DBEZ vs. DGP
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 12.90%/yr vs 17.25%/yr for DGP. At a correlation of -0.02, they often move in opposite directions. DBEZ charges 0.47%/yr vs 0.75%/yr for DGP.
Performance
DBEZ vs. DGP - Performance Comparison
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Returns By Period
In the year-to-date period, DBEZ achieves a 12.37% return, which is significantly higher than DGP's -14.58% return. Over the past 10 years, DBEZ has underperformed DGP with an annualized return of 12.90%, while DGP has yielded a comparatively higher 17.25% annualized return.
DBEZ
- 1D
- -1.34%
- 1M
- 3.40%
- YTD
- 12.37%
- 6M
- 13.09%
- 1Y
- 25.09%
- 3Y*
- 18.47%
- 5Y*
- 12.19%
- 10Y*
- 12.90%
DGP
- 1D
- -3.65%
- 1M
- -17.84%
- YTD
- -14.58%
- 6M
- -21.57%
- 1Y
- 32.14%
- 3Y*
- 49.95%
- 5Y*
- 29.64%
- 10Y*
- 17.25%
DBEZ vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF | 12.37% | 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 | -14.58% | 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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2014 | -0.02 |
The correlation between DBEZ and DGP shifts across timeframes, from -0.02 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBEZ vs. DGP — Risk / Return Rank
DBEZ
DGP
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.
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.
| DBEZ | DGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.15 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 0.73 | +1.55 |
| Martin ratioReturn relative to average drawdown | 9.04 | 1.93 | +7.11 |
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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
| DBEZ | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.76% | -75.31% | +36.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -43.98% | +32.95% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -43.98% | +28.39% |
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 DrawdownCurrent decline from peak | -1.64% | -43.16% | +41.52% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -41.08% | +35.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 16.71% | -13.93% |
Volatility
DBEZ vs. DGP - Volatility Comparison
The current volatility for Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) is 4.98%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 17.11%. 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
| DBEZ | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.98% | 17.11% | -12.13% |
Volatility (6M)Calculated over the trailing 6-month period | 12.69% | 48.95% | -36.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.05% | 54.67% | -39.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 39.27% | -22.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.14% | 35.31% | -17.17% |
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 1.28%, while DGP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF | 1.28% | 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGP has higher volatility (17.11%) compared to DBEZ (4.98%). In terms of maximum drawdown, DBEZ dropped -38.76% vs DGP's -75.31%.
On 10-year performance, DGP leads with 17.25% vs 12.90% for DBEZ. On fees, DBEZ is cheaper at 0.47% per year. On volatility, DBEZ has been the lower-risk option at 4.98%. 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 17.25% return vs 12.90%. 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 1.28%, 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 (1.67 vs 0.59), 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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