DGP vs. GLD
Compare and contrast key facts about DB Gold Double Long Exchange Traded Notes (DGP) and SPDR Gold Shares (GLD).
DGP and GLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DGP is a passively managed fund by Deutsche Bank that tracks the performance of the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). It was launched on Feb 27, 2008. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004. Both DGP and GLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DGP vs. GLD - Performance Comparison
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DGP vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | 16.89% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
GLD SPDR Gold Shares | 10.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Returns By Period
In the year-to-date period, DGP achieves a 16.89% return, which is significantly higher than GLD's 10.47% return. Over the past 10 years, DGP has outperformed GLD with an annualized return of 22.78%, while GLD has yielded a comparatively lower 14.11% annualized return.
DGP
- 1D
- 2.85%
- 1M
- -21.64%
- YTD
- 16.89%
- 6M
- 41.16%
- 1Y
- 107.27%
- 3Y*
- 64.55%
- 5Y*
- 39.08%
- 10Y*
- 22.78%
GLD
- 1D
- 1.75%
- 1M
- -10.65%
- YTD
- 10.47%
- 6M
- 22.97%
- 1Y
- 52.25%
- 3Y*
- 33.69%
- 5Y*
- 22.00%
- 10Y*
- 14.11%
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DGP vs. GLD - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is higher than GLD's 0.40% expense ratio.
Return for Risk
DGP vs. GLD — Risk / Return Rank
DGP
GLD
DGP vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.95 | 1.89 | +0.06 |
Sortino ratioReturn per unit of downside risk | 2.32 | 2.31 | +0.01 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.35 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.70 | +0.22 |
Martin ratioReturn relative to average drawdown | 11.08 | 9.90 | +1.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DGP | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 1.89 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 1.25 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.89 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.63 | -0.32 |
Correlation
The correlation between DGP and GLD is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DGP vs. GLD - Dividend Comparison
Neither DGP nor GLD has paid dividends to shareholders.
Drawdowns
DGP vs. GLD - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DGP and GLD.
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Drawdown Indicators
| DGP | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -45.56% | -29.75% |
Max Drawdown (1Y)Largest decline over 1 year | -36.58% | -19.21% | -17.37% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -21.03% | -30.21% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -22.00% | -29.24% |
Current DrawdownCurrent decline from peak | -22.22% | -11.71% | -10.51% |
Average DrawdownAverage peak-to-trough decline | -41.24% | -16.17% | -25.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.64% | 5.25% | +4.39% |
Volatility
DGP vs. GLD - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 24.21% compared to SPDR Gold Shares (GLD) at 10.48%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.21% | 10.48% | +13.73% |
Volatility (6M)Calculated over the trailing 6-month period | 48.07% | 24.34% | +23.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.32% | 27.81% | +27.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.34% | 17.75% | +20.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.93% | 15.88% | +19.05% |