PALL vs. DGZ
PALL (Aberdeen Standard Physical Palladium Shares ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - PALL is a Precious Metals fund tracking the Palladium London PM Fix ($/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, PALL returned 6.28%/yr vs -7.43%/yr for DGZ. At a correlation of -0.32, they often move in opposite directions. PALL charges 0.60%/yr vs 0.75%/yr for DGZ.
Performance
PALL vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, PALL achieves a -21.28% return, which is significantly lower than DGZ's 9.14% return. Over the past 10 years, PALL has outperformed DGZ with an annualized return of 6.28%, while DGZ has yielded a comparatively lower -7.43% annualized return.
PALL
- 1D
- -4.11%
- 1M
- -6.88%
- 6M
- -30.85%
- YTD
- -21.28%
- 1Y
- 1.39%
- 3Y*
- -1.27%
- 5Y*
- -14.11%
- 10Y*
- 6.28%
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%
PALL vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PALL Aberdeen Standard Physical Palladium Shares ETF | -21.28% | 74.07% | -17.38% | -38.77% | -6.28% | -23.26% | 25.27% | 53.94% | 17.23% | 55.73% |
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 PALL and DGZ is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2010 | -0.32 |
The correlation between PALL and DGZ shifts across timeframes, from -0.32 (all time) to -0.19 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PALL vs. DGZ — Risk / Return Rank
PALL
DGZ
PALL vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aberdeen Standard Physical Palladium Shares ETF (PALL) 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.
| PALL | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.04 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -0.28 | +0.31 |
| Martin ratioReturn relative to average drawdown | 0.07 | -0.50 | +0.57 |
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Drawdowns
PALL vs. DGZ - Drawdown Comparison
The maximum PALL drawdown since its inception was -73.63%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for PALL and DGZ.
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Drawdown Indicators
| PALL | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.63% | -86.32% | +12.69% |
Max Drawdown (1Y)Largest decline over 1 year | -43.20% | -36.14% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -43.20% | -59.54% | +16.34% |
Max Drawdown (5Y)Largest decline over 5 years | -73.63% | -61.54% | -12.09% |
Max Drawdown (10Y)Largest decline over 10 years | -73.63% | -71.49% | -2.14% |
Current DrawdownCurrent decline from peak | -61.20% | -81.30% | +20.10% |
Average DrawdownAverage peak-to-trough decline | -27.04% | -57.88% | +30.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.88% | 20.22% | +0.66% |
Volatility
PALL vs. DGZ - Volatility Comparison
The current volatility for Aberdeen Standard Physical Palladium Shares ETF (PALL) is 12.21%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 24.11%. This indicates that PALL 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
| PALL | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.21% | 24.11% | -11.90% |
Volatility (6M)Calculated over the trailing 6-month period | 36.66% | 59.30% | -22.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.83% | 70.46% | -19.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.54% | 37.01% | +5.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.13% | 28.48% | +9.65% |
PALL vs. DGZ - Expense Ratio Comparison
PALL has a 0.60% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
PALL vs. DGZ - Dividend Comparison
Neither PALL nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
PALL and DGZ have a correlation of -0.20, 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 PALL (12.21%). In terms of maximum drawdown, PALL dropped -73.63% vs DGZ's -86.32%.
On 10-year performance, PALL leads with 6.28% vs -7.43% for DGZ. On fees, PALL is cheaper at 0.60% per year. On volatility, PALL has been the lower-risk option at 12.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PALL has performed better with a 6.28% return vs -7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PALL is cheaper with a 0.60% expense ratio, compared with 0.75% for DGZ.
PALL and DGZ have nearly identical dividend yields, around 0.00%.
PALL is categorized as Precious Metals, while DGZ is Inverse Commodities. PALL tracks Palladium London PM Fix ($/ozt), while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Aberdeen and Deutsche Bank. Their fees differ too: 0.60% for PALL and 0.75% for DGZ.
PALL currently has the higher Sharpe Ratio (0.03 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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