ASHX vs. DGP

Last updated Jun 23, 2026

ASHX (Xtrackers MSCI China A Inclusion Equity ETF) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - ASHX is a China Equities fund tracking the MSCI China A Inclusion Index, while DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Both are passively managed. At a 0.08 correlation, their price movements are largely independent. ASHX charges 0.60%/yr vs 0.75%/yr for DGP.

Performance

ASHX vs. DGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and DB Gold Double Long Exchange Traded Notes (DGP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ASHX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DGP

• 1D: -1.39%
• 1M: -14.72%
• YTD: -11.34%
• 6M: -17.00%
• 1Y: 37.49%
• 3Y*: 51.82%
• 5Y*: 30.60%
• 10Y*: 17.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ASHX vs. DGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-27.51%	20.14%
DGP DB Gold Double Long Exchange Traded Notes	-11.34%	141.40%	53.16%	16.97%	-5.54%	-11.29%	45.29%	32.27%	-7.48%	24.20%

Correlation

The correlation between ASHX and DGP is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Oct 20, 2015	0.08

Return for Risk

ASHX vs. DGP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASHX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DGP

DGP Risk / Return Rank: 21
DGP Sharpe Ratio Rank: 21
DGP Sortino Ratio Rank: 22
DGP Omega Ratio Rank: 25
DGP Calmar Ratio Rank: 19
DGP Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASHX vs. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and DB Gold Double Long Exchange Traded Notes (DGP). 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.

	ASHX	DGP	Difference
Sharpe ratio: Return per unit of total volatility	—	0.69	—
Sortino ratio: Return per unit of downside risk	—	1.20	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	0.86	—
Martin ratio: Return relative to average drawdown	—	2.28	—

Drawdowns

Drawdown Indicators

	ASHX	DGP	Difference
Max Drawdown Largest peak-to-trough decline	—	-75.31%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-43.98%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-43.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-51.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.24%	—
Current Drawdown Current decline from peak	—	-41.00%	—
Average Drawdown Average peak-to-trough decline	—	-41.08%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.49%	—

Volatility

Volatility by Period

	ASHX	DGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	48.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	54.65%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	39.23%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	35.35%	—

ASHX vs. DGP - Expense Ratio Comparison

ASHX has a 0.60% expense ratio, which is lower than DGP's 0.75% expense ratio.

Dividends

ASHX vs. DGP - Dividend Comparison

Neither ASHX nor DGP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.00%	2.38%	1.76%	0.84%	0.80%	1.78%	1.07%	2.48%	19.46%	2.91%
DGP DB Gold Double Long 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%

Frequently Asked Questions

Can I hold both ASHX and DGP in my portfolio?

ASHX and DGP have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASHX or DGP?

On fees, ASHX is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASHX or DGP?

ASHX is cheaper with a 0.60% expense ratio, compared with 0.75% for DGP.

Which ETF pays a higher dividend yield, ASHX or DGP?

ASHX and DGP have nearly identical dividend yields, around 0.00%.

What is the main difference between ASHX and DGP?

ASHX is categorized as China Equities, while DGP is Leveraged Commodities. ASHX tracks MSCI China A Inclusion Index, while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Their fees differ too: 0.60% for ASHX and 0.75% for DGP.