DGP vs. GLL
DGP (DB Gold Double Long Exchange Traded Notes) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds - DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%) while GLL tracks the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, DGP returned 16.04%/yr vs -20.49%/yr for GLL. Their -0.96 correlation means they have often moved in opposite directions in the past. DGP charges 0.75%/yr vs 0.95%/yr for GLL.
Performance
DGP vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -18.18% return, which is significantly lower than GLL's 1.34% return. Over the past 10 years, DGP has outperformed GLL with an annualized return of 16.04%, while GLL has yielded a comparatively lower -20.49% annualized return.
DGP
- 1D
- -2.82%
- 1M
- -3.42%
- 6M
- -34.21%
- YTD
- -18.18%
- 1Y
- 28.29%
- 3Y*
- 48.17%
- 5Y*
- 27.47%
- 10Y*
- 16.04%
- ALL TIME*
- 9.38%
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.23M | $15.11M | $28.98M | |
| $38.26M | $37.47M | $59.93M |
DGP vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | -18.18% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between DGP and GLL is -0.97, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.96 |
The correlation between DGP and GLL has been stable across timeframes, ranging from -0.97 to -0.94 - a consistent structural relationship.
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Return for Risk
DGP vs. GLL — Risk / Return Rank
DGP
GLL
DGP vs. GLL - 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 UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.88 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.65 | +1.36 |
| Martin ratioReturn relative to average drawdown | 1.52 | -0.94 | +2.47 |
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Drawdowns
DGP vs. GLL - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for DGP and GLL.
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Drawdown Indicators
| DGP | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -99.24% | +23.93% |
Max Drawdown (1Y)Largest decline over 1 year | -47.59% | -64.23% | +16.64% |
Max Drawdown (3Y)Largest decline over 3 years | -47.59% | -87.95% | +40.36% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -89.76% | +38.52% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -95.76% | +44.52% |
Current DrawdownCurrent decline from peak | -45.56% | -98.74% | +53.18% |
Average DrawdownAverage peak-to-trough decline | -41.10% | -85.23% | +44.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.26% | 44.60% | -22.34% |
Volatility
DGP vs. GLL - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) and ProShares UltraShort Gold (GLL) have volatilities of 12.46% and 12.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.46% | 12.63% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 47.60% | 45.01% | +2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.74% | 55.39% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.73% | 36.88% | +2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.47% | 32.48% | +2.99% |
DGP vs. GLL - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
DGP vs. GLL - Dividend Comparison
Neither DGP nor GLL has paid dividends to shareholders.
Frequently Asked Questions
DGP and GLL have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (12.63%) compared to DGP (12.46%). In terms of maximum drawdown, DGP dropped -75.31% vs GLL's -99.24%.
On 10-year performance, DGP leads with 16.04% vs -20.49% for GLL. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 12.46%. 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 16.04% return vs -20.49%. 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 0.95% for GLL.
DGP and GLL have nearly identical dividend yields, around 0.00%.
DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGP and 0.95% for GLL.
DGP currently has the higher Sharpe Ratio (0.61 vs -0.75), 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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