RING vs. DGZ
RING (iShares MSCI Global Gold Miners ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, 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, RING returned 12.92%/yr vs -7.12%/yr for DGZ. At a correlation of -0.62, they often move in opposite directions. RING charges 0.39%/yr vs 0.75%/yr for DGZ.
Performance
RING vs. DGZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RING achieves a -8.53% return, which is significantly lower than DGZ's 13.79% return. Over the past 10 years, RING has outperformed DGZ with an annualized return of 12.92%, while DGZ has yielded a comparatively lower -7.12% annualized return.
RING
- 1D
- -4.54%
- 1M
- -9.24%
- YTD
- -8.53%
- 6M
- -13.08%
- 1Y
- 52.30%
- 3Y*
- 44.79%
- 5Y*
- 20.81%
- 10Y*
- 12.92%
DGZ
- 1D
- 4.60%
- 1M
- 27.91%
- YTD
- 13.79%
- 6M
- 21.33%
- 1Y
- -7.69%
- 3Y*
- -14.24%
- 5Y*
- -9.28%
- 10Y*
- -7.12%
RING vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | -8.53% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
DGZ DB Gold Short Exchange Traded Notes | 13.79% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between RING and DGZ is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | -0.62 |
Over the past year, the inverse relationship between RING and DGZ has weakened: their correlation has moved from -0.62 to -0.31, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
RING vs. DGZ — Risk / Return Rank
RING
DGZ
RING vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) 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.
| RING | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.05 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | -0.20 | +1.67 |
| Martin ratioReturn relative to average drawdown | 3.91 | -0.35 | +4.26 |
Loading charts...
Drawdowns
RING vs. DGZ - Drawdown Comparison
The maximum RING drawdown since its inception was -79.47%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for RING and DGZ.
Loading charts...
Drawdown Indicators
| RING | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.47% | -86.32% | +6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -35.72% | -38.32% | +2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -35.72% | -59.54% | +23.82% |
Max Drawdown (5Y)Largest decline over 5 years | -47.94% | -61.54% | +13.60% |
Max Drawdown (10Y)Largest decline over 10 years | -52.04% | -71.49% | +19.45% |
Current DrawdownCurrent decline from peak | -32.25% | -80.51% | +48.26% |
Average DrawdownAverage peak-to-trough decline | -47.33% | -57.80% | +10.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.40% | 22.24% | -8.84% |
Volatility
RING vs. DGZ - Volatility Comparison
The current volatility for iShares MSCI Global Gold Miners ETF (RING) is 17.22%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.91%. This indicates that RING 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.
Loading charts...
Volatility by Period
| RING | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.22% | 45.91% | -28.69% |
Volatility (6M)Calculated over the trailing 6-month period | 39.95% | 58.66% | -18.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.04% | 69.62% | -21.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.94% | 36.50% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.73% | 28.17% | +8.56% |
RING vs. DGZ - Expense Ratio Comparison
RING has a 0.39% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
RING vs. DGZ - Dividend Comparison
RING's dividend yield for the trailing twelve months is around 1.35%, while DGZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RING iShares MSCI Global Gold Miners ETF | 1.35% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
RING 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 (45.91%) compared to RING (17.22%). In terms of maximum drawdown, RING dropped -79.47% vs DGZ's -86.32%.
On 10-year performance, RING leads with 12.92% vs -7.12% for DGZ. On fees, RING is cheaper at 0.39% per year. On volatility, RING has been the lower-risk option at 17.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RING has performed better with a 12.92% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.75% for DGZ.
RING has the higher dividend yield at 1.35%, compared with 0.00% for DGZ.
RING is categorized as Gold, while DGZ is Inverse Commodities. RING tracks MSCI ACWI Select Gold Miners Investable Market Index, 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: 0.39% for RING and 0.75% for DGZ.
RING currently has the higher Sharpe Ratio (1.09 vs -0.11), 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.
Find the right allocation for RING and DGZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer