DGP vs. SHNY

Last updated Aug 2, 2026

DGP (DB Gold Double Long Exchange Traded Notes) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both Leveraged Commodities funds - DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%) while SHNY tracks the SPDR Gold Shares ETF (GLD). Both are passively managed. Over the past 3 years, DGP returned 48.17%/yr vs 44.79%/yr for SHNY. Their 0.96 correlation means they have historically moved very closely together. DGP charges 0.75%/yr vs 0.95%/yr for SHNY.

Performance

DGP vs. SHNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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 SHNY's -39.40% 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%

SHNY

• 1D: -4.58%
• 1M: -7.48%
• 6M: -54.00%
• YTD: -39.40%
• 1Y: 10.61%
• 3Y*: 44.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 40.02%

*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
SHNY MicroSectors Gold 3X Leveraged ETN	$5.61M	$4.51M	$6.08M

DGP vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DGP DB Gold Double Long Exchange Traded Notes	-18.18%	141.40%	53.16%	16.13%
SHNY MicroSectors Gold 3X Leveraged ETN	-39.40%	214.54%	50.30%	10.98%

Correlation

The correlation between DGP and SHNY 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 (All Time) Calculated using the full available price history since Feb 22, 2023	0.96

The correlation between DGP and SHNY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

DGP vs. SHNY — 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

SHNY

SHNY Risk / Return Rank: 18
SHNY Sharpe Ratio Rank: 15
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 25
SHNY Calmar Ratio Rank: 15
SHNY Martin Ratio Rank: 14

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. SHNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.21	+0.40
Sortino ratio: Return per unit of downside risk	1.11	0.83	+0.28
Omega ratio: Gain probability vs. loss probability	1.15	1.12	+0.04
Calmar ratio: Return relative to maximum drawdown	0.71	0.25	+0.47
Martin ratio: Return relative to average drawdown	1.52	0.47	+1.05

DGP vs. SHNY - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 0.61, which is higher than the SHNY Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of DGP and SHNY, 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. SHNY - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, which is greater than SHNY's maximum drawdown of -69.36%. Use the drawdown chart below to compare losses from any high point for DGP and SHNY.

Drawdown Indicators

	DGP	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-69.36%	-5.95%
Max Drawdown (1Y) Largest decline over 1 year	-47.59%	-69.36%	+21.77%
Max Drawdown (3Y) Largest decline over 3 years	-47.59%	-69.36%	+21.77%
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%	-68.12%	+22.56%
Average Drawdown Average peak-to-trough decline	-41.10%	-17.26%	-23.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.26%	36.30%	-14.04%

Volatility

DGP vs. SHNY - Volatility Comparison

The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 12.46%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 19.06%. This indicates that DGP experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGP	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.46%	19.06%	-6.60%
Volatility (6M) Calculated over the trailing 6-month period	47.60%	71.92%	-24.32%
Volatility (1Y) Calculated over the trailing 1-year period	55.74%	83.26%	-27.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.73%	59.47%	-19.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.47%	59.47%	-24.00%

DGP vs. SHNY - Expense Ratio Comparison

DGP has a 0.75% expense ratio, which is lower than SHNY's 0.95% expense ratio.

Dividends

DGP vs. SHNY - Dividend Comparison

Neither DGP nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DGP and SHNY in my portfolio?

With a correlation of 0.97, DGP and SHNY 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 SHNY?

SHNY has higher volatility (19.06%) compared to DGP (12.46%). In terms of maximum drawdown, DGP dropped -75.31% vs SHNY's -69.36%.

Which ETF is better, DGP or SHNY?

On 3-year performance, DGP leads with 48.17% vs 44.79% for SHNY. 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 SHNY?

Over the 3-year period, DGP has performed better with a 48.17% return vs 44.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGP or SHNY?

DGP is cheaper with a 0.75% expense ratio, compared with 0.95% for SHNY.

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

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

What is the main difference between DGP and SHNY?

DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while SHNY tracks SPDR Gold Shares ETF (GLD). They also come from different issuers: Deutsche Bank and BMO. Their fees differ too: 0.75% for DGP and 0.95% for SHNY.

Which has better risk-adjusted returns?

DGP currently has the higher Sharpe Ratio (0.61 vs 0.21), 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.