DGP vs. IAU
DGP (DB Gold Double Long Exchange Traded Notes) and IAU (iShares Gold Trust) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, DGP returned 17.68%/yr vs 11.97%/yr for IAU. With a 0.96 correlation, they move nearly in lockstep. DGP charges 0.75%/yr vs 0.25%/yr for IAU.
Performance
DGP vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -11.34% return, which is significantly lower than IAU's -2.92% return. Over the past 10 years, DGP has outperformed IAU with an annualized return of 17.68%, while IAU has yielded a comparatively lower 11.97% 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%
IAU
- 1D
- -0.67%
- 1M
- -7.09%
- YTD
- -2.92%
- 6M
- -5.73%
- 1Y
- 24.19%
- 3Y*
- 29.42%
- 5Y*
- 18.45%
- 10Y*
- 11.97%
DGP vs. IAU - 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% |
IAU iShares Gold Trust | -2.92% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between DGP and IAU is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| 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 Feb 28, 2008 | 0.96 |
The correlation between DGP and IAU has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
DGP vs. IAU — Risk / Return Rank
DGP
IAU
DGP vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 1.00 | -0.14 |
| Martin ratioReturn relative to average drawdown | 2.28 | 2.71 | -0.43 |
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Drawdowns
DGP vs. IAU - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for DGP and IAU.
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Drawdown Indicators
| DGP | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -45.14% | -30.17% |
Max Drawdown (1Y)Largest decline over 1 year | -43.98% | -24.40% | -19.58% |
Max Drawdown (3Y)Largest decline over 3 years | -43.98% | -24.40% | -19.58% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -24.40% | -26.84% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -24.40% | -26.84% |
Current DrawdownCurrent decline from peak | -41.00% | -22.42% | -18.58% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -15.97% | -25.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.49% | 8.95% | +7.54% |
Volatility
DGP vs. IAU - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 16.88% compared to iShares Gold Trust (IAU) at 7.97%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.88% | 7.97% | +8.91% |
Volatility (6M)Calculated over the trailing 6-month period | 48.83% | 24.16% | +24.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.65% | 27.36% | +27.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.23% | 18.16% | +21.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.35% | 16.05% | +19.30% |
DGP vs. IAU - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
DGP vs. IAU - Dividend Comparison
Neither DGP nor IAU has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, DGP and IAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DGP has higher volatility (16.88%) compared to IAU (7.97%). In terms of maximum drawdown, DGP dropped -75.31% vs IAU's -45.14%.
On 10-year performance, DGP leads with 17.68% vs 11.97% for IAU. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 7.97%. 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 17.68% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.75% for DGP.
DGP and IAU have nearly identical dividend yields, around 0.00%.
DGP is categorized as Leveraged Commodities, while IAU is Gold. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while IAU tracks LBMA Gold Price. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DGP and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.89 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.
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