OUNZ vs. DGZ
OUNZ (VanEck Merk Gold ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), 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, OUNZ returned 11.23%/yr vs -7.43%/yr for DGZ. At a correlation of -0.73, they often move in opposite directions. OUNZ charges 0.25%/yr vs 0.75%/yr for DGZ.
Performance
OUNZ vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, OUNZ achieves a -7.81% return, which is significantly lower than DGZ's 9.14% return. Over the past 10 years, OUNZ has outperformed DGZ with an annualized return of 11.23%, while DGZ has yielded a comparatively lower -7.43% annualized return.
OUNZ
- 1D
- -1.95%
- 1M
- -8.23%
- 6M
- -13.70%
- YTD
- -7.81%
- 1Y
- 18.57%
- 3Y*
- 26.41%
- 5Y*
- 16.76%
- 10Y*
- 11.23%
DGZ
- 1D
- 4.61%
- 1M
- 7.30%
- 6M
- 15.09%
- YTD
- 9.14%
- 1Y
- -10.08%
- 3Y*
- -15.34%
- 5Y*
- -9.64%
- 10Y*
- -7.43%
OUNZ vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OUNZ VanEck Merk Gold ETF | -7.81% | 63.95% | 26.75% | 12.83% | -0.51% | -4.00% | 24.71% | 18.00% | -2.06% | 12.82% |
DGZ DB Gold Short Exchange Traded Notes | 9.14% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between OUNZ and DGZ is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since May 16, 2014 | -0.73 |
Over the past year, the inverse relationship between OUNZ and DGZ has weakened: their correlation has moved from -0.73 to -0.36, meaning they move in opposite directions less often than they have historically.
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Return for Risk
OUNZ vs. DGZ — Risk / Return Rank
OUNZ
DGZ
OUNZ vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) 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.
| OUNZ | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.04 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.28 | +0.99 |
| Martin ratioReturn relative to average drawdown | 1.69 | -0.50 | +2.19 |
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Drawdowns
OUNZ vs. DGZ - Drawdown Comparison
The maximum OUNZ 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 OUNZ and DGZ.
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Drawdown Indicators
| OUNZ | 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 | -26.31% | -71.49% | +45.18% |
Current DrawdownCurrent decline from peak | -26.31% | -81.30% | +54.99% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -57.88% | +50.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 20.22% | -9.23% |
Volatility
OUNZ vs. DGZ - Volatility Comparison
The current volatility for VanEck Merk Gold ETF (OUNZ) is 6.64%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 24.11%. This indicates that OUNZ 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
| OUNZ | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 24.11% | -17.47% |
Volatility (6M)Calculated over the trailing 6-month period | 24.00% | 59.30% | -35.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 70.46% | -42.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 37.01% | -18.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 28.48% | -12.35% |
OUNZ vs. DGZ - Expense Ratio Comparison
OUNZ has a 0.25% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
OUNZ vs. DGZ - Dividend Comparison
Neither OUNZ nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
OUNZ and DGZ have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.11%) compared to OUNZ (6.64%). In terms of maximum drawdown, OUNZ dropped -26.31% vs DGZ's -86.32%.
On 10-year performance, OUNZ leads with 11.23% vs -7.43% for DGZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 6.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OUNZ has performed better with a 11.23% return vs -7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OUNZ is cheaper with a 0.25% expense ratio, compared with 0.75% for DGZ.
OUNZ and DGZ have nearly identical dividend yields, around 0.00%.
OUNZ is categorized as Gold, while DGZ is Inverse Commodities. OUNZ tracks LBMA Gold Price PM ($/ozt), while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: VanEck and Deutsche Bank. Their fees differ too: 0.25% for OUNZ and 0.75% for DGZ.
OUNZ currently has the higher Sharpe Ratio (0.67 vs -0.14), 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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