DGP vs. KOLD
DGP (DB Gold Double Long Exchange Traded Notes) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Leveraged Commodities funds - DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%) while KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, DGP returned 20.46%/yr vs -26.46%/yr for KOLD. At a 0.00 correlation, their price movements are largely independent. DGP charges 0.75%/yr vs 0.95%/yr for KOLD.
Performance
DGP vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a 1.01% return, which is significantly higher than KOLD's -37.03% return. Over the past 10 years, DGP has outperformed KOLD with an annualized return of 20.46%, while KOLD has yielded a comparatively lower -26.46% annualized return.
DGP
- 1D
- -1.70%
- 1M
- -3.55%
- YTD
- 1.01%
- 6M
- 5.64%
- 1Y
- 57.52%
- 3Y*
- 57.85%
- 5Y*
- 30.49%
- 10Y*
- 20.46%
KOLD
- 1D
- -4.10%
- 1M
- -9.53%
- YTD
- -37.03%
- 6M
- -5.09%
- 1Y
- -1.55%
- 3Y*
- -20.65%
- 5Y*
- -40.59%
- 10Y*
- -26.46%
DGP vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | 1.01% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.03% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between DGP and KOLD is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | 0.00 |
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Return for Risk
DGP vs. KOLD — Risk / Return Rank
DGP
KOLD
DGP vs. KOLD - 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 Bloomberg Natural Gas (KOLD). 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.
| DGP | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.11 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | -0.02 | +1.60 |
| Martin ratioReturn relative to average drawdown | 4.05 | -0.04 | +4.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DGP | KOLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | -0.01 | +1.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | -0.34 | +1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | -0.26 | +0.85 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | -0.14 | +0.42 |
Drawdowns
DGP vs. KOLD - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for DGP and KOLD.
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Drawdown Indicators
| DGP | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -99.45% | +24.14% |
Max Drawdown (1Y)Largest decline over 1 year | -36.58% | -72.50% | +35.92% |
Max Drawdown (3Y)Largest decline over 3 years | -36.58% | -84.34% | +47.76% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -98.45% | +47.21% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -99.45% | +48.21% |
Current DrawdownCurrent decline from peak | -32.78% | -97.43% | +64.65% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -69.49% | +28.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.24% | 36.01% | -21.77% |
Volatility
DGP vs. KOLD - Volatility Comparison
The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 10.48%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.65%. This indicates that DGP experiences smaller price fluctuations and is considered to be less risky than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.48% | 24.65% | -14.17% |
Volatility (6M)Calculated over the trailing 6-month period | 46.34% | 99.37% | -53.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.47% | 113.51% | -61.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.77% | 118.76% | -79.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.04% | 101.76% | -66.72% |
DGP vs. KOLD - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is lower than KOLD's 0.95% expense ratio.
Dividends
DGP vs. KOLD - Dividend Comparison
Neither DGP nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
DGP and KOLD have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.65%) compared to DGP (10.48%). In terms of maximum drawdown, DGP dropped -75.31% vs KOLD's -99.45%.
On 10-year performance, DGP leads with 20.46% vs -26.46% for KOLD. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 10.48%. 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 20.46% return vs -26.46%. 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 KOLD.
DGP and KOLD have nearly identical dividend yields, around 0.00%.
DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGP and 0.95% for KOLD.
DGP currently has the higher Sharpe Ratio (1.10 vs -0.01), 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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