DB Gold Short ETN (DGZ) Performance
DGZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.9% since Dec 31, 2025
- 1 year
- −8.2% total return
- 5 years
- −11.7% a year
- 10 years
- −8.9% a year
- Since first price
- −7.8% a year since 2008
DGZ trailing returns vs SPY, QQQ, AGG
| Period | DGZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +5.0% | +5.0% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.7% | −0.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.0% | +6.0% | +7.8% | +8.4% | −1.5% |
| YTD | −1.9% | −1.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −8.2% | −8.2% | +14.4% | +15.9% | −1.1% |
| 3 years | −46.0%−18.6%/yr | −46.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −46.3%−11.7%/yr | −46.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −60.6%−8.9%/yr | −60.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −56.0%−5.3%/yr | −56.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionFeb 29, 2008 | −77.9%−7.8%/yr | −77.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DGZ vs SPY
From Feb 29, 2008: DGZ grew to $2,214, SPY to $79,931.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DGZ returns by calendar year
5 of 17 full years positive. Best 2013 (+33.2%), worst 2025 (−32.6%). 2026 is year to date.
DGZ annual returns table
| Year | DGZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.9% | −31.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −32.6% | −38.5% | +17.7% | +20.8% | +7.2% |
| 2024 | −16.5% | −23.3% | +24.9% | +25.6% | +1.3% |
| 2023 | −4.7% | −11.2% | +26.2% | +54.9% | +5.7% |
| 2022 | +4.9% | −13.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +1.5% | −12.5% | +28.7% | +27.4% | −1.8% |
| 2020 | −20.8% | −27.7% | +18.3% | +48.6% | +7.5% |
| 2019 | −13.4% | −17.7% | +31.2% | +39.0% | +8.5% |
| 2018 | +4.9% | −8.5% | −4.6% | −0.1% | +0.1% |
| 2017 | −11.4% | −13.7% | +21.7% | +32.7% | +3.6% |
| 2016 | −10.2% | −23.6% | +12.0% | +7.1% | +2.4% |
| 2015 | +9.1% | −10.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −0.4% | −12.1% | +13.5% | +19.2% | +6.0% |
| 2013 | +33.2% | −15.8% | +32.3% | +36.6% | −2.0% |
| 2012 | −8.4% | −14.3% | +16.0% | +18.1% | +3.8% |
| 2011 | −15.0% | −33.6% | +1.9% | +3.4% | +7.7% |
| 2010 | −24.0% | −26.7% | +15.1% | +19.9% | +6.4% |
| 2009 | −23.0% | −35.1% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DGZ largest drawdowns
Now 83.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 12, 2008 | −86.3% | Mar 10, 2026 | not yet | 17.3 years | 17.9 years so far |
| Sep 11, 2008 | −18.1% | Sep 29, 2008 | Oct 22, 2008 | 18 days | 41 days |
| May 1, 2008 | −12.5% | Jul 15, 2008 | Aug 11, 2008 | 2 months | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DGZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | −19.7% | −11.8% | −8.4% | −7.7% |
| Volatility (annualized) | 24.0% | 20.4% | 16.9% | 18.2% |
| Sharpe ratio | -0.97 | -0.68 | -0.56 | -0.42 |
| Sortino ratio | -1.14 | -0.82 | -0.69 | -0.53 |
| Best month | +14.6% | +14.6% | +14.6% | +16.6% |
| Worst month | −17.1% | −17.1% | −17.1% | −17.1% |
| Best 12 months | −8.8% | +11.8% | +12.5% | +33.2% |
| Worst 12 months | −40.5% | −40.5% | −40.5% | −40.5% |
| Positive months | 31% | 42% | 45% | 47% |
| Beta vs S&P 500 | 0.13 | -0.13 | -0.11 | — |
| Correlation with S&P 500 | 0.07 | -0.10 | -0.10 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DGZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 213 | −40.5% | −7.9% | +33.2% | 31% |
| 3-year (a year) | 189 | −28.3% | −5.2% | +13.9% | 17% |
| 5-year (a year) | 165 | −15.7% | −6.4% | +5.2% | 19% |
| 10-year (a year) | 105 | −10.8% | −4.9% | +0.1% | 2% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
DGZ performance overview
DB Gold Short ETN (DGZ) returned −8.2% over the past year and −8.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −7.8% a year, turning $10,000 into about $2,214. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −86.3%, from Nov 12, 2008 to Mar 10, 2026; the fund has not yet regained that high. DGZ finished 5 of its 17 full calendar years with a gain; the best year was 2013 (+33.2%) and the worst 2025 (−32.6%). Volatility has been 18.2% a year.
Related: DGZ chart. See the DGZ overview for the latest quote and fund facts.
DGZ performance FAQ
What is the DGZ return over the past year?
DGZ returned −8.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 8.2%.
What is the average annual return of DGZ?
DGZ has returned −11.7% a year over 5 years, −8.9% a year over 10 years, −7.8% a year since February 29, 2008 (total return, distributions reinvested).
How much would $10,000 invested in DGZ be worth?
$10,000 invested in DGZ at its first recorded close on February 29, 2008 would be worth about $2,214 on October 23, 2026 with distributions reinvested.
What was the worst year for DGZ?
The worst calendar year was 2025, with a total return of −32.6%. The best was 2013 at +33.2%.
What is the biggest drawdown of DGZ?
The largest peak-to-trough decline was −86.3% between November 12, 2008 and March 10, 2026. It has not yet recovered to that high; it is 83.2% below its peak.
How volatile is DGZ?
Over the past 3 years DGZ had an annualized volatility of 24.0% and a Sharpe ratio of -0.97 (excess return over 1–3 month T-bills per unit of risk).