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 17.25%/yr vs -21.26%/yr for GLL. At a correlation of -0.96, they often move in opposite directions. 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 -14.58% return, which is significantly lower than GLL's -1.30% return. Over the past 10 years, DGP has outperformed GLL with an annualized return of 17.25%, while GLL has yielded a comparatively lower -21.26% annualized return.
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%
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
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 | -14.58% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
GLL ProShares UltraShort Gold | -1.30% | -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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.89 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | -0.61 | +1.34 |
| Martin ratioReturn relative to average drawdown | 1.93 | -0.92 | +2.85 |
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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 | -43.98% | -65.10% | +21.12% |
Max Drawdown (3Y)Largest decline over 3 years | -43.98% | -87.95% | +43.97% |
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 | -43.16% | -98.77% | +55.61% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -85.15% | +44.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.71% | 43.09% | -26.38% |
Volatility
DGP vs. GLL - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 17.11% compared to ProShares UltraShort Gold (GLL) at 16.15%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. 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 | 17.11% | 16.15% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 48.95% | 46.91% | +2.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.67% | 54.37% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.27% | 36.40% | +2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.31% | 32.31% | +3.00% |
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.
DGP has higher volatility (17.11%) compared to GLL (16.15%). In terms of maximum drawdown, DGP dropped -75.31% vs GLL's -99.24%.
On 10-year performance, DGP leads with 17.25% vs -21.26% for GLL. On fees, DGP is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 16.15%. 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 17.25% return vs -21.26%. 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 (0.59 vs -0.73), 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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