GOEX vs. DGZ
GOEX (Global X Gold Explorers ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return, 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, GOEX returned 11.97%/yr vs -7.12%/yr for DGZ. At a correlation of -0.61, they often move in opposite directions. GOEX charges 0.65%/yr vs 0.75%/yr for DGZ.
Performance
GOEX vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, GOEX achieves a -10.87% return, which is significantly lower than DGZ's 13.79% return. Over the past 10 years, GOEX has outperformed DGZ with an annualized return of 11.97%, while DGZ has yielded a comparatively lower -7.12% annualized return.
GOEX
- 1D
- -4.76%
- 1M
- -7.11%
- YTD
- -10.87%
- 6M
- -15.49%
- 1Y
- 57.11%
- 3Y*
- 46.70%
- 5Y*
- 19.54%
- 10Y*
- 11.97%
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%
GOEX vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | -10.87% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
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 GOEX 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 | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010 | -0.61 |
Over the past year, the inverse relationship between GOEX and DGZ has weakened: their correlation has moved from -0.61 to -0.33, meaning they move in opposite directions less often than they have historically.
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Return for Risk
GOEX vs. DGZ — Risk / Return Rank
GOEX
DGZ
GOEX vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) 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.
| GOEX | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.05 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | -0.20 | +1.65 |
| Martin ratioReturn relative to average drawdown | 3.84 | -0.35 | +4.19 |
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Drawdowns
GOEX vs. DGZ - Drawdown Comparison
The maximum GOEX drawdown since its inception was -88.83%, roughly equal to the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for GOEX and DGZ.
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Drawdown Indicators
| GOEX | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -86.32% | -2.51% |
Max Drawdown (1Y)Largest decline over 1 year | -39.64% | -38.32% | -1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -39.64% | -59.54% | +19.90% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -61.54% | +14.38% |
Max Drawdown (10Y)Largest decline over 10 years | -53.66% | -71.49% | +17.83% |
Current DrawdownCurrent decline from peak | -34.22% | -80.51% | +46.29% |
Average DrawdownAverage peak-to-trough decline | -63.47% | -57.80% | -5.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.92% | 22.24% | -7.32% |
Volatility
GOEX vs. DGZ - Volatility Comparison
The current volatility for Global X Gold Explorers ETF (GOEX) is 18.46%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.91%. This indicates that GOEX 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
| GOEX | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.46% | 45.91% | -27.45% |
Volatility (6M)Calculated over the trailing 6-month period | 42.70% | 58.66% | -15.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.52% | 69.62% | -18.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.57% | 36.50% | +3.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 28.17% | +12.00% |
GOEX vs. DGZ - Expense Ratio Comparison
GOEX has a 0.65% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
GOEX vs. DGZ - Dividend Comparison
GOEX's dividend yield for the trailing twelve months is around 2.33%, 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% |
GOEX Global X Gold Explorers ETF | 2.33% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
Frequently Asked Questions
GOEX 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 (45.91%) compared to GOEX (18.46%). In terms of maximum drawdown, GOEX dropped -88.83% vs DGZ's -86.32%.
On 10-year performance, GOEX leads with 11.97% vs -7.12% for DGZ. On fees, GOEX is cheaper at 0.65% per year. On volatility, GOEX has been the lower-risk option at 18.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOEX has performed better with a 11.97% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOEX is cheaper with a 0.65% expense ratio, compared with 0.75% for DGZ.
GOEX has the higher dividend yield at 2.33%, compared with 0.00% for DGZ.
GOEX is categorized as Gold, while DGZ is Inverse Commodities. GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Global X and Deutsche Bank. Their fees differ too: 0.65% for GOEX and 0.75% for DGZ.
GOEX currently has the higher Sharpe Ratio (1.11 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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