9
DGZ Sharpe Ratio Rank: 8
DGZ Sortino Ratio Rank: 10
DGZ Omega Ratio Rank: 11
DGZ Calmar Ratio Rank: 7
DGZ Martin Ratio Rank: 7

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.

GLDI vs. DGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) 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.

	GLDI	DGZ	Difference
Sharpe ratio: Return per unit of total volatility	0.73	-0.11	+0.84
Sortino ratio: Return per unit of downside risk	1.01	0.36	+0.65
Omega ratio: Gain probability vs. loss probability	1.16	1.05	+0.11
Calmar ratio: Return relative to maximum drawdown	0.83	-0.20	+1.03
Martin ratio: Return relative to average drawdown	2.73	-0.35	+3.07

GLDI vs. DGZ - Sharpe Ratio Comparison

The current GLDI Sharpe Ratio is 0.73, which is higher than the DGZ Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of GLDI 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

GLDI vs. DGZ - Drawdown Comparison

The maximum GLDI drawdown since its inception was -32.26%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GLDI and DGZ.

Drawdown Indicators

	GLDI	DGZ	Difference
Max Drawdown Largest peak-to-trough decline	-32.26%	-86.32%	+54.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-38.32%	+24.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-59.54%	+45.40%
Max Drawdown (5Y) Largest decline over 5 years	-14.14%	-61.54%	+47.40%
Max Drawdown (10Y) Largest decline over 10 years	-14.94%	-71.49%	+56.55%
Current Drawdown Current decline from peak	-13.28%	-80.51%	+67.23%
Average Drawdown Average peak-to-trough decline	-13.99%	-57.80%	+43.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	22.24%	-17.94%

Volatility

GLDI vs. DGZ - Volatility Comparison

The current volatility for UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) is 7.18%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.91%. This indicates that GLDI 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

	GLDI	DGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.18%	45.91%	-38.73%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	58.66%	-44.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	69.62%	-53.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.58%	36.50%	-24.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.52%	28.17%	-16.65%

GLDI vs. DGZ - Expense Ratio Comparison

GLDI has a 0.65% expense ratio, which is lower than DGZ's 0.75% expense ratio.

Dividends

GLDI vs. DGZ - Dividend Comparison

GLDI's dividend yield for the trailing twelve months is around 26.67%, 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%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	26.67%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%

Frequently Asked Questions

Can I hold both GLDI and DGZ in my portfolio?

GLDI and DGZ have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDI or DGZ?

DGZ has higher volatility (45.91%) compared to GLDI (7.18%). In terms of maximum drawdown, GLDI dropped -32.26% vs DGZ's -86.32%.

Which ETF is better, GLDI or DGZ?

On 10-year performance, GLDI leads with 7.83% vs -7.12% for DGZ. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDI or DGZ?

Over the 10-year period, GLDI has performed better with a 7.83% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDI or DGZ?

GLDI is cheaper with a 0.65% expense ratio, compared with 0.75% for DGZ.

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

GLDI has the higher dividend yield at 26.67%, compared with 0.00% for DGZ.

What is the main difference between GLDI and DGZ?

GLDI is categorized as Gold, while DGZ is Inverse Commodities. GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: UBS and Deutsche Bank. Their fees differ too: 0.65% for GLDI and 0.75% for DGZ.

Which has better risk-adjusted returns?

GLDI currently has the higher Sharpe Ratio (0.73 vs -0.11), 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.