DGP vs. AGQ
DGP (DB Gold Double Long Exchange Traded Notes) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, DGP returned 17.25%/yr vs 5.67%/yr for AGQ. A 0.77 correlation means they provide meaningful diversification when combined. DGP charges 0.75%/yr vs 0.93%/yr for AGQ.
Performance
DGP vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -14.58% return, which is significantly higher than AGQ's -52.18% return. Over the past 10 years, DGP has outperformed AGQ with an annualized return of 17.25%, while AGQ has yielded a comparatively lower 5.67% annualized return.
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%
AGQ
- 1D
- -10.97%
- 1M
- -35.39%
- YTD
- -52.18%
- 6M
- -55.31%
- 1Y
- 54.32%
- 3Y*
- 41.58%
- 5Y*
- 10.28%
- 10Y*
- 5.67%
DGP vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AGQ ProShares Ultra Silver | -52.18% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between DGP and AGQ is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.77 |
The correlation between DGP and AGQ has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.
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Return for Risk
DGP vs. AGQ — Risk / Return Rank
DGP
AGQ
DGP vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and ProShares Ultra Silver (AGQ). 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.
| DGP | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.23 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 0.67 | +0.06 |
| Martin ratioReturn relative to average drawdown | 1.93 | 1.25 | +0.68 |
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Drawdowns
DGP vs. AGQ - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for DGP and AGQ.
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Drawdown Indicators
| DGP | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -98.16% | +22.85% |
Max Drawdown (1Y)Largest decline over 1 year | -43.98% | -81.48% | +37.50% |
Max Drawdown (3Y)Largest decline over 3 years | -43.98% | -81.48% | +37.50% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -81.48% | +30.24% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -81.48% | +30.24% |
Current DrawdownCurrent decline from peak | -43.16% | -89.85% | +46.69% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -79.87% | +38.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.71% | 43.63% | -26.92% |
Volatility
DGP vs. AGQ - Volatility Comparison
The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 17.11%, while ProShares Ultra Silver (AGQ) has a volatility of 29.28%. This indicates that DGP experiences smaller price fluctuations and is considered to be less risky than AGQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.11% | 29.28% | -12.17% |
Volatility (6M)Calculated over the trailing 6-month period | 48.95% | 135.34% | -86.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.67% | 123.59% | -68.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.27% | 75.53% | -36.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.31% | 66.15% | -30.84% |
DGP vs. AGQ - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is lower than AGQ's 0.93% expense ratio.
Dividends
DGP vs. AGQ - Dividend Comparison
Neither DGP nor AGQ has paid dividends to shareholders.
Frequently Asked Questions
DGP and AGQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (29.28%) compared to DGP (17.11%). In terms of maximum drawdown, DGP dropped -75.31% vs AGQ's -98.16%.
On 10-year performance, DGP leads with 17.25% vs 5.67% for AGQ. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 17.11%. 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 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGP is cheaper with a 0.75% expense ratio, compared with 0.93% for AGQ.
DGP and AGQ have nearly identical dividend yields, around 0.00%.
DGP is categorized as Leveraged Commodities, while AGQ is Silver. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGP and 0.93% for AGQ.
DGP currently has the higher Sharpe Ratio (0.59 vs 0.44), 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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