SPPP vs. DGZ
SPPP (Sprott Physical Platinum and Palladium Trust) and DGZ (DB Gold Short Exchange Traded Notes) are both exchange-traded funds - SPPP is a Precious Metals fund actively managed by Sprott, while DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%). SPPP is actively managed, while DGZ is passively managed. Over the past 10 years, SPPP returned 6.70%/yr vs -7.18%/yr for DGZ. At a correlation of -0.36, they often move in opposite directions. SPPP charges 1.02%/yr vs 0.75%/yr for DGZ.
Performance
SPPP vs. DGZ - Performance Comparison
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Returns By Period
In the year-to-date period, SPPP achieves a -25.48% return, which is significantly lower than DGZ's 12.34% return. Over the past 10 years, SPPP has outperformed DGZ with an annualized return of 6.70%, while DGZ has yielded a comparatively lower -7.18% annualized return.
SPPP
- 1D
- 2.28%
- 1M
- -17.16%
- YTD
- -25.48%
- 6M
- -30.01%
- 1Y
- 6.36%
- 3Y*
- 3.47%
- 5Y*
- -7.64%
- 10Y*
- 6.70%
DGZ
- 1D
- 2.93%
- 1M
- 20.16%
- YTD
- 12.34%
- 6M
- 19.11%
- 1Y
- -7.39%
- 3Y*
- -14.47%
- 5Y*
- -9.47%
- 10Y*
- -7.18%
SPPP vs. DGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPPP Sprott Physical Platinum and Palladium Trust | -25.48% | 89.43% | -11.89% | -25.86% | -2.37% | -21.77% | 23.84% | 46.00% | 5.53% | 35.36% |
DGZ DB Gold Short Exchange Traded Notes | 12.34% | -32.55% | -16.46% | -4.75% | 4.93% | 1.53% | -20.80% | -13.42% | 4.88% | -11.36% |
Correlation
The correlation between SPPP and DGZ is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2012 | -0.36 |
The correlation between SPPP and DGZ shifts across timeframes, from -0.36 (all time) to -0.26 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPPP vs. DGZ — Risk / Return Rank
SPPP
DGZ
SPPP vs. DGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Platinum and Palladium Trust (SPPP) 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.
| SPPP | DGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.05 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | -0.19 | +0.33 |
| Martin ratioReturn relative to average drawdown | 0.32 | -0.33 | +0.65 |
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Drawdowns
SPPP vs. DGZ - Drawdown Comparison
The maximum SPPP drawdown since its inception was -59.09%, smaller than the maximum DGZ drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for SPPP and DGZ.
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Drawdown Indicators
| SPPP | DGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.09% | -86.32% | +27.23% |
Max Drawdown (1Y)Largest decline over 1 year | -45.66% | -38.32% | -7.34% |
Max Drawdown (3Y)Largest decline over 3 years | -45.66% | -59.54% | +13.88% |
Max Drawdown (5Y)Largest decline over 5 years | -58.50% | -61.54% | +3.04% |
Max Drawdown (10Y)Largest decline over 10 years | -59.09% | -71.49% | +12.40% |
Current DrawdownCurrent decline from peak | -44.42% | -80.76% | +36.34% |
Average DrawdownAverage peak-to-trough decline | -26.53% | -57.81% | +31.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.18% | 22.28% | -2.10% |
Volatility
SPPP vs. DGZ - Volatility Comparison
The current volatility for Sprott Physical Platinum and Palladium Trust (SPPP) is 12.63%, while DB Gold Short Exchange Traded Notes (DGZ) has a volatility of 44.52%. This indicates that SPPP 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
| SPPP | DGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.63% | 44.52% | -31.89% |
Volatility (6M)Calculated over the trailing 6-month period | 46.29% | 58.77% | -12.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.74% | 69.78% | -18.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.13% | 36.57% | -1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.29% | 28.21% | +5.08% |
SPPP vs. DGZ - Expense Ratio Comparison
SPPP has a 1.02% expense ratio, which is higher than DGZ's 0.75% expense ratio.
Dividends
SPPP vs. DGZ - Dividend Comparison
Neither SPPP nor DGZ has paid dividends to shareholders.
Frequently Asked Questions
SPPP and DGZ have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (44.52%) compared to SPPP (12.63%). In terms of maximum drawdown, SPPP dropped -59.09% vs DGZ's -86.32%.
On 10-year performance, SPPP leads with 6.70% vs -7.18% for DGZ. On fees, DGZ is cheaper at 0.75% per year. On volatility, SPPP has been the lower-risk option at 12.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPPP has performed better with a 6.70% return vs -7.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ is cheaper with a 0.75% expense ratio, compared with 1.02% for SPPP.
SPPP and DGZ have nearly identical dividend yields, around 0.00%.
SPPP is categorized as Precious Metals, while DGZ is Inverse Commodities. They also come from different issuers: Sprott and Deutsche Bank. Their fees differ too: 1.02% for SPPP and 0.75% for DGZ.
SPPP currently has the higher Sharpe Ratio (0.12 vs -0.11), 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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