SGDM vs. DGZ
SGDM (Sprott Gold Miners ETF) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - SGDM is a Gold fund tracking the Solactive 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, SGDM returned 8.54%/yr vs -7.90%/yr for DGZ. Their -0.57 correlation means they have often moved in opposite directions in the past. SGDM charges 0.50%/yr vs 0.75%/yr for DGZ.
Performance
SGDM vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, SGDM achieves a -11.23% return, which is significantly lower than DGZ's 1.46% return. Over the past 10 years, SGDM has outperformed DGZ with an annualized return of 8.54%, while DGZ has yielded a comparatively lower -7.90% annualized return.
SGDM
- 1D
- -2.85%
- 1M
- -5.85%
- 6M
- -18.69%
- YTD
- -11.23%
- 1Y
- 38.43%
- 3Y*
- 35.17%
- 5Y*
- 17.63%
- 10Y*
- 8.54%
- ALL TIME*
- 8.60%
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 | |
| $1.70M | $1.88M | $3.01M |
SGDM vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | -11.23% | 153.46% | 12.14% | 2.34% | -8.23% | -9.15% | 21.85% | 44.27% | -15.14% | 10.46% |
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 SGDM and DGZ is -0.23, 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. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014 | -0.57 |
Over the past year, the inverse relationship between SGDM and DGZ has weakened: their correlation has moved from -0.57 to -0.23, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SGDM vs. DGZ — Risk / Return Rank
SGDM
DGZ
SGDM vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Gold Miners ETF (SGDM) 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.
| SGDM | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.02 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.49 | +1.57 |
| Martin ratioReturn relative to average drawdown | 2.32 | -0.86 | +3.18 |
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Drawdowns
SGDM vs. DGZ - Drawdown Comparison
The maximum SGDM drawdown since its inception was -54.95%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for SGDM and DGZ.
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Drawdown Indicators
| SGDM | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.95% | -86.32% | +31.37% |
Max Drawdown (1Y)Largest decline over 1 year | -38.29% | -36.14% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -38.29% | -59.54% | +21.25% |
Max Drawdown (5Y)Largest decline over 5 years | -45.06% | -61.54% | +16.48% |
Max Drawdown (10Y)Largest decline over 10 years | -49.69% | -71.49% | +21.80% |
Current DrawdownCurrent decline from peak | -35.16% | -82.62% | +47.46% |
Average DrawdownAverage peak-to-trough decline | -25.55% | -57.94% | +32.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.71% | 20.58% | -2.87% |
Volatility
SGDM vs. DGZ - Volatility Comparison
The current volatility for Sprott Gold Miners ETF (SGDM) is 12.24%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 19.90%. This indicates that SGDM 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
| SGDM | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.24% | 19.90% | -7.66% |
Volatility (6M)Calculated over the trailing 6-month period | 39.30% | 60.03% | -20.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.67% | 71.95% | -24.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.54% | 37.59% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.98% | 28.84% | +8.14% |
SGDM vs. DGZ - Expense Ratio Comparison
SGDM has a 0.50% expense ratio, which is lower than DGZ's 0.75% expense ratio.
Dividends
SGDM vs. DGZ - Dividend Comparison
SGDM's dividend yield for the trailing twelve months is around 1.18%, 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% |
SGDM Sprott Gold Miners ETF | 1.18% | 1.04% | 1.04% | 1.39% | 1.42% | 1.33% | 0.30% | 0.25% | 0.50% | 0.58% | 0.02% | 1.47% |
Frequently Asked Questions
SGDM and DGZ have a correlation of -0.23, 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 SGDM (12.24%). In terms of maximum drawdown, SGDM dropped -54.95% vs DGZ's -86.32%.
On 10-year performance, SGDM leads with 8.54% vs -7.90% for DGZ. On fees, SGDM is cheaper at 0.50% per year. On volatility, SGDM has been the lower-risk option at 12.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGDM has performed better with a 8.54% return vs -7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGDM is cheaper with a 0.50% expense ratio, compared with 0.75% for DGZ.
SGDM has the higher dividend yield at 1.18%, compared with 0.00% for DGZ.
SGDM is categorized as Gold, while DGZ is Inverse Commodities. SGDM tracks Solactive 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 SGDM and 0.75% for DGZ.
SGDM currently has the higher Sharpe Ratio (0.86 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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