DBEM vs. DGP
DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - DBEM is a Emerging Markets Equities fund tracking the MSCI EM US Dollar Hedged Index, while DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Both are passively managed. Over the past 10 years, DBEM returned 10.73%/yr vs 20.46%/yr for DGP. At a 0.12 correlation, their price movements are largely independent. DBEM charges 0.66%/yr vs 0.75%/yr for DGP.
Performance
DBEM vs. DGP - Performance Comparison
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Returns By Period
In the year-to-date period, DBEM achieves a 32.18% return, which is significantly higher than DGP's 1.01% return. Over the past 10 years, DBEM has underperformed DGP with an annualized return of 10.73%, while DGP has yielded a comparatively higher 20.46% annualized return.
DBEM
- 1D
- -0.69%
- 1M
- 10.58%
- YTD
- 32.18%
- 6M
- 34.98%
- 1Y
- 64.04%
- 3Y*
- 25.82%
- 5Y*
- 9.74%
- 10Y*
- 10.73%
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%
DBEM vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF | 32.18% | 30.42% | 10.61% | 10.53% | -17.00% | -2.26% | 18.12% | 16.77% | -10.81% | 27.10% |
DGP DB Gold Double Long Exchange Traded Notes | 1.01% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
Correlation
The correlation between DBEM and DGP is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2011 | 0.12 |
Over the past year, DBEM and DGP have become more correlated (0.32) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
DBEM vs. DGP — Risk / Return Rank
DBEM
DGP
DBEM vs. DGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) 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.
| DBEM | DGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.48 | ||
| Sortino ratioReturn per unit of downside risk | +3.02 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.23 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 6.13 | 1.58 | +4.55 |
| Martin ratioReturn relative to average drawdown | 24.38 | 4.05 | +20.33 |
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
| DBEM | DGP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.58 | 1.10 | +2.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 0.79 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.59 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.28 | +0.05 |
Drawdowns
DBEM vs. DGP - Drawdown Comparison
The maximum DBEM drawdown since its inception was -33.51%, smaller than the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for DBEM and DGP.
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Drawdown Indicators
| DBEM | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.51% | -75.31% | +41.80% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -36.58% | +26.07% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -36.58% | +21.46% |
Max Drawdown (5Y)Largest decline over 5 years | -30.48% | -51.24% | +20.76% |
Max Drawdown (10Y)Largest decline over 10 years | -33.51% | -51.24% | +17.73% |
Current DrawdownCurrent decline from peak | -0.69% | -32.78% | +32.09% |
Average DrawdownAverage peak-to-trough decline | -11.69% | -41.09% | +29.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 14.24% | -11.61% |
Volatility
DBEM vs. DGP - Volatility Comparison
The current volatility for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) is 7.53%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 10.48%. This indicates that DBEM 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
| DBEM | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.53% | 10.48% | -2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 15.53% | 46.34% | -30.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.96% | 52.47% | -34.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.08% | 38.77% | -21.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.14% | 35.04% | -17.90% |
DBEM vs. DGP - Expense Ratio Comparison
DBEM has a 0.66% expense ratio, which is lower than DGP's 0.75% expense ratio.
Dividends
DBEM vs. DGP - Dividend Comparison
DBEM's dividend yield for the trailing twelve months is around 1.39%, while DGP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF | 1.39% | 1.84% | 2.48% | 2.55% | 2.65% | 1.77% | 1.74% | 2.59% | 2.85% | 1.51% | 1.59% | 3.49% |
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
DBEM and DGP have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGP has higher volatility (10.48%) compared to DBEM (7.53%). In terms of maximum drawdown, DBEM dropped -33.51% vs DGP's -75.31%.
On 10-year performance, DGP leads with 20.46% vs 10.73% for DBEM. On fees, DBEM is cheaper at 0.66% per year. On volatility, DBEM has been the lower-risk option at 7.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGP has performed better with a 20.46% return vs 10.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBEM is cheaper with a 0.66% expense ratio, compared with 0.75% for DGP.
DBEM has the higher dividend yield at 1.39%, compared with 0.00% for DGP.
DBEM is categorized as Emerging Markets Equities, while DGP is Leveraged Commodities. DBEM tracks MSCI EM US Dollar Hedged Index, while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Their fees differ too: 0.66% for DBEM and 0.75% for DGP.
DBEM currently has the higher Sharpe Ratio (3.58 vs 1.10), 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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