DGP vs. CN

Last updated Jun 24, 2026

DGP (DB Gold Double Long Exchange Traded Notes) and CN (Xtrackers MSCI All China Equity ETF) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while CN is a China Equities fund tracking the MSCI China All Shares. Both are passively managed. At a 0.06 correlation, their price movements are largely independent. DGP charges 0.75%/yr vs 0.50%/yr for CN.

Performance

DGP vs. CN - 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 MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DGP vs. CN - 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%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between DGP and CN is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 30, 2014	0.06

Return for Risk

DGP vs. CN — Risk / Return Rank

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

DGP

DGP Risk / Return Rank: 19
DGP Sharpe Ratio Rank: 18
DGP Sortino Ratio Rank: 20
DGP Omega Ratio Rank: 22
DGP Calmar Ratio Rank: 18
DGP Martin Ratio Rank: 18

CN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CN - 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 MSCI All China Equity ETF (CN). 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	CN	Difference
Sharpe ratio: Return per unit of total volatility	0.59	—	—
Sortino ratio: Return per unit of downside risk	1.09	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	0.73	—	—
Martin ratio: Return relative to average drawdown	1.93	—	—

Drawdowns

Drawdown Indicators

	DGP	CN	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-43.98%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-51.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.24%	—	—
Current Drawdown Current decline from peak	-43.16%	—	—
Average Drawdown Average peak-to-trough decline	-41.08%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	16.71%	—	—

Volatility

Volatility by Period

	DGP	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	48.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	54.67%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.27%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.31%	—	—

DGP vs. CN - Expense Ratio Comparison

DGP has a 0.75% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

DGP vs. CN - Dividend Comparison

Neither DGP nor CN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
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 CN in my portfolio?

DGP and CN have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DGP or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DGP or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.75% for DGP.

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

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

What is the main difference between DGP and CN?

DGP is categorized as Leveraged Commodities, while CN is China Equities. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while CN tracks MSCI China All Shares. Their fees differ too: 0.75% for DGP and 0.50% for CN.