CEFD vs. DGP
Compare and contrast key facts about ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and DB Gold Double Long Exchange Traded Notes (DGP).
CEFD and DGP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. DGP is a passively managed fund by Deutsche Bank that tracks the performance of the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). It was launched on Feb 27, 2008. Both CEFD and DGP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CEFD vs. DGP - Performance Comparison
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CEFD vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | -3.73% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 21.81% |
DGP DB Gold Double Long Exchange Traded Notes | 16.89% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 18.70% |
Returns By Period
In the year-to-date period, CEFD achieves a -3.73% return, which is significantly lower than DGP's 16.89% return.
CEFD
- 1D
- 1.63%
- 1M
- -6.56%
- YTD
- -3.73%
- 6M
- -3.27%
- 1Y
- 9.83%
- 3Y*
- 11.64%
- 5Y*
- 2.72%
- 10Y*
- —
DGP
- 1D
- 2.85%
- 1M
- -21.64%
- YTD
- 16.89%
- 6M
- 41.16%
- 1Y
- 107.27%
- 3Y*
- 64.55%
- 5Y*
- 39.08%
- 10Y*
- 22.78%
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CEFD vs. DGP - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.
Return for Risk
CEFD vs. DGP — Risk / Return Rank
CEFD
DGP
CEFD vs. DGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) 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.
| CEFD | DGP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.48 | 1.95 | -1.47 |
Sortino ratioReturn per unit of downside risk | 0.77 | 2.32 | -1.55 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.33 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 0.62 | 2.92 | -2.30 |
Martin ratioReturn relative to average drawdown | 2.80 | 11.08 | -8.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CEFD | DGP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.48 | 1.95 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 1.02 | -0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.31 | +0.12 |
Correlation
The correlation between CEFD and DGP is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CEFD vs. DGP - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 15.83%, while DGP has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 15.83% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
DGP DB Gold Double Long Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
CEFD vs. DGP - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, smaller than the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for CEFD and DGP.
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Drawdown Indicators
| CEFD | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -75.31% | +38.36% |
Max Drawdown (1Y)Largest decline over 1 year | -16.13% | -36.58% | +20.45% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -51.24% | +14.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.24% | — |
Current DrawdownCurrent decline from peak | -7.31% | -22.22% | +14.91% |
Average DrawdownAverage peak-to-trough decline | -12.01% | -41.24% | +29.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 9.64% | -6.05% |
Volatility
CEFD vs. DGP - Volatility Comparison
The current volatility for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) is 8.79%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 24.21%. This indicates that CEFD experiences smaller price fluctuations and is considered to be less risky than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.79% | 24.21% | -15.42% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 48.07% | -37.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.68% | 55.32% | -34.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.84% | 38.34% | -20.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.41% | 34.93% | -17.52% |