GLDN vs. DGZ

Last updated Jul 17, 2026

GLDN (Nicholas Gold Income ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GLDN is a Gold fund actively managed by Nicholas, while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). GLDN is actively managed, while DGZ is passively managed. At a correlation of -0.16, they often move in opposite directions. GLDN charges 1.07%/yr vs 0.75%/yr for DGZ.

Performance

GLDN vs. DGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Gold Income ETF (GLDN) and DB Gold Short Exchange Traded Notes (DGZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLDN

• 1D: -3.48%
• 1M: -16.49%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DGZ

• 1D: 4.61%
• 1M: 7.30%
• 6M: 15.09%
• YTD: 9.14%
• 1Y: -10.08%
• 3Y*: -15.34%
• 5Y*: -9.64%
• 10Y*: -7.43%

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

GLDN vs. DGZ - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-29.47%
DGZ DB Gold Short Exchange Traded Notes	12.73%

Correlation

The correlation between GLDN and DGZ is -0.16, 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 (All Time) Calculated using the full available price history since Feb 18, 2026	-0.16

Return for Risk

GLDN vs. DGZ — Risk / Return Rank

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

GLDN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DGZ

DGZ Risk / Return Rank: 9
DGZ Sharpe Ratio Rank: 8
DGZ Sortino Ratio Rank: 11
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.

GLDN vs. DGZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Gold Income ETF (GLDN) 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.

	GLDN	DGZ	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.14	—
Sortino ratio: Return per unit of downside risk	—	0.30	—
Omega ratio: Gain probability vs. loss probability	—	1.04	—
Calmar ratio: Return relative to maximum drawdown	—	-0.28	—
Martin ratio: Return relative to average drawdown	—	-0.50	—

Drawdowns

GLDN vs. DGZ - Drawdown Comparison

The maximum GLDN drawdown since its inception was -35.79%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GLDN and DGZ.

Drawdown Indicators

	GLDN	DGZ	Difference
Max Drawdown Largest peak-to-trough decline	-35.79%	-86.32%	+50.53%
Max Drawdown (1Y) Largest decline over 1 year	—	-36.14%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-59.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-61.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-71.49%	—
Current Drawdown Current decline from peak	-35.79%	-81.30%	+45.51%
Average Drawdown Average peak-to-trough decline	-19.45%	-57.88%	+38.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.22%	—

Volatility

Volatility by Period

	GLDN	DGZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	24.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	59.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	42.06%	70.46%	-28.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.06%	37.01%	+5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.06%	28.48%	+13.58%

GLDN vs. DGZ - Expense Ratio Comparison

GLDN has a 1.07% expense ratio, which is higher than DGZ's 0.75% expense ratio.

Dividends

GLDN vs. DGZ - Dividend Comparison

GLDN's dividend yield for the trailing twelve months is around 6.95%, while DGZ has not paid dividends to shareholders.

Position	TTM
DGZ DB Gold Short Exchange Traded Notes	0.00%
GLDN Nicholas Gold Income ETF	6.95%

Frequently Asked Questions

Can I hold both GLDN and DGZ in my portfolio?

GLDN and DGZ have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDN or DGZ?

On fees, DGZ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDN or DGZ?

DGZ is cheaper with a 0.75% expense ratio, compared with 1.07% for GLDN.

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

GLDN has the higher dividend yield at 6.95%, compared with 0.00% for DGZ.

What is the main difference between GLDN and DGZ?

GLDN is categorized as Gold, while DGZ is Inverse Commodities. They also come from different issuers: Nicholas and Deutsche Bank. Their fees differ too: 1.07% for GLDN and 0.75% for DGZ.