DGP vs. ASHS

Last updated Jun 4, 2026

DGP (DB Gold Double Long Exchange Traded Notes) and ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while ASHS is a China Equities fund tracking the CSI 500 Index. Both are passively managed. Over the past 10 years, DGP returned 20.46%/yr vs 3.27%/yr for ASHS. At a 0.11 correlation, their price movements are largely independent. DGP charges 0.75%/yr vs 0.65%/yr for ASHS.

Performance

DGP vs. ASHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGP achieves a 1.01% return, which is significantly lower than ASHS's 15.10% return. Over the past 10 years, DGP has outperformed ASHS with an annualized return of 20.46%, while ASHS has yielded a comparatively lower 3.27% annualized return.

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%

ASHS

• 1D: -0.17%
• 1M: -0.19%
• YTD: 15.10%
• 6M: 23.90%
• 1Y: 57.65%
• 3Y*: 13.41%
• 5Y*: 3.97%
• 10Y*: 3.27%

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

DGP vs. ASHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	15.10%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	7.90%

Correlation

The correlation between DGP and ASHS is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 22, 2014	0.11

Over the past year, DGP and ASHS have become more correlated (0.34) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

DGP vs. ASHS — Risk / Return Rank

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

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

ASHS

ASHS Risk / Return Rank: 74
ASHS Sharpe Ratio Rank: 78
ASHS Sortino Ratio Rank: 71
ASHS Omega Ratio Rank: 70
ASHS Calmar Ratio Rank: 80
ASHS Martin Ratio Rank: 73

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.

DGP vs. ASHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). 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.

	DGP	ASHS	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.57	-1.46
Sortino ratio: Return per unit of downside risk	1.60	3.27	-1.67
Omega ratio: Gain probability vs. loss probability	1.23	1.42	-0.19
Calmar ratio: Return relative to maximum drawdown	1.58	4.13	-2.55
Martin ratio: Return relative to average drawdown	4.05	13.72	-9.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGP vs. ASHS - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 1.10, which is lower than the ASHS Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of DGP and ASHS, 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

	DGP	ASHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	2.57	-1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.15	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.13	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.19	+0.09

Drawdowns

DGP vs. ASHS - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, which is greater than ASHS's maximum drawdown of -69.90%. Use the drawdown chart below to compare losses from any high point for DGP and ASHS.

Drawdown Indicators

	DGP	ASHS	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-69.90%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-36.58%	-14.03%	-22.55%
Max Drawdown (3Y) Largest decline over 3 years	-36.58%	-34.13%	-2.45%
Max Drawdown (5Y) Largest decline over 5 years	-51.24%	-47.81%	-3.43%
Max Drawdown (10Y) Largest decline over 10 years	-51.24%	-47.81%	-3.43%
Current Drawdown Current decline from peak	-32.78%	-33.57%	+0.79%
Average Drawdown Average peak-to-trough decline	-41.09%	-48.57%	+7.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.24%	4.21%	+10.03%

Volatility

DGP vs. ASHS - Volatility Comparison

DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 10.48% compared to Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) at 7.33%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than ASHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGP	ASHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.48%	7.33%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	46.34%	17.00%	+29.34%
Volatility (1Y) Calculated over the trailing 1-year period	52.47%	22.59%	+29.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.77%	26.46%	+12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.04%	25.57%	+9.47%

DGP vs. ASHS - Expense Ratio Comparison

DGP has a 0.75% expense ratio, which is higher than ASHS's 0.65% expense ratio.

Dividends

DGP vs. ASHS - Dividend Comparison

Neither DGP nor ASHS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.00%	0.00%	0.69%	0.65%	1.90%	0.76%	0.43%	0.57%	0.00%	0.00%	0.00%	8.34%
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

Can I hold both DGP and ASHS in my portfolio?

DGP and ASHS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGP or ASHS?

DGP has higher volatility (10.48%) compared to ASHS (7.33%). In terms of maximum drawdown, DGP dropped -75.31% vs ASHS's -69.90%.

Which ETF is better, DGP or ASHS?

On 10-year performance, DGP leads with 20.46% vs 3.27% for ASHS. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGP or ASHS?

Over the 10-year period, DGP has performed better with a 20.46% return vs 3.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGP or ASHS?

ASHS is cheaper with a 0.65% expense ratio, compared with 0.75% for DGP.

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

DGP and ASHS have nearly identical dividend yields, around 0.00%.

What is the main difference between DGP and ASHS?

DGP is categorized as Leveraged Commodities, while ASHS is China Equities. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while ASHS tracks CSI 500 Index. Their fees differ too: 0.75% for DGP and 0.65% for ASHS.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (2.57 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.