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 8.81%/yr vs -7.63%/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 -12.51% return, which is significantly lower than DGZ's 7.37% return. Over the past 10 years, SGDM has outperformed DGZ with an annualized return of 8.81%, while DGZ has yielded a comparatively lower -7.63% annualized return.
SGDM
- 1D
- -2.92%
- 1M
- -8.31%
- 6M
- -21.49%
- YTD
- -12.51%
- 1Y
- 35.60%
- 3Y*
- 32.22%
- 5Y*
- 17.55%
- 10Y*
- 8.81%
DGZ
- 1D
- 1.32%
- 1M
- 6.28%
- 6M
- 12.88%
- YTD
- 7.37%
- 1Y
- -11.14%
- 3Y*
- -15.55%
- 5Y*
- -9.77%
- 10Y*
- -7.63%
SGDM vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | -12.51% | 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 | 7.37% | -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 -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
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 -0.27, 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 | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.04 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | -0.31 | +1.30 |
| Martin ratioReturn relative to average drawdown | 2.29 | -0.55 | +2.84 |
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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 | -36.10% | -36.14% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -36.10% | -59.54% | +23.44% |
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 | -36.10% | -81.61% | +45.51% |
Average DrawdownAverage peak-to-trough decline | -25.50% | -57.86% | +32.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.61% | 20.16% | -4.55% |
Volatility
SGDM vs. DGZ - Volatility Comparison
The current volatility for Sprott Gold Miners ETF (SGDM) is 14.97%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 24.11%. 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 | 14.97% | 24.11% | -9.14% |
Volatility (6M)Calculated over the trailing 6-month period | 39.69% | 58.97% | -19.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.34% | 70.25% | -22.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.43% | 36.88% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.02% | 28.40% | +8.62% |
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 1.19%, 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 | 1.19% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.11%) compared to SGDM (14.97%). In terms of maximum drawdown, SGDM dropped -54.95% vs DGZ's -86.32%.
On 10-year performance, SGDM leads with 8.81% vs -7.63% for DGZ. On fees, SGDM is cheaper at 0.50% per year. On volatility, SGDM has been the lower-risk option at 14.97%. 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 8.81% return vs -7.63%. 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 1.19%, 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 (0.76 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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