IGLD vs. DGZ
IGLD (FT Vest Gold Strategy Target Income ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - IGLD is a Gold fund actively managed by First Trust, while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). IGLD is actively managed, while DGZ is passively managed. Over the past 5 years, IGLD returned 11.92%/yr vs -9.37%/yr for DGZ. At a correlation of -0.54, they often move in opposite directions. IGLD charges 0.85%/yr vs 0.75%/yr for DGZ.
Performance
IGLD vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, IGLD achieves a -6.69% return, which is significantly lower than DGZ's 9.68% return.
IGLD
- 1D
- 1.36%
- 1M
- -3.36%
- 6M
- -11.37%
- YTD
- -6.69%
- 1Y
- 14.23%
- 3Y*
- 19.47%
- 5Y*
- 11.92%
- 10Y*
- —
DGZ
- 1D
- 2.15%
- 1M
- 8.56%
- 6M
- 15.31%
- YTD
- 9.68%
- 1Y
- -9.24%
- 3Y*
- -14.95%
- 5Y*
- -9.37%
- 10Y*
- -7.44%
IGLD vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IGLD FT Vest Gold Strategy Target Income ETF | -6.69% | 47.46% | 19.36% | 9.24% | -2.34% | 4.30% |
DGZ DB Gold Short Exchange Traded Notes | 9.68% | -32.55% | -16.46% | -4.75% | 4.93% | -7.54% |
Correlation
The correlation between IGLD and DGZ is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2021 | -0.54 |
The correlation between IGLD and DGZ shifts across timeframes, from -0.54 (all time) to -0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IGLD vs. DGZ — Risk / Return Rank
IGLD
DGZ
IGLD vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest Gold Strategy Target Income ETF (IGLD) 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.
| IGLD | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.04 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | -0.26 | +0.86 |
| Martin ratioReturn relative to average drawdown | 1.54 | -0.46 | +1.99 |
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Drawdowns
IGLD vs. DGZ - Drawdown Comparison
The maximum IGLD drawdown since its inception was -23.84%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for IGLD and DGZ.
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Drawdown Indicators
| IGLD | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.84% | -86.32% | +62.48% |
Max Drawdown (1Y)Largest decline over 1 year | -23.84% | -36.14% | +12.30% |
Max Drawdown (3Y)Largest decline over 3 years | -23.84% | -59.54% | +35.70% |
Max Drawdown (5Y)Largest decline over 5 years | -23.84% | -61.54% | +37.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.49% | — |
Current DrawdownCurrent decline from peak | -22.15% | -81.21% | +59.06% |
Average DrawdownAverage peak-to-trough decline | -5.54% | -57.87% | +52.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.28% | 20.18% | -10.90% |
Volatility
IGLD vs. DGZ - Volatility Comparison
The current volatility for FT Vest Gold Strategy Target Income ETF (IGLD) is 7.01%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 24.05%. This indicates that IGLD 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
| IGLD | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 24.05% | -17.04% |
Volatility (6M)Calculated over the trailing 6-month period | 22.45% | 58.99% | -36.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 70.14% | -45.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.66% | 36.89% | -21.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.41% | 28.41% | -13.00% |
IGLD vs. DGZ - Expense Ratio Comparison
IGLD has a 0.85% expense ratio, which is higher than DGZ's 0.75% expense ratio.
Dividends
IGLD vs. DGZ - Dividend Comparison
IGLD's dividend yield for the trailing twelve months is around 21.37%, while DGZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IGLD FT Vest Gold Strategy Target Income ETF | 21.37% | 9.91% | 20.81% | 7.85% | 4.45% | 2.24% |
Frequently Asked Questions
IGLD and DGZ have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.05%) compared to IGLD (7.01%). In terms of maximum drawdown, IGLD dropped -23.84% vs DGZ's -86.32%.
On 5-year performance, IGLD leads with 11.92% vs -9.37% for DGZ. On fees, DGZ is cheaper at 0.75% per year. On volatility, IGLD has been the lower-risk option at 7.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IGLD has performed better with a 11.92% return vs -9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ is cheaper with a 0.75% expense ratio, compared with 0.85% for IGLD.
IGLD has the higher dividend yield at 21.37%, compared with 0.00% for DGZ.
IGLD is categorized as Gold, while DGZ is Inverse Commodities. They also come from different issuers: First Trust and Deutsche Bank. Their fees differ too: 0.85% for IGLD and 0.75% for DGZ.
IGLD currently has the higher Sharpe Ratio (0.57 vs -0.13), 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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