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DBEZ vs. DGP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBEZ vs. DGP

Last updated Jun 4, 2026

DBEZ (Xtrackers MSCI Eurozone Hedged Equity ETF) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - DBEZ is a Europe Equities fund tracking the MSCI EMU IMI 100% Hedged to USD Net Variant, 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, DBEZ returned 11.73%/yr vs 20.46%/yr for DGP. At a correlation of -0.03, they often move in opposite directions. DBEZ charges 0.47%/yr vs 0.75%/yr for DGP.

Performance

DBEZ vs. DGP - Performance Comparison

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

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Returns By Period

In the year-to-date period, DBEZ achieves a 9.52% return, which is significantly higher than DGP's 1.01% return. Over the past 10 years, DBEZ has underperformed DGP with an annualized return of 11.73%, while DGP has yielded a comparatively higher 20.46% annualized return.

DBEZ

1D
-0.83%
1M
5.81%
YTD
9.52%
6M
11.46%
1Y
18.85%
3Y*
16.73%
5Y*
11.78%
10Y*
11.73%

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

DBEZ vs. DGP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBEZ
Xtrackers MSCI Eurozone Hedged Equity ETF		9.52%26.14%9.51%21.78%-10.13%23.52%0.36%29.94%-10.81%15.62%
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 DBEZ and DGP is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.15

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Dec 16, 2014

-0.03

The correlation between DBEZ and DGP shifts across timeframes, from -0.03 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Xtrackers MSCI Eurozone Hedged Equity ETF

DB Gold Double Long Exchange Traded Notes

Often compared with DBEZ:
DBEZ vs. HEDJDBEZ vs. DBEFDBEZ vs. EUDGDBEZ vs. HEZUDBEZ vs. SPEUDBEZ vs. BBEUDBEZ vs. ^GSPC
Often compared with DGP:
DGP vs. UGLDGP vs. GFIDGP vs. JNUGDGP vs. WPMDGP vs. LYFTDGP vs. IAUDGP vs. IAUM

Return for Risk

DBEZ vs. DGP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBEZ
DBEZ Risk / Return Rank: 3737
Overall Rank
DBEZ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
DBEZ Sortino Ratio Rank: 3636
Sortino Ratio Rank
DBEZ Omega Ratio Rank: 3636
Omega Ratio Rank
DBEZ Calmar Ratio Rank: 3535
Calmar Ratio Rank
DBEZ Martin Ratio Rank: 4242
Martin Ratio Rank
DGP
DGP Risk / Return Rank: 3030
Overall Rank
DGP Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
DGP Sortino Ratio Rank: 2929
Sortino Ratio Rank
DGP Omega Ratio Rank: 3434
Omega Ratio Rank
DGP Calmar Ratio Rank: 3232
Calmar Ratio Rank
DGP Martin Ratio Rank: 2828
Martin Ratio Rank
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.

DBEZ vs. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) 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.

DBEZDGPDifference
Sharpe ratioReturn per unit of total volatility
1.30
1.10

+0.20

Sortino ratioReturn per unit of downside risk
1.88
1.60

+0.29

Omega ratioGain probability vs. loss probability

1.24

1.23

+0.01

Calmar ratioReturn relative to maximum drawdown

1.72

1.58

+0.14

Martin ratioReturn relative to average drawdown

6.67

4.05

+2.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEZ vs. DGP - Sharpe Ratio Comparison

The current DBEZ Sharpe Ratio is 1.30, which is comparable to the DGP Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of DBEZ 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.

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Sharpe Ratios by Period

DBEZDGPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.30

1.10

+0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.79

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.59

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.28

+0.31

Drawdowns

DBEZ vs. DGP - Drawdown Comparison

The maximum DBEZ drawdown since its inception was -38.76%, smaller than the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for DBEZ and DGP.

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Drawdown Indicators

DBEZDGPDifference

Max Drawdown

Largest peak-to-trough decline

-38.76%

-75.31%

+36.55%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-36.58%

+25.55%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-36.58%

+20.99%

Max Drawdown (5Y)

Largest decline over 5 years

-23.38%

-51.24%

+27.86%

Max Drawdown (10Y)

Largest decline over 10 years

-38.76%

-51.24%

+12.48%

Current Drawdown

Current decline from peak

-0.83%

-32.78%

+31.95%

Average Drawdown

Average peak-to-trough decline

-5.81%

-41.09%

+35.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

14.24%

-11.41%

Volatility

DBEZ vs. DGP - Volatility Comparison

The current volatility for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) is 5.60%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 10.48%. This indicates that DBEZ 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

DBEZDGPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.60%

10.48%

-4.88%

Volatility (6M)

Calculated over the trailing 6-month period

12.02%

46.34%

-34.32%

Volatility (1Y)

Calculated over the trailing 1-year period

14.57%

52.47%

-37.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.43%

38.77%

-22.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.36%

35.04%

-16.68%

DBEZ vs. DGP - Expense Ratio Comparison

DBEZ has a 0.47% expense ratio, which is lower than DGP's 0.75% expense ratio.

Dividends

DBEZ vs. DGP - Dividend Comparison

DBEZ's dividend yield for the trailing twelve months is around 3.84%, while DGP has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
DBEZ
Xtrackers MSCI Eurozone Hedged Equity ETF		3.84%4.20%0.62%1.84%1.68%1.64%1.99%2.86%2.56%2.11%3.42%4.92%
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

DBEZ and DGP have a correlation of 0.20, 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 DBEZ (5.60%). In terms of maximum drawdown, DBEZ dropped -38.76% vs DGP's -75.31%.

On 10-year performance, DGP leads with 20.46% vs 11.73% for DBEZ. On fees, DBEZ is cheaper at 0.47% per year. On volatility, DBEZ has been the lower-risk option at 5.60%. 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 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBEZ is cheaper with a 0.47% expense ratio, compared with 0.75% for DGP.

DBEZ has the higher dividend yield at 3.84%, compared with 0.00% for DGP.

DBEZ is categorized as Europe Equities, while DGP is Leveraged Commodities. DBEZ tracks MSCI EMU IMI 100% Hedged to USD Net Variant, while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Their fees differ too: 0.47% for DBEZ and 0.75% for DGP.

DBEZ currently has the higher Sharpe Ratio (1.30 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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