DGP vs. SHNY

Last updated Jun 5, 2026

DGP (DB Gold Double Long Exchange Traded Notes) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both Leveraged Commodities funds. Over the past 3 years, DGP returned 58.29%/yr vs 60.05%/yr for SHNY. With a 0.95 correlation, they move nearly in lockstep. 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 2.35% return, which is significantly higher than SHNY's -12.24% return.

DGP

• 1D: 1.33%
• 1M: -3.76%
• YTD: 2.35%
• 6M: 6.80%
• 1Y: 57.39%
• 3Y*: 58.29%
• 5Y*: 30.84%
• 10Y*: 20.69%

SHNY

• 1D: 2.59%
• 1M: -7.28%
• YTD: -12.24%
• 6M: -8.19%
• 1Y: 50.54%
• 3Y*: 60.05%
• 5Y*: —
• 10Y*: —

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

DGP vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DGP DB Gold Double Long Exchange Traded Notes	2.35%	141.40%	53.16%	18.05%
SHNY MicroSectors Gold 3X Leveraged ETN	-12.24%	214.54%	50.30%	12.52%

Correlation

The correlation between DGP and SHNY is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.95

The correlation between DGP and SHNY has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

DGP vs. SHNY — Risk / Return Rank

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

DGP

DGP Risk / Return Rank: 32
DGP Sharpe Ratio Rank: 32
DGP Sortino Ratio Rank: 30
DGP Omega Ratio Rank: 35
DGP Calmar Ratio Rank: 32
DGP Martin Ratio Rank: 29

SHNY

SHNY Risk / Return Rank: 23
SHNY Sharpe Ratio Rank: 20
SHNY Sortino Ratio Rank: 24
SHNY Omega Ratio Rank: 28
SHNY Calmar Ratio Rank: 22
SHNY Martin Ratio Rank: 19

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. 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.

	DGP	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.64	+0.45
Sortino ratio: Return per unit of downside risk	1.59	1.25	+0.34
Omega ratio: Gain probability vs. loss probability	1.23	1.19	+0.04
Calmar ratio: Return relative to maximum drawdown	1.58	0.92	+0.65
Martin ratio: Return relative to average drawdown	4.00	1.96	+2.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGP vs. SHNY - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 1.10, which is higher than the SHNY Sharpe Ratio of 0.64. 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.

Sharpe Ratios by Period

	DGP	SHNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	0.64	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.03	-0.75

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 -54.99%. 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%	-54.99%	-20.32%
Max Drawdown (1Y) Largest decline over 1 year	-36.58%	-54.99%	+18.41%
Max Drawdown (3Y) Largest decline over 3 years	-36.58%	-54.99%	+18.41%
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	-31.89%	-53.82%	+21.93%
Average Drawdown Average peak-to-trough decline	-41.09%	-14.99%	-26.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.38%	25.89%	-11.51%

Volatility

DGP vs. SHNY - Volatility Comparison

The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 10.44%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 16.42%. 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	10.44%	16.42%	-5.98%
Volatility (6M) Calculated over the trailing 6-month period	46.34%	70.90%	-24.56%
Volatility (1Y) Calculated over the trailing 1-year period	52.46%	78.78%	-26.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.76%	58.33%	-19.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.03%	58.33%	-23.30%

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 0.96, 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 (16.42%) compared to DGP (10.44%). In terms of maximum drawdown, DGP dropped -75.31% vs SHNY's -54.99%.

Which ETF is better, DGP or SHNY?

On 3-year performance, SHNY leads with 60.05% vs 58.29% for DGP. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 10.44%. 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, SHNY has performed better with a 60.05% return vs 58.29%. 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?

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 (1.10 vs 0.64), 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.