DGP vs. MSTZ

Last updated Aug 2, 2026

DGP (DB Gold Double Long Exchange Traded Notes) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while MSTZ is a Inverse Equities fund actively managed by REX. DGP is passively managed, while MSTZ is actively managed. Over the past year, DGP returned 28.29% vs 159.07% for MSTZ. Their -0.18 correlation means they have often moved in opposite directions in the past. DGP charges 0.75%/yr vs 1.05%/yr for MSTZ.

Performance

DGP vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGP achieves a -18.18% return, which is significantly higher than MSTZ's -30.44% 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%

MSTZ

• 1D: 8.95%
• 1M: 7.38%
• 6M: -24.16%
• YTD: -30.44%
• 1Y: 159.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGP DB Gold Double Long Exchange Traded Notes	$15.23M	$15.11M	$28.98M
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M

DGP vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DGP DB Gold Double Long Exchange Traded Notes	-18.18%	141.40%	4.12%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between DGP and MSTZ is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.25
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.18

Return for Risk

DGP vs. MSTZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DGP

DGP Risk / Return Rank: 27
DGP Sharpe Ratio Rank: 26
DGP Sortino Ratio Rank: 29
DGP Omega Ratio Rank: 32
DGP Calmar Ratio Rank: 24
DGP Martin Ratio Rank: 22

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 58
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 70
MSTZ Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DGP vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.38	-0.77
Sortino ratio: Return per unit of downside risk	1.11	2.22	-1.10
Omega ratio: Gain probability vs. loss probability	1.15	1.28	-0.13
Calmar ratio: Return relative to maximum drawdown	0.71	2.44	-1.73
Martin ratio: Return relative to average drawdown	1.52	4.53	-3.01

DGP vs. MSTZ - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 0.61, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DGP and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for DGP and MSTZ.

Drawdown Indicators

	DGP	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-99.38%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-47.59%	-84.89%	+37.30%
Max Drawdown (3Y) Largest decline over 3 years	-47.59%	—	—
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	-45.56%	-97.63%	+52.07%
Average Drawdown Average peak-to-trough decline	-41.10%	-94.63%	+53.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.26%	45.62%	-23.36%

Volatility

DGP vs. MSTZ - Volatility Comparison

The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 12.46%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that DGP experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGP	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.46%	37.86%	-25.40%
Volatility (6M) Calculated over the trailing 6-month period	47.60%	134.52%	-86.92%
Volatility (1Y) Calculated over the trailing 1-year period	55.74%	150.23%	-94.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.73%	169.87%	-130.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.47%	169.87%	-134.40%

DGP vs. MSTZ - Expense Ratio Comparison

DGP has a 0.75% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

DGP vs. MSTZ - Dividend Comparison

Neither DGP nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DGP and MSTZ in my portfolio?

DGP and MSTZ have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGP or MSTZ?

MSTZ has higher volatility (37.86%) compared to DGP (12.46%). In terms of maximum drawdown, DGP dropped -75.31% vs MSTZ's -99.38%.

Which ETF is better, DGP or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs 28.29% for DGP. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 12.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGP or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs 28.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGP or MSTZ?

DGP is cheaper with a 0.75% expense ratio, compared with 1.05% for MSTZ.

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

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

What is the main difference between DGP and MSTZ?

DGP is categorized as Leveraged Commodities, while MSTZ is Inverse Equities. They also come from different issuers: Deutsche Bank and REX. Their fees differ too: 0.75% for DGP and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 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.