DGP vs. BITI
DGP (DB Gold Double Long Exchange Traded Notes) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, DGP returned 46.51%/yr vs -30.65%/yr for BITI. At a correlation of -0.17, they often move in opposite directions. DGP charges 0.75%/yr vs 1.03%/yr for BITI.
Performance
DGP vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -19.95% return, which is significantly lower than BITI's 28.75% return.
DGP
- 1D
- -4.99%
- 1M
- -11.04%
- 6M
- -29.70%
- YTD
- -19.95%
- 1Y
- 24.83%
- 3Y*
- 46.51%
- 5Y*
- 26.51%
- 10Y*
- 16.18%
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
DGP vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | -19.95% | 141.40% | 53.16% | 16.97% | -4.34% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between DGP and BITI is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.17 |
The correlation between DGP and BITI shifts across timeframes, from -0.27 (1 year) to -0.15 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DGP vs. BITI — Risk / Return Rank
DGP
BITI
DGP vs. BITI - 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 Short Bitcoin ETF (BITI). 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 | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.26 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 2.72 | -2.19 |
| Martin ratioReturn relative to average drawdown | 1.27 | 6.78 | -5.51 |
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Drawdowns
DGP vs. BITI - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for DGP and BITI.
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Drawdown Indicators
| DGP | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -92.16% | +16.85% |
Max Drawdown (1Y)Largest decline over 1 year | -46.98% | -25.28% | -21.70% |
Max Drawdown (3Y)Largest decline over 3 years | -46.98% | -84.63% | +37.65% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | — | — |
Current DrawdownCurrent decline from peak | -46.73% | -85.94% | +39.21% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -68.34% | +27.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.56% | 10.11% | +9.45% |
Volatility
DGP vs. BITI - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 16.07% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.07% | 11.38% | +4.69% |
Volatility (6M)Calculated over the trailing 6-month period | 48.64% | 34.25% | +14.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.50% | 44.14% | +11.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.56% | 52.28% | -12.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.41% | 52.28% | -16.87% |
DGP vs. BITI - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
DGP vs. BITI - Dividend Comparison
DGP has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% |
DGP DB Gold Double Long Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DGP and BITI have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGP has higher volatility (16.07%) compared to BITI (11.38%). In terms of maximum drawdown, DGP dropped -75.31% vs BITI's -92.16%.
On 3-year performance, DGP leads with 46.51% vs -30.65% for BITI. On fees, DGP is cheaper at 0.75% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DGP has performed better with a 46.51% return vs -30.65%. 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 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 0.00% for DGP.
DGP is categorized as Leveraged Commodities, while BITI is Cryptocurrency. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGP and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.56 vs 0.45), 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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