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 10.69%/yr vs -7.90%/yr for DGZ. Their -0.61 correlation means they have often moved in opposite directions in the past. RING charges 0.39%/yr vs 0.75%/yr for DGZ.
Performance
RING vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, RING achieves a -12.74% return, which is significantly lower than DGZ's 1.46% return. Over the past 10 years, RING has outperformed DGZ with an annualized return of 10.69%, while DGZ has yielded a comparatively lower -7.90% annualized return.
RING
- 1D
- -3.07%
- 1M
- -5.09%
- 6M
- -20.44%
- YTD
- -12.74%
- 1Y
- 45.25%
- 3Y*
- 41.73%
- 5Y*
- 19.27%
- 10Y*
- 10.69%
- ALL TIME*
- 2.79%
DGZ
- 1D
- -2.65%
- 1M
- -11.56%
- 6M
- 3.27%
- YTD
- 1.46%
- 1Y
- -15.73%
- 3Y*
- -17.39%
- 5Y*
- -11.06%
- 10Y*
- -7.90%
- ALL TIME*
- -7.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.40K | $33.87K | $42.21K | |
| $77.74M | $52.06M | $43.86M |
RING vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | -12.74% | 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 | 1.46% | -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 -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | -0.61 |
Over the past year, the inverse relationship between RING and DGZ has weakened: their correlation has moved from -0.61 to -0.24, meaning they move in opposite directions less often than they have historically.
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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 | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.02 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.49 | +1.73 |
| Martin ratioReturn relative to average drawdown | 2.72 | -0.86 | +3.59 |
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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.
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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 | -38.61% | -36.14% | -2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -38.61% | -59.54% | +20.93% |
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 | -35.37% | -82.62% | +47.25% |
Average DrawdownAverage peak-to-trough decline | -47.24% | -57.94% | +10.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.57% | 20.58% | -3.01% |
Volatility
RING vs. DGZ - Volatility Comparison
The current volatility for iShares MSCI Global Gold Miners ETF (RING) is 12.19%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 19.90%. 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.
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Volatility by Period
| RING | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.19% | 19.90% | -7.71% |
Volatility (6M)Calculated over the trailing 6-month period | 39.42% | 60.03% | -20.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.68% | 71.95% | -23.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.26% | 37.59% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.65% | 28.84% | +7.81% |
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 1.42%, 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 | 1.42% | 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 -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (19.90%) compared to RING (12.19%). In terms of maximum drawdown, RING dropped -79.47% vs DGZ's -86.32%.
On 10-year performance, RING leads with 10.69% vs -7.90% for DGZ. On fees, RING is cheaper at 0.39% per year. On volatility, RING has been the lower-risk option at 12.19%. 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 10.69% return vs -7.90%. 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 1.42%, 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 (0.99 vs -0.25), 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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