SGDJ vs. DGZ
SGDJ (Sprott Junior Gold Miners ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - SGDJ is a Gold fund tracking the Solactive Junior Gold Miners Custom Factors 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, SGDJ returned 8.14%/yr vs -7.44%/yr for DGZ. At a correlation of -0.56, they often move in opposite directions. SGDJ charges 0.50%/yr vs 0.75%/yr for DGZ.
Performance
SGDJ vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, SGDJ achieves a -9.88% return, which is significantly lower than DGZ's 9.68% return. Over the past 10 years, SGDJ has outperformed DGZ with an annualized return of 8.14%, while DGZ has yielded a comparatively lower -7.44% annualized return.
SGDJ
- 1D
- 2.03%
- 1M
- -4.45%
- 6M
- -18.16%
- YTD
- -9.88%
- 1Y
- 60.65%
- 3Y*
- 42.66%
- 5Y*
- 15.95%
- 10Y*
- 8.14%
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%
SGDJ vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGDJ Sprott Junior Gold Miners ETF | -9.88% | 174.44% | 19.35% | 6.66% | -27.60% | -15.12% | 47.91% | 37.00% | -25.63% | 5.94% |
DGZ DB Gold Short Exchange Traded Notes | 9.68% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between SGDJ and DGZ is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2015 | -0.56 |
Over the past year, the inverse relationship between SGDJ and DGZ has weakened: their correlation has moved from -0.56 to -0.28, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SGDJ vs. DGZ — Risk / Return Rank
SGDJ
DGZ
SGDJ vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Junior Gold Miners ETF (SGDJ) 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.
| SGDJ | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.04 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | -0.26 | +1.91 |
| Martin ratioReturn relative to average drawdown | 3.74 | -0.46 | +4.20 |
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Drawdowns
SGDJ vs. DGZ - Drawdown Comparison
The maximum SGDJ drawdown since its inception was -59.27%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for SGDJ and DGZ.
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Drawdown Indicators
| SGDJ | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.27% | -86.32% | +27.05% |
Max Drawdown (1Y)Largest decline over 1 year | -36.84% | -36.14% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -36.84% | -59.54% | +22.70% |
Max Drawdown (5Y)Largest decline over 5 years | -52.66% | -61.54% | +8.88% |
Max Drawdown (10Y)Largest decline over 10 years | -59.27% | -71.49% | +12.22% |
Current DrawdownCurrent decline from peak | -34.29% | -81.21% | +46.92% |
Average DrawdownAverage peak-to-trough decline | -26.29% | -57.87% | +31.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.26% | 20.18% | -3.92% |
Volatility
SGDJ vs. DGZ - Volatility Comparison
The current volatility for Sprott Junior Gold Miners ETF (SGDJ) is 16.31%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 24.05%. This indicates that SGDJ 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
| SGDJ | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.31% | 24.05% | -7.74% |
Volatility (6M)Calculated over the trailing 6-month period | 42.67% | 58.99% | -16.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.87% | 70.14% | -18.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.16% | 36.89% | +4.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.00% | 28.41% | +12.59% |
SGDJ vs. DGZ - Expense Ratio Comparison
SGDJ has a 0.50% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
SGDJ vs. DGZ - Dividend Comparison
SGDJ's dividend yield for the trailing twelve months is around 9.29%, 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% |
SGDJ Sprott Junior Gold Miners ETF | 9.29% | 8.37% | 6.55% | 4.55% | 2.46% | 2.20% | 1.97% | 0.65% | 0.00% | 0.14% | 1.77% | 0.85% |
Frequently Asked Questions
SGDJ and DGZ have a correlation of -0.28, 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 SGDJ (16.31%). In terms of maximum drawdown, SGDJ dropped -59.27% vs DGZ's -86.32%.
On 10-year performance, SGDJ leads with 8.14% vs -7.44% for DGZ. On fees, SGDJ is cheaper at 0.50% per year. On volatility, SGDJ has been the lower-risk option at 16.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGDJ has performed better with a 8.14% return vs -7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGDJ is cheaper with a 0.50% expense ratio, compared with 0.75% for DGZ.
SGDJ has the higher dividend yield at 9.29%, compared with 0.00% for DGZ.
SGDJ is categorized as Gold, while DGZ is Inverse Commodities. SGDJ tracks Solactive Junior Gold Miners Custom Factors Index, while DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). They also come from different issuers: Sprott and Deutsche Bank. Their fees differ too: 0.50% for SGDJ and 0.75% for DGZ.
SGDJ currently has the higher Sharpe Ratio (1.18 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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