DGP vs. IAUM

Last updated Jun 23, 2026

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 3 years, DGP returned 51.82%/yr vs 29.63%/yr for IAUM. With a 0.96 correlation, they move nearly in lockstep. DGP charges 0.75%/yr vs 0.09%/yr for IAUM.

Performance

DGP vs. IAUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and iShares Gold Trust Micro (IAUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGP achieves a -11.34% return, which is significantly lower than IAUM's -2.86% 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%

IAUM

• 1D: -0.62%
• 1M: -7.06%
• YTD: -2.86%
• 6M: -5.65%
• 1Y: 24.40%
• 3Y*: 29.63%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGP vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DGP DB Gold Double Long Exchange Traded Notes	-11.34%	141.40%	53.16%	16.97%	-5.54%	4.39%
IAUM iShares Gold Trust Micro	-2.86%	64.27%	27.04%	13.12%	-0.49%	3.87%

Correlation

The correlation between DGP and IAUM 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 (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.

Return for Risk

DGP vs. IAUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGP

DGP Risk / Return Rank: 21
DGP Sharpe Ratio Rank: 21
DGP Sortino Ratio Rank: 22
DGP Omega Ratio Rank: 25
DGP Calmar Ratio Rank: 19
DGP Martin Ratio Rank: 20

IAUM

IAUM Risk / Return Rank: 24
IAUM Sharpe Ratio Rank: 26
IAUM Sortino Ratio Rank: 23
IAUM Omega Ratio Rank: 28
IAUM Calmar Ratio Rank: 22
IAUM Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	0.69	0.90	-0.21
Sortino ratio: Return per unit of downside risk	1.20	1.27	-0.07
Omega ratio: Gain probability vs. loss probability	1.17	1.19	-0.02
Calmar ratio: Return relative to maximum drawdown	0.86	1.01	-0.15
Martin ratio: Return relative to average drawdown	2.28	2.74	-0.46

DGP vs. IAUM - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 0.69, which is comparable to the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of DGP and IAUM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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 -24.37%. Use the drawdown chart below to compare losses from any high point for DGP and IAUM.

Drawdown Indicators

	DGP	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-24.37%	-50.94%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	-24.37%	-19.61%
Max Drawdown (3Y) Largest decline over 3 years	-43.98%	-24.37%	-19.61%
Max Drawdown (5Y) Largest decline over 5 years	-51.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.24%	—	—
Current Drawdown Current decline from peak	-41.00%	-22.36%	-18.64%
Average Drawdown Average peak-to-trough decline	-41.08%	-5.45%	-35.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.49%	8.94%	+7.55%

Volatility

DGP vs. IAUM - Volatility Comparison

DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 16.88% compared to iShares Gold Trust Micro (IAUM) at 7.99%. 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.

Volatility by Period

	DGP	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.88%	7.99%	+8.89%
Volatility (6M) Calculated over the trailing 6-month period	48.83%	24.04%	+24.79%
Volatility (1Y) Calculated over the trailing 1-year period	54.65%	27.25%	+27.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.23%	18.09%	+21.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.35%	18.09%	+17.26%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DGP and IAUM in my portfolio?

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.

Which is riskier, DGP or IAUM?

DGP has higher volatility (16.88%) compared to IAUM (7.99%). In terms of maximum drawdown, DGP dropped -75.31% vs IAUM's -24.37%.

Which ETF is better, DGP or IAUM?

On 3-year performance, DGP leads with 51.82% vs 29.63% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGP or IAUM?

Over the 3-year period, DGP has performed better with a 51.82% return vs 29.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGP or IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.75% for DGP.

Which ETF pays a higher dividend yield, DGP or IAUM?

DGP and IAUM have nearly identical dividend yields, around 0.00%.

What is the main difference between DGP and IAUM?

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.

Which has better risk-adjusted returns?

IAUM currently has the higher Sharpe Ratio (0.90 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.