IAU vs. DGZ
IAU (iShares Gold Trust) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, 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, IAU returned 11.52%/yr vs -7.25%/yr for DGZ. Their -0.82 correlation means they have often moved in opposite directions in the past. IAU charges 0.25%/yr vs 0.75%/yr for DGZ.
Performance
IAU vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -5.52% return, which is significantly lower than DGZ's 11.65% return. Over the past 10 years, IAU has outperformed DGZ with an annualized return of 11.52%, while DGZ has yielded a comparatively lower -7.25% annualized return.
IAU
- 1D
- 0.66%
- 1M
- -1.06%
- 6M
- -17.56%
- YTD
- -5.52%
- 1Y
- 20.51%
- 3Y*
- 27.77%
- 5Y*
- 17.43%
- 10Y*
- 11.52%
- ALL TIME*
- 10.74%
DGZ
- 1D
- 6.75%
- 1M
- -2.68%
- 6M
- 14.05%
- YTD
- 11.65%
- 1Y
- -7.68%
- 3Y*
- -14.98%
- 5Y*
- -9.31%
- 10Y*
- -7.25%
- ALL TIME*
- -7.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.23K | $31.83K | $38.44K | |
| $375.17M | $380.53M | $472.45M |
IAU vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -5.52% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
DGZ DB Gold Short Exchange Traded Notes | 11.65% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between IAU and DGZ is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.82 |
Over the past year, the inverse relationship between IAU and DGZ has weakened: their correlation has moved from -0.82 to -0.30, meaning they move in opposite directions less often than they have historically.
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Return for Risk
IAU vs. DGZ — Risk / Return Rank
IAU
DGZ
IAU vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.
| IAU | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.05 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | -0.21 | +0.99 |
| Martin ratioReturn relative to average drawdown | 1.66 | -0.37 | +2.04 |
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Drawdowns
IAU vs. DGZ - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for IAU and DGZ.
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Drawdown Indicators
| IAU | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -86.32% | +41.18% |
Max Drawdown (1Y)Largest decline over 1 year | -26.36% | -36.14% | +9.78% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -59.54% | +33.18% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -61.54% | +35.18% |
Max Drawdown (10Y)Largest decline over 10 years | -26.36% | -71.49% | +45.13% |
Current DrawdownCurrent decline from peak | -24.50% | -80.88% | +56.38% |
Average DrawdownAverage peak-to-trough decline | -16.02% | -57.95% | +41.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.36% | 20.61% | -8.25% |
Volatility
IAU vs. DGZ - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 5.93%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 21.25%. This indicates that IAU 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
| IAU | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 21.25% | -15.32% |
Volatility (6M)Calculated over the trailing 6-month period | 20.43% | 59.63% | -39.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.85% | 72.27% | -44.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 37.75% | -19.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.07% | 28.94% | -12.87% |
IAU vs. DGZ - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
IAU vs. DGZ - Dividend Comparison
Neither IAU nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
IAU 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 (21.25%) compared to IAU (5.93%). In terms of maximum drawdown, IAU dropped -45.14% vs DGZ's -86.32%.
On 10-year performance, IAU leads with 11.52% vs -7.25% for DGZ. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.52% return vs -7.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.75% for DGZ.
IAU and DGZ have nearly identical dividend yields, around 0.00%.
IAU is categorized as Gold, while DGZ is Inverse Commodities. IAU tracks LBMA Gold Price, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.25% for IAU and 0.75% for DGZ.
IAU currently has the higher Sharpe Ratio (0.74 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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