GLTR vs. DGZ
GLTR (abrdn Physical Precious Metals Basket Shares ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GLTR is a Precious Metals fund tracking the ETFS Physical Precious Metals Basket 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, GLTR returned 10.23%/yr vs -7.63%/yr for DGZ. At a correlation of -0.73, they often move in opposite directions. GLTR charges 0.60%/yr vs 0.75%/yr for DGZ.
Performance
GLTR vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, GLTR achieves a -12.60% return, which is significantly lower than DGZ's 7.37% return. Over the past 10 years, GLTR has outperformed DGZ with an annualized return of 10.23%, while DGZ has yielded a comparatively lower -7.63% annualized return.
GLTR
- 1D
- -2.77%
- 1M
- -8.33%
- 6M
- -21.90%
- YTD
- -12.60%
- 1Y
- 25.79%
- 3Y*
- 25.77%
- 5Y*
- 12.74%
- 10Y*
- 10.23%
DGZ
- 1D
- 1.32%
- 1M
- 6.28%
- 6M
- 12.88%
- YTD
- 7.37%
- 1Y
- -11.14%
- 3Y*
- -15.55%
- 5Y*
- -9.77%
- 10Y*
- -7.63%
GLTR vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLTR abrdn Physical Precious Metals Basket Shares ETF | -12.60% | 87.25% | 20.63% | 2.01% | -0.25% | -9.60% | 29.52% | 20.96% | -2.85% | 12.94% |
DGZ DB Gold Short Exchange Traded Notes | 7.37% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between GLTR and DGZ is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2010 | -0.73 |
Over the past year, the inverse relationship between GLTR and DGZ has weakened: their correlation has moved from -0.73 to -0.33, meaning they move in opposite directions less often than they have historically.
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Return for Risk
GLTR vs. DGZ — Risk / Return Rank
GLTR
DGZ
GLTR vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Precious Metals Basket Shares ETF (GLTR) 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.
| GLTR | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.04 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.69 | -0.31 | +1.00 |
| Martin ratioReturn relative to average drawdown | 1.54 | -0.55 | +2.09 |
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Drawdowns
GLTR vs. DGZ - Drawdown Comparison
The maximum GLTR drawdown since its inception was -55.70%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GLTR and DGZ.
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Drawdown Indicators
| GLTR | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.70% | -86.32% | +30.62% |
Max Drawdown (1Y)Largest decline over 1 year | -37.52% | -36.14% | -1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -37.52% | -59.54% | +22.02% |
Max Drawdown (5Y)Largest decline over 5 years | -37.52% | -61.54% | +24.02% |
Max Drawdown (10Y)Largest decline over 10 years | -37.52% | -71.49% | +33.97% |
Current DrawdownCurrent decline from peak | -37.00% | -81.61% | +44.61% |
Average DrawdownAverage peak-to-trough decline | -28.85% | -57.86% | +29.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.79% | 20.16% | -3.37% |
Volatility
GLTR vs. DGZ - Volatility Comparison
The current volatility for abrdn Physical Precious Metals Basket Shares ETF (GLTR) is 9.95%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 24.11%. This indicates that GLTR 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
| GLTR | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.95% | 24.11% | -14.16% |
Volatility (6M)Calculated over the trailing 6-month period | 35.53% | 58.97% | -23.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.31% | 70.25% | -30.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.08% | 36.88% | -12.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.76% | 28.40% | -7.64% |
GLTR vs. DGZ - Expense Ratio Comparison
GLTR has a 0.60% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
GLTR vs. DGZ - Dividend Comparison
Neither GLTR nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
GLTR and DGZ have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.11%) compared to GLTR (9.95%). In terms of maximum drawdown, GLTR dropped -55.70% vs DGZ's -86.32%.
On 10-year performance, GLTR leads with 10.23% vs -7.63% for DGZ. On fees, GLTR is cheaper at 0.60% per year. On volatility, GLTR has been the lower-risk option at 9.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLTR has performed better with a 10.23% return vs -7.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLTR is cheaper with a 0.60% expense ratio, compared with 0.75% for DGZ.
GLTR and DGZ have nearly identical dividend yields, around 0.00%.
GLTR is categorized as Precious Metals, while DGZ is Inverse Commodities. GLTR tracks ETFS Physical Precious Metals Basket Index, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: abrdn and Deutsche Bank. Their fees differ too: 0.60% for GLTR and 0.75% for DGZ.
GLTR currently has the higher Sharpe Ratio (0.66 vs -0.16), 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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