DGP vs. GFI

Last updated Jun 23, 2026

DGP (DB Gold Double Long Exchange Traded Notes) is Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while GFI (Gold Fields Limited) is a stock. Over the past 10 years, DGP returned 17.68%/yr vs 25.50%/yr for GFI. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

DGP vs. GFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and Gold Fields Limited (GFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGP achieves a -11.34% return, which is significantly higher than GFI's -18.37% return. Over the past 10 years, DGP has underperformed GFI with an annualized return of 17.68%, while GFI has yielded a comparatively higher 25.50% annualized return.

DGP

• 1D: -1.39%
• 1M: -14.72%
• YTD: -11.34%
• 6M: -17.00%
• 1Y: 37.49%
• 3Y*: 51.82%
• 5Y*: 30.60%
• 10Y*: 17.68%

GFI

• 1D: -10.28%
• 1M: -12.40%
• YTD: -18.37%
• 6M: -24.21%
• 1Y: 47.67%
• 3Y*: 38.81%
• 5Y*: 35.24%
• 10Y*: 25.50%

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

DGP vs. GFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGP DB Gold Double Long Exchange Traded Notes	-11.34%	141.40%	53.16%	16.97%	-5.54%	-11.29%	45.29%	32.27%	-7.48%	24.20%
GFI Gold Fields Limited	-18.37%	240.42%	-6.27%	44.90%	-2.61%	23.33%	43.02%	89.47%	-16.75%	45.29%

Correlation

The correlation between DGP and GFI is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008	0.62

The correlation between DGP and GFI has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

Return for Risk

DGP vs. GFI — Risk / Return Rank

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

DGP

DGP Risk / Return Rank: 21
DGP Sharpe Ratio Rank: 21
DGP Sortino Ratio Rank: 22
DGP Omega Ratio Rank: 25
DGP Calmar Ratio Rank: 19
DGP Martin Ratio Rank: 20

GFI

GFI Risk / Return Rank: 65
GFI Sharpe Ratio Rank: 67
GFI Sortino Ratio Rank: 63
GFI Omega Ratio Rank: 63
GFI Calmar Ratio Rank: 64
GFI Martin Ratio Rank: 67

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. GFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and Gold Fields Limited (GFI). 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	GFI	Difference
Sharpe ratio: Return per unit of total volatility	0.69	0.78	-0.09
Sortino ratio: Return per unit of downside risk	1.20	1.35	-0.15
Omega ratio: Gain probability vs. loss probability	1.17	1.17	-0.01
Calmar ratio: Return relative to maximum drawdown	0.86	1.09	-0.23
Martin ratio: Return relative to average drawdown	2.28	2.78	-0.50

DGP vs. GFI - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 0.69, which is comparable to the GFI Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of DGP and GFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DGP vs. GFI - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum GFI drawdown of -88.05%. Use the drawdown chart below to compare losses from any high point for DGP and GFI.

Drawdown Indicators

	DGP	GFI	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-88.05%	+12.74%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	-43.90%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-43.98%	-43.90%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-51.24%	-56.22%	+4.98%
Max Drawdown (10Y) Largest decline over 10 years	-51.24%	-63.09%	+11.85%
Current Drawdown Current decline from peak	-41.00%	-42.06%	+1.06%
Average Drawdown Average peak-to-trough decline	-41.08%	-44.24%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.49%	17.19%	-0.70%

Volatility

DGP vs. GFI - Volatility Comparison

The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 16.88%, while Gold Fields Limited (GFI) has a volatility of 20.07%. This indicates that DGP experiences smaller price fluctuations and is considered to be less risky than GFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGP	GFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.88%	20.07%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	48.83%	47.96%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	54.65%	61.31%	-6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.23%	52.64%	-13.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.35%	54.98%	-19.63%

Dividends

DGP vs. GFI - Dividend Comparison

DGP has not paid dividends to shareholders, while GFI's dividend yield for the trailing twelve months is around 5.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GFI Gold Fields Limited	5.32%	1.77%	2.94%	2.87%	3.40%	3.24%	1.72%	0.81%	1.61%	1.41%	1.35%	0.60%

Frequently Asked Questions

Can I hold both DGP and GFI in my portfolio?

DGP and GFI have a correlation of 0.70, 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 GFI?

GFI has higher volatility (20.07%) compared to DGP (16.88%). In terms of maximum drawdown, DGP dropped -75.31% vs GFI's -88.05%.

Which has better risk-adjusted returns?

GFI currently has the higher Sharpe Ratio (0.78 vs 0.69), 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.