IAUM vs. DGZ
IAUM (iShares Gold Trust Micro) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, 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, IAUM returned 17.38%/yr vs -10.41%/yr for DGZ. Their -0.54 correlation means they have often moved in opposite directions in the past. IAUM charges 0.09%/yr vs 0.75%/yr for DGZ.
Performance
IAUM vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, IAUM achieves a -6.07% return, which is significantly lower than DGZ's 4.59% return.
IAUM
- 1D
- 0.02%
- 1M
- -1.66%
- 6M
- -12.99%
- YTD
- -6.07%
- 1Y
- 20.61%
- 3Y*
- 27.70%
- 5Y*
- 17.38%
- 10Y*
- —
- ALL TIME*
- 17.68%
DGZ
- 1D
- 3.09%
- 1M
- -8.83%
- 6M
- -0.09%
- YTD
- 4.59%
- 1Y
- -13.13%
- 3Y*
- -16.81%
- 5Y*
- -10.41%
- 10Y*
- -7.86%
- ALL TIME*
- -7.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.92K | $33.16K | $42.03K | |
| $79.21M | $72.37M | $93.87M |
IAUM vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | -6.07% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
DGZ DB Gold Short Exchange Traded Notes | 4.59% | -32.55% | -16.46% | -4.75% | 4.93% | -3.90% |
Correlation
The correlation between IAUM and DGZ is -0.31, 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 (All Time) Calculated using the full available price history since Jun 29, 2021 | -0.54 |
Over the past year, the inverse relationship between IAUM and DGZ has weakened: their correlation has moved from -0.54 to -0.31, meaning they move in opposite directions less often than they have historically.
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Return for Risk
IAUM vs. DGZ — Risk / Return Rank
IAUM
DGZ
IAUM vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.
| IAUM | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.03 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | -0.36 | +1.15 |
| Martin ratioReturn relative to average drawdown | 1.69 | -0.64 | +2.33 |
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Drawdowns
IAUM vs. DGZ - Drawdown Comparison
The maximum IAUM drawdown since its inception was -26.31%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for IAUM and DGZ.
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Drawdown Indicators
| IAUM | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.31% | -86.32% | +60.01% |
Max Drawdown (1Y)Largest decline over 1 year | -26.31% | -36.14% | +9.83% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -59.54% | +33.23% |
Max Drawdown (5Y)Largest decline over 5 years | -26.31% | -61.54% | +35.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -24.93% | -82.08% | +57.15% |
Average DrawdownAverage peak-to-trough decline | -5.88% | -57.94% | +52.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.24% | 20.60% | -8.36% |
Volatility
IAUM vs. DGZ - Volatility Comparison
The current volatility for iShares Gold Trust Micro (IAUM) is 5.94%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 20.11%. This indicates that IAUM 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
| IAUM | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.94% | 20.11% | -14.17% |
Volatility (6M)Calculated over the trailing 6-month period | 20.83% | 59.60% | -38.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 72.10% | -44.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 37.63% | -19.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.18% | 28.87% | -10.69% |
IAUM vs. DGZ - Expense Ratio Comparison
IAUM has a 0.09% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
IAUM vs. DGZ - Dividend Comparison
Neither IAUM nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
IAUM and DGZ have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (20.11%) compared to IAUM (5.94%). In terms of maximum drawdown, IAUM dropped -26.31% vs DGZ's -86.32%.
On 5-year performance, IAUM leads with 17.38% vs -10.41% for DGZ. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IAUM has performed better with a 17.38% return vs -10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.75% for DGZ.
IAUM and DGZ have nearly identical dividend yields, around 0.00%.
IAUM is categorized as Gold, while DGZ is Inverse Commodities. IAUM tracks LBMA Gold Price PM, 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: 0.09% for IAUM and 0.75% for DGZ.
IAUM currently has the higher Sharpe Ratio (0.75 vs -0.18), 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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