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DGP vs. DBAW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DGP vs. DBAW

Last updated Jun 4, 2026

DGP (DB Gold Double Long Exchange Traded Notes) and DBAW (Xtrackers MSCI All World ex US Hedged 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 DBAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DGP returned 20.46%/yr vs 11.44%/yr for DBAW. At a 0.01 correlation, their price movements are largely independent. DGP charges 0.75%/yr vs 0.41%/yr for DBAW.

Performance

DGP vs. DBAW - 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 World ex US Hedged Equity ETF (DBAW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DGP achieves a 1.01% return, which is significantly lower than DBAW's 16.12% return. Over the past 10 years, DGP has outperformed DBAW with an annualized return of 20.46%, while DBAW has yielded a comparatively lower 11.44% 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%

DBAW

1D
-0.51%
1M
6.28%
YTD
16.12%
6M
18.39%
1Y
36.60%
3Y*
21.15%
5Y*
11.32%
10Y*
11.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DGP vs. DBAW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		16.12%26.47%14.35%16.26%-13.35%13.08%7.44%22.96%-10.38%18.79%

Correlation

The correlation between DGP and DBAW is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.17

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2014

0.01

Over the past year, DGP and DBAW have become more correlated (0.29) than their long-term average of 0.01, meaning their price movements have been converging.

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DB Gold Double Long Exchange Traded Notes

Xtrackers MSCI All World ex US Hedged Equity ETF

Often compared with DGP:
DGP vs. UGLDGP vs. GFIDGP vs. JNUGDGP vs. WPMDGP vs. LYFTDGP vs. IAUDGP vs. IAUM
Often compared with DBAW:
DBAW vs. HAWXDBAW vs. HFXIDBAW vs. GSIEDBAW vs. MDIJXDBAW vs. BROIXDBAW vs. BKIEDBAW vs. DXJ

Return for Risk

DGP vs. DBAW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DGP
DGP Risk / Return Rank: 3030
Overall Rank
DGP Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
DGP Sortino Ratio Rank: 2929
Sortino Ratio Rank
DGP Omega Ratio Rank: 3434
Omega Ratio Rank
DGP Calmar Ratio Rank: 3232
Calmar Ratio Rank
DGP Martin Ratio Rank: 2828
Martin Ratio Rank
DBAW
DBAW Risk / Return Rank: 8484
Overall Rank
DBAW Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
DBAW Sortino Ratio Rank: 8686
Sortino Ratio Rank
DBAW Omega Ratio Rank: 8787
Omega Ratio Rank
DBAW Calmar Ratio Rank: 7979
Calmar Ratio Rank
DBAW Martin Ratio Rank: 8383
Martin Ratio Rank
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. DBAW - 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 World ex US Hedged Equity ETF (DBAW). 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.

DGPDBAWDifference
Sharpe ratioReturn per unit of total volatility
1.10
2.86

-1.75

Sortino ratioReturn per unit of downside risk
1.60
3.90

-2.31

Omega ratioGain probability vs. loss probability

1.23

1.55

-0.32

Calmar ratioReturn relative to maximum drawdown

1.58

4.09

-2.51

Martin ratioReturn relative to average drawdown

4.05

16.97

-12.92

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. DBAW - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 1.10, which is lower than the DBAW Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of DGP and DBAW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DGPDBAWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.10

2.86

-1.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.83

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.75

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.63

-0.35

Drawdowns

DGP vs. DBAW - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, which is greater than DBAW's maximum drawdown of -31.44%. Use the drawdown chart below to compare losses from any high point for DGP and DBAW.

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Drawdown Indicators

DGPDBAWDifference

Max Drawdown

Largest peak-to-trough decline

-75.31%

-31.44%

-43.87%

Max Drawdown (1Y)

Largest decline over 1 year

-36.58%

-9.00%

-27.58%

Max Drawdown (3Y)

Largest decline over 3 years

-36.58%

-14.11%

-22.47%

Max Drawdown (5Y)

Largest decline over 5 years

-51.24%

-17.87%

-33.37%

Max Drawdown (10Y)

Largest decline over 10 years

-51.24%

-31.44%

-19.80%

Current Drawdown

Current decline from peak

-32.78%

-0.51%

-32.27%

Average Drawdown

Average peak-to-trough decline

-41.09%

-5.00%

-36.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

14.24%

2.16%

+12.08%

Volatility

DGP vs. DBAW - Volatility Comparison

DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 10.48% compared to Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) at 4.71%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than DBAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DGPDBAWDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.48%

4.71%

+5.77%

Volatility (6M)

Calculated over the trailing 6-month period

46.34%

11.00%

+35.34%

Volatility (1Y)

Calculated over the trailing 1-year period

52.47%

12.88%

+39.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.77%

13.74%

+25.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.04%

15.28%

+19.76%

DGP vs. DBAW - Expense Ratio Comparison

DGP has a 0.75% expense ratio, which is higher than DBAW's 0.41% expense ratio.

Dividends

DGP vs. DBAW - Dividend Comparison

DGP has not paid dividends to shareholders, while DBAW's dividend yield for the trailing twelve months is around 3.29%.

PositionTTM20252024202320222021202020192018201720162015
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		3.29%3.83%1.70%3.45%8.81%2.05%2.08%2.91%2.93%2.41%1.99%5.74%
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

DGP and DBAW have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DGP has higher volatility (10.48%) compared to DBAW (4.71%). In terms of maximum drawdown, DGP dropped -75.31% vs DBAW's -31.44%.

On 10-year performance, DGP leads with 20.46% vs 11.44% for DBAW. On fees, DBAW is cheaper at 0.41% per year. On volatility, DBAW has been the lower-risk option at 4.71%. 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 20.46% return vs 11.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBAW is cheaper with a 0.41% expense ratio, compared with 0.75% for DGP.

DBAW has the higher dividend yield at 3.29%, compared with 0.00% for DGP.

DGP is categorized as Leveraged Commodities, while DBAW is Foreign Large Cap Equities. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index. Their fees differ too: 0.75% for DGP and 0.41% for DBAW.

DBAW currently has the higher Sharpe Ratio (2.86 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.

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