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 11.34%/yr vs -7.54%/yr for DGZ. At a correlation of -0.58, they often move in opposite directions. 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 -3.45% return, which is significantly lower than DGZ's 8.78% return. Over the past 10 years, SGDM has outperformed DGZ with an annualized return of 11.34%, while DGZ has yielded a comparatively lower -7.54% annualized return.
SGDM
- 1D
- -1.23%
- 1M
- -4.58%
- YTD
- -3.45%
- 6M
- -7.95%
- 1Y
- 49.12%
- 3Y*
- 39.66%
- 5Y*
- 19.95%
- 10Y*
- 11.34%
DGZ
- 1D
- 4.82%
- 1M
- 22.28%
- YTD
- 8.78%
- 6M
- 15.55%
- 1Y
- -11.10%
- 3Y*
- -15.52%
- 5Y*
- -10.09%
- 10Y*
- -7.54%
SGDM vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | -3.45% | 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 | 8.78% | -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 -0.28, 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 | -0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014 | -0.58 |
Over the past year, the inverse relationship between SGDM and DGZ has weakened: their correlation has moved from -0.58 to -0.28, 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 | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.04 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | -0.29 | +1.66 |
| Martin ratioReturn relative to average drawdown | 3.66 | -0.50 | +4.16 |
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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 | -35.96% | -38.32% | +2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -35.96% | -59.54% | +23.58% |
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 | -29.48% | -81.37% | +51.89% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -57.79% | +32.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.46% | 22.23% | -8.77% |
Volatility
SGDM vs. DGZ - Volatility Comparison
The current volatility for Sprott Gold Miners ETF (SGDM) is 16.43%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 45.73%. 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 | 16.43% | 45.73% | -29.30% |
Volatility (6M)Calculated over the trailing 6-month period | 39.22% | 58.49% | -19.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.84% | 69.61% | -22.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.19% | 36.44% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.03% | 28.18% | +8.85% |
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 1.08%, 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 | 1.08% | 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 -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (45.73%) compared to SGDM (16.43%). In terms of maximum drawdown, SGDM dropped -54.95% vs DGZ's -86.32%.
On 10-year performance, SGDM leads with 11.34% vs -7.54% for DGZ. On fees, SGDM is cheaper at 0.50% per year. On volatility, SGDM has been the lower-risk option at 16.43%. 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 11.34% return vs -7.54%. 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 1.08%, 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 (1.06 vs -0.16), 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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