CPXR vs. DGP

Last updated Jun 4, 2026

CPXR (USCF Daily Target 2X Copper Index ETF) and DGP (DB Gold Double Long Exchange Traded Notes) are both Leveraged Commodities funds - CPXR tracks the SummerHaven Copper Index while DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Both are passively managed. Over the past year, CPXR returned 37.97% vs 57.52% for DGP. At a 0.41 correlation, their price movements are largely independent. CPXR charges 1.20%/yr vs 0.75%/yr for DGP.

Performance

CPXR vs. DGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Daily Target 2X Copper Index ETF (CPXR) and DB Gold Double Long Exchange Traded Notes (DGP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPXR achieves a 21.61% return, which is significantly higher than DGP's 1.01% return.

CPXR

• 1D: -5.10%
• 1M: 21.98%
• YTD: 21.61%
• 6M: 34.31%
• 1Y: 37.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DGP

• 1D: -1.70%
• 1M: -3.55%
• YTD: 1.01%
• 6M: 5.64%
• 1Y: 57.52%
• 3Y*: 57.85%
• 5Y*: 30.49%
• 10Y*: 20.46%

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

CPXR vs. DGP - Yearly Performance Comparison

	2026 (YTD)	2025
CPXR USCF Daily Target 2X Copper Index ETF	21.61%	36.03%
DGP DB Gold Double Long Exchange Traded Notes	1.01%	120.89%

Correlation

The correlation between CPXR and DGP is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.41

Return for Risk

CPXR vs. DGP — Risk / Return Rank

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

CPXR

CPXR Risk / Return Rank: 20
CPXR Sharpe Ratio Rank: 18
CPXR Sortino Ratio Rank: 21
CPXR Omega Ratio Rank: 27
CPXR Calmar Ratio Rank: 19
CPXR Martin Ratio Rank: 16

DGP

DGP Risk / Return Rank: 30
DGP Sharpe Ratio Rank: 30
DGP Sortino Ratio Rank: 29
DGP Omega Ratio Rank: 34
DGP Calmar Ratio Rank: 32
DGP Martin Ratio Rank: 28

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.

CPXR vs. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) 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.

	CPXR	DGP	Difference
Sharpe ratio: Return per unit of total volatility	0.55	1.10	-0.55
Sortino ratio: Return per unit of downside risk	1.11	1.60	-0.49
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	0.80	1.58	-0.78
Martin ratio: Return relative to average drawdown	1.47	4.05	-2.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPXR vs. DGP - Sharpe Ratio Comparison

The current CPXR Sharpe Ratio is 0.55, which is lower than the DGP Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of CPXR and DGP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPXR	DGP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	1.10	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.28	+0.37

Drawdowns

CPXR vs. DGP - Drawdown Comparison

The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for CPXR and DGP.

Drawdown Indicators

	CPXR	DGP	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-75.31%	+27.44%
Max Drawdown (1Y) Largest decline over 1 year	-47.87%	-36.58%	-11.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-36.58%	—
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	-5.10%	-32.78%	+27.68%
Average Drawdown Average peak-to-trough decline	-19.88%	-41.09%	+21.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.94%	14.24%	+11.70%

Volatility

CPXR vs. DGP - Volatility Comparison

USCF Daily Target 2X Copper Index ETF (CPXR) has a higher volatility of 18.75% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 10.48%. This indicates that CPXR's price experiences larger fluctuations and is considered to be riskier than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPXR	DGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.75%	10.48%	+8.27%
Volatility (6M) Calculated over the trailing 6-month period	45.26%	46.34%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	68.77%	52.47%	+16.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.61%	38.77%	+29.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.61%	35.04%	+33.57%

CPXR vs. DGP - Expense Ratio Comparison

CPXR has a 1.20% expense ratio, which is higher than DGP's 0.75% expense ratio.

Dividends

CPXR vs. DGP - Dividend Comparison

CPXR's dividend yield for the trailing twelve months is around 0.58%, while DGP has not paid dividends to shareholders.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%
DGP DB Gold Double Long Exchange Traded Notes	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPXR and DGP in my portfolio?

CPXR and DGP have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPXR or DGP?

CPXR has higher volatility (18.75%) compared to DGP (10.48%). In terms of maximum drawdown, CPXR dropped -47.87% vs DGP's -75.31%.

Which ETF is better, CPXR or DGP?

On 1-year performance, DGP leads with 57.52% vs 37.97% for CPXR. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 10.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPXR or DGP?

Over the 1-year period, DGP has performed better with a 57.52% return vs 37.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPXR or DGP?

DGP is cheaper with a 0.75% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for DGP.

What is the main difference between CPXR and DGP?

CPXR tracks SummerHaven Copper Index, while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). They also come from different issuers: USCF and Deutsche Bank. Their fees differ too: 1.20% for CPXR and 0.75% for DGP.

Which has better risk-adjusted returns?

DGP currently has the higher Sharpe Ratio (1.10 vs 0.55), 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.