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 3 years, IAUM returned 31.53%/yr vs -16.62%/yr for DGZ. At a correlation of -0.58, they often move in opposite directions. 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 3.00% return, which is significantly higher than DGZ's 2.71% return.
IAUM
- 1D
- -0.96%
- 1M
- -1.62%
- YTD
- 3.00%
- 6M
- 5.58%
- 1Y
- 32.42%
- 3Y*
- 31.53%
- 5Y*
- —
- 10Y*
- —
DGZ
- 1D
- 4.82%
- 1M
- 16.59%
- YTD
- 2.71%
- 6M
- 4.61%
- 1Y
- -15.32%
- 3Y*
- -16.62%
- 5Y*
- -10.05%
- 10Y*
- -8.68%
IAUM vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 3.00% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
DGZ DB Gold Short Exchange Traded Notes | 2.71% | -32.55% | -16.46% | -4.75% | 4.93% | -4.71% |
Correlation
The correlation between IAUM and DGZ is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | -0.58 |
The correlation between IAUM and DGZ shifts across timeframes, from -0.58 (all time) to -0.40 (1 year), reflecting how their relationship changes across market environments.
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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.
| IAUM | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.01 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | -0.40 | +2.10 |
| Martin ratioReturn relative to average drawdown | 4.22 | -0.70 | +4.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAUM | DGZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | -0.23 | +1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.29 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.16 | -0.31 | +1.47 |
Drawdowns
IAUM vs. DGZ - Drawdown Comparison
The maximum IAUM drawdown since its inception was -20.87%, 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 | -20.87% | -86.32% | +65.45% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -38.32% | +19.17% |
Max Drawdown (3Y)Largest decline over 3 years | -19.15% | -59.54% | +40.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -61.54% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -17.68% | -82.41% | +64.73% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -57.74% | +52.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.70% | 21.80% | -14.10% |
Volatility
IAUM vs. DGZ - Volatility Comparison
The current volatility for iShares Gold Trust Micro (IAUM) is 5.50%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.00%. 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 | 5.50% | 45.00% | -39.50% |
Volatility (6M)Calculated over the trailing 6-month period | 22.89% | 54.96% | -32.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.31% | 66.38% | -40.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 35.24% | -17.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 27.40% | -9.54% |
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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.00%) compared to IAUM (5.50%). In terms of maximum drawdown, IAUM dropped -20.87% vs DGZ's -86.32%.
On 3-year performance, IAUM leads with 31.53% vs -16.62% for DGZ. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 31.53% return vs -16.62%. 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 (1.24 vs -0.23), 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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