DGP vs. KOLD
DGP (DB Gold Double Long Exchange Traded Notes) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, DGP returned 16.43%/yr vs -25.08%/yr for KOLD. At a correlation of -0.00, they often move in opposite directions. 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 -20.32% return, which is significantly higher than KOLD's -37.06% return. Over the past 10 years, DGP has outperformed KOLD with an annualized return of 16.43%, while KOLD has yielded a comparatively lower -25.08% annualized return.
DGP
- 1D
- -6.73%
- 1M
- -23.36%
- YTD
- -20.32%
- 6M
- -26.38%
- 1Y
- 26.56%
- 3Y*
- 46.51%
- 5Y*
- 27.71%
- 10Y*
- 16.43%
KOLD
- 1D
- -4.23%
- 1M
- -14.12%
- YTD
- -37.06%
- 6M
- -35.65%
- 1Y
- -6.21%
- 3Y*
- -6.50%
- 5Y*
- -37.39%
- 10Y*
- -25.08%
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 | -20.32% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.06% | -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 -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
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 6, 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.
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 | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.10 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | -0.09 | +0.65 |
| Martin ratioReturn relative to average drawdown | 1.57 | -0.16 | +1.73 |
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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 | -46.98% | -72.50% | +25.52% |
Max Drawdown (3Y)Largest decline over 3 years | -46.98% | -84.34% | +37.36% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -97.96% | +46.72% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -99.45% | +48.21% |
Current DrawdownCurrent decline from peak | -46.98% | -97.43% | +50.45% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -69.57% | +28.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 38.11% | -21.15% |
Volatility
DGP vs. KOLD - Volatility Comparison
The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 18.11%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 23.46%. 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 | 18.11% | 23.46% | -5.35% |
Volatility (6M)Calculated over the trailing 6-month period | 49.42% | 96.35% | -46.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.11% | 113.09% | -57.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.39% | 118.82% | -79.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.37% | 101.81% | -66.44% |
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 -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (23.46%) compared to DGP (18.11%). In terms of maximum drawdown, DGP dropped -75.31% vs KOLD's -99.45%.
On 10-year performance, DGP leads with 16.43% vs -25.08% for KOLD. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 18.11%. 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 16.43% return vs -25.08%. 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 is categorized as Leveraged Commodities, while KOLD is Oil & Gas. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while KOLD tracks Bloomberg Natural Gas Subindex. 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 (0.48 vs -0.06), 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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