DGP vs. IAUM
DGP (DB Gold Double Long Exchange Traded Notes) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, DGP returned 27.47%/yr vs 17.35%/yr for IAUM. Their 0.96 correlation means they have historically moved very closely together. DGP charges 0.75%/yr vs 0.09%/yr for IAUM.
Performance
DGP vs. IAUM - 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 IAUM's -6.09% 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%
IAUM
- 1D
- -1.46%
- 1M
- -1.68%
- 6M
- -16.73%
- YTD
- -6.09%
- 1Y
- 20.58%
- 3Y*
- 27.63%
- 5Y*
- 17.35%
- 10Y*
- —
- ALL TIME*
- 17.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.23M | $15.11M | $28.98M | |
| $77.48M | $77.88M | $93.44M |
DGP vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | -18.18% | 141.40% | 53.16% | 16.97% | -5.54% | 4.39% |
IAUM iShares Gold Trust Micro | -6.09% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between DGP and IAUM is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.96 |
The correlation between DGP and IAUM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
DGP vs. IAUM — Risk / Return Rank
DGP
IAUM
DGP vs. IAUM - 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 Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 0.88 | -0.17 |
| Martin ratioReturn relative to average drawdown | 1.52 | 1.90 | -0.38 |
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Drawdowns
DGP vs. IAUM - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, which is greater than IAUM's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for DGP and IAUM.
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Drawdown Indicators
| DGP | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -26.31% | -49.00% |
Max Drawdown (1Y)Largest decline over 1 year | -47.59% | -26.31% | -21.28% |
Max Drawdown (3Y)Largest decline over 3 years | -47.59% | -26.31% | -21.28% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -26.31% | -24.93% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | — | — |
Current DrawdownCurrent decline from peak | -45.56% | -24.95% | -20.61% |
Average DrawdownAverage peak-to-trough decline | -41.10% | -5.87% | -35.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.26% | 12.14% | +10.12% |
Volatility
DGP vs. IAUM - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 12.46% compared to iShares Gold Trust Micro (IAUM) at 6.29%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.46% | 6.29% | +6.17% |
Volatility (6M)Calculated over the trailing 6-month period | 47.60% | 23.21% | +24.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.74% | 27.81% | +27.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.73% | 18.33% | +21.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.47% | 18.19% | +17.28% |
DGP vs. IAUM - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is higher than IAUM's 0.09% expense ratio.
Dividends
DGP vs. IAUM - Dividend Comparison
Neither DGP nor IAUM has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, DGP and IAUM 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 (12.46%) compared to IAUM (6.29%). In terms of maximum drawdown, DGP dropped -75.31% vs IAUM's -26.31%.
On 5-year performance, DGP leads with 27.47% vs 17.35% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DGP has performed better with a 27.47% return vs 17.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.75% for DGP.
DGP and IAUM have nearly identical dividend yields, around 0.00%.
DGP is categorized as Leveraged Commodities, while IAUM is Gold. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DGP and 0.09% for IAUM.
IAUM currently has the higher Sharpe Ratio (0.83 vs 0.61), 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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