GOAU vs. DGZ
GOAU (US Global GO GOLD and Precious Metal Miners ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GOAU is a Gold fund tracking the U.S. Global GO GOLD and Precious Metal Miners 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 5 years, GOAU returned 15.29%/yr vs -9.47%/yr for DGZ. At a correlation of -0.53, they often move in opposite directions. GOAU charges 0.60%/yr vs 0.75%/yr for DGZ.
Performance
GOAU vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, GOAU achieves a -12.48% return, which is significantly lower than DGZ's 12.34% return.
GOAU
- 1D
- -0.35%
- 1M
- -12.66%
- YTD
- -12.48%
- 6M
- -15.93%
- 1Y
- 30.69%
- 3Y*
- 32.68%
- 5Y*
- 15.29%
- 10Y*
- —
DGZ
- 1D
- 2.93%
- 1M
- 20.16%
- YTD
- 12.34%
- 6M
- 19.11%
- 1Y
- -7.39%
- 3Y*
- -14.47%
- 5Y*
- -9.47%
- 10Y*
- -7.18%
GOAU vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOAU US Global GO GOLD and Precious Metal Miners ETF | -12.48% | 126.68% | 13.78% | 10.67% | -11.66% | -9.23% | 14.13% | 54.17% | -11.88% | 7.81% |
DGZ DB Gold Short Exchange Traded Notes | 12.34% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -3.95% |
Correlation
The correlation between GOAU and DGZ is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2017 | -0.53 |
Over the past year, the inverse relationship between GOAU and DGZ has weakened: their correlation has moved from -0.53 to -0.30, meaning they move in opposite directions less often than they have historically.
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Return for Risk
GOAU vs. DGZ — Risk / Return Rank
GOAU
DGZ
GOAU vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Global GO GOLD and Precious Metal Miners ETF (GOAU) 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.
| GOAU | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.05 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | -0.19 | +1.05 |
| Martin ratioReturn relative to average drawdown | 2.12 | -0.33 | +2.45 |
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Drawdowns
GOAU vs. DGZ - Drawdown Comparison
The maximum GOAU drawdown since its inception was -55.41%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GOAU and DGZ.
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Drawdown Indicators
| GOAU | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.41% | -86.32% | +30.91% |
Max Drawdown (1Y)Largest decline over 1 year | -35.89% | -38.32% | +2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -35.89% | -59.54% | +23.65% |
Max Drawdown (5Y)Largest decline over 5 years | -48.52% | -61.54% | +13.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -33.74% | -80.76% | +47.02% |
Average DrawdownAverage peak-to-trough decline | -18.88% | -57.81% | +38.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.53% | 22.28% | -7.75% |
Volatility
GOAU vs. DGZ - Volatility Comparison
The current volatility for US Global GO GOLD and Precious Metal Miners ETF (GOAU) is 16.47%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 44.52%. This indicates that GOAU 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
| GOAU | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.47% | 44.52% | -28.05% |
Volatility (6M)Calculated over the trailing 6-month period | 39.63% | 58.77% | -19.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.71% | 69.78% | -22.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.95% | 36.57% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.74% | 28.21% | +7.53% |
GOAU vs. DGZ - Expense Ratio Comparison
GOAU has a 0.60% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
GOAU vs. DGZ - Dividend Comparison
GOAU's dividend yield for the trailing twelve months is around 1.07%, while DGZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | 1.07% | 0.94% | 2.11% | 0.99% | 1.55% | 1.28% | 0.74% | 0.16% | 0.47% | 0.27% |
Frequently Asked Questions
GOAU and DGZ have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (44.52%) compared to GOAU (16.47%). In terms of maximum drawdown, GOAU dropped -55.41% vs DGZ's -86.32%.
On 5-year performance, GOAU leads with 15.29% vs -9.47% for DGZ. On fees, GOAU is cheaper at 0.60% per year. On volatility, GOAU has been the lower-risk option at 16.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOAU has performed better with a 15.29% return vs -9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOAU is cheaper with a 0.60% expense ratio, compared with 0.75% for DGZ.
GOAU has the higher dividend yield at 1.07%, compared with 0.00% for DGZ.
GOAU is categorized as Gold, while DGZ is Inverse Commodities. GOAU tracks U.S. Global GO GOLD and Precious Metal Miners Index, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: US Global and Deutsche Bank. Their fees differ too: 0.60% for GOAU and 0.75% for DGZ.
GOAU currently has the higher Sharpe Ratio (0.65 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.
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