DGP vs. HDEF
DGP (DB Gold Double Long Exchange Traded Notes) and HDEF (Xtrackers MSCI EAFE High Dividend Yield 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 HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DGP returned 17.25%/yr vs 8.94%/yr for HDEF. At a 0.18 correlation, their price movements are largely independent. DGP charges 0.75%/yr vs 0.20%/yr for HDEF.
Performance
DGP vs. HDEF - 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 HDEF's 4.97% return. Over the past 10 years, DGP has outperformed HDEF with an annualized return of 17.25%, while HDEF has yielded a comparatively lower 8.94% 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%
HDEF
- 1D
- 0.28%
- 1M
- -2.23%
- YTD
- 4.97%
- 6M
- 4.60%
- 1Y
- 15.97%
- 3Y*
- 16.71%
- 5Y*
- 10.35%
- 10Y*
- 8.94%
DGP vs. HDEF - 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% |
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 4.97% | 33.01% | 2.85% | 18.53% | -2.51% | 6.95% | -1.90% | 25.02% | -13.74% | 9.89% |
Correlation
The correlation between DGP and HDEF is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015 | 0.18 |
The correlation between DGP and HDEF shifts across timeframes, from 0.18 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DGP vs. HDEF — Risk / Return Rank
DGP
HDEF
DGP vs. HDEF - 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 EAFE High Dividend Yield Equity ETF (HDEF). 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 | HDEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.25 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 2.00 | -1.26 |
| Martin ratioReturn relative to average drawdown | 1.93 | 5.75 | -3.82 |
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Drawdowns
DGP vs. HDEF - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, which is greater than HDEF's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for DGP and HDEF.
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Drawdown Indicators
| DGP | HDEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -36.43% | -38.88% |
Max Drawdown (1Y)Largest decline over 1 year | -43.98% | -8.03% | -35.95% |
Max Drawdown (3Y)Largest decline over 3 years | -43.98% | -11.15% | -32.83% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -23.63% | -27.61% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -36.43% | -14.81% |
Current DrawdownCurrent decline from peak | -43.16% | -4.80% | -38.36% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -5.05% | -36.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.71% | 2.78% | +13.93% |
Volatility
DGP vs. HDEF - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 17.11% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 3.05%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | HDEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.11% | 3.05% | +14.06% |
Volatility (6M)Calculated over the trailing 6-month period | 48.95% | 9.32% | +39.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.67% | 11.77% | +42.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.27% | 14.13% | +25.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.31% | 16.12% | +19.19% |
DGP vs. HDEF - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is higher than HDEF's 0.20% expense ratio.
Dividends
DGP vs. HDEF - Dividend Comparison
DGP has not paid dividends to shareholders, while HDEF's dividend yield for the trailing twelve months is around 3.96%.
| 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% |
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 3.96% | 3.88% | 4.53% | 4.38% | 5.41% | 4.76% | 3.93% | 4.20% | 3.55% | 3.38% | 9.53% | 1.87% |
Frequently Asked Questions
DGP and HDEF have a correlation of 0.34, 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 HDEF (3.05%). In terms of maximum drawdown, DGP dropped -75.31% vs HDEF's -36.43%.
On 10-year performance, DGP leads with 17.25% vs 8.94% for HDEF. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.05%. 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 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDEF is cheaper with a 0.20% expense ratio, compared with 0.75% for DGP.
HDEF has the higher dividend yield at 3.96%, compared with 0.00% for DGP.
DGP is categorized as Leveraged Commodities, while HDEF is Foreign Large Cap Equities. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index. Their fees differ too: 0.75% for DGP and 0.20% for HDEF.
HDEF currently has the higher Sharpe Ratio (1.37 vs 0.59), 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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