GLDM vs. DGZ
GLDM (SPDR Gold MiniShares Trust) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GLDM 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 5 years, GLDM returned 17.81%/yr vs -10.10%/yr for DGZ. At a correlation of -0.66, they often move in opposite directions. GLDM charges 0.10%/yr vs 0.75%/yr for DGZ.
Performance
GLDM vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, GLDM achieves a 0.06% return, which is significantly lower than DGZ's 2.40% return.
GLDM
- 1D
- -3.67%
- 1M
- -8.00%
- YTD
- 0.06%
- 6M
- 2.68%
- 1Y
- 28.49%
- 3Y*
- 29.91%
- 5Y*
- 17.81%
- 10Y*
- —
DGZ
- 1D
- 2.19%
- 1M
- 0.85%
- YTD
- 2.40%
- 6M
- 4.65%
- 1Y
- -16.19%
- 3Y*
- -16.58%
- 5Y*
- -10.10%
- 10Y*
- -8.70%
GLDM vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.06% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
DGZ DB Gold Short Exchange Traded Notes | 2.40% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 0.04% |
Correlation
The correlation between GLDM and DGZ is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | -0.66 |
Over the past year, the inverse relationship between GLDM and DGZ has weakened: their correlation has moved from -0.66 to -0.40, meaning they move in opposite directions less often than they have historically.
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Return for Risk
GLDM vs. DGZ — Risk / Return Rank
GLDM
DGZ
GLDM vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) 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.
| GLDM | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.01 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | -0.42 | +1.86 |
| Martin ratioReturn relative to average drawdown | 3.63 | -0.74 | +4.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLDM | DGZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | -0.24 | +1.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | -0.29 | +1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | -0.32 | +1.30 |
Drawdowns
GLDM vs. DGZ - Drawdown Comparison
The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GLDM and DGZ.
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Drawdown Indicators
| GLDM | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -86.32% | +64.69% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -38.32% | +18.32% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | -59.54% | +39.54% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -61.54% | +40.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -20.00% | -82.46% | +62.46% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -57.75% | +51.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 21.89% | -14.03% |
Volatility
GLDM vs. DGZ - Volatility Comparison
The current volatility for SPDR Gold MiniShares Trust (GLDM) is 5.65%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 43.28%. This indicates that GLDM 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
| GLDM | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.65% | 43.28% | -37.63% |
Volatility (6M)Calculated over the trailing 6-month period | 23.31% | 55.04% | -31.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.65% | 66.45% | -39.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.97% | 35.25% | -17.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 27.42% | -10.52% |
GLDM vs. DGZ - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
GLDM vs. DGZ - Dividend Comparison
Neither GLDM nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
GLDM and DGZ have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (43.28%) compared to GLDM (5.65%). In terms of maximum drawdown, GLDM dropped -21.63% vs DGZ's -86.32%.
On 5-year performance, GLDM leads with 17.81% vs -10.10% for DGZ. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.81% return vs -10.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.75% for DGZ.
GLDM and DGZ have nearly identical dividend yields, around 0.00%.
GLDM is categorized as Gold, while DGZ is Inverse Commodities. GLDM 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: 0.10% for GLDM and 0.75% for DGZ.
GLDM currently has the higher Sharpe Ratio (1.07 vs -0.24), 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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