DGP vs. SHY
DGP (DB Gold Double Long Exchange Traded Notes) and SHY (iShares 1-3 Year Treasury Bond ETF) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, DGP returned 19.21%/yr vs 1.63%/yr for SHY. At a 0.27 correlation, their price movements are largely independent. DGP charges 0.75%/yr vs 0.15%/yr for SHY.
Performance
DGP vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -4.85% return, which is significantly lower than SHY's 0.34% return. Over the past 10 years, DGP has outperformed SHY with an annualized return of 19.21%, while SHY has yielded a comparatively lower 1.63% annualized return.
DGP
- 1D
- 0.46%
- 1M
- -16.73%
- YTD
- -4.85%
- 6M
- 0.37%
- 1Y
- 52.74%
- 3Y*
- 53.91%
- 5Y*
- 29.00%
- 10Y*
- 19.21%
SHY
- 1D
- 0.05%
- 1M
- -0.19%
- YTD
- 0.34%
- 6M
- 0.74%
- 1Y
- 3.33%
- 3Y*
- 4.04%
- 5Y*
- 1.70%
- 10Y*
- 1.63%
DGP vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | -4.85% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.34% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between DGP and SHY is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.27 |
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Return for Risk
DGP vs. SHY — Risk / Return Rank
DGP
SHY
DGP vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and iShares 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.51 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 3.76 | -2.33 |
| Martin ratioReturn relative to average drawdown | 3.59 | 15.12 | -11.54 |
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 | SHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.00 | 2.51 | -1.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 0.86 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 1.04 | -0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 1.28 | -1.01 |
Drawdowns
DGP vs. SHY - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for DGP and SHY.
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Drawdown Indicators
| DGP | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -5.71% | -69.60% |
Max Drawdown (1Y)Largest decline over 1 year | -36.98% | -0.89% | -36.09% |
Max Drawdown (3Y)Largest decline over 3 years | -36.98% | -0.97% | -36.01% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -5.71% | -45.53% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -5.71% | -45.53% |
Current DrawdownCurrent decline from peak | -36.69% | -0.39% | -36.30% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -0.52% | -40.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.75% | 0.22% | +14.53% |
Volatility
DGP vs. SHY - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 10.97% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.38%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 0.38% | +10.59% |
Volatility (6M)Calculated over the trailing 6-month period | 46.99% | 0.95% | +46.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.01% | 1.33% | +51.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.91% | 1.99% | +36.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.11% | 1.57% | +33.54% |
DGP vs. SHY - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
DGP vs. SHY - Dividend Comparison
DGP has not paid dividends to shareholders, while SHY's dividend yield for the trailing twelve months is around 3.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.69% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
DGP and SHY 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.
DGP has higher volatility (10.97%) compared to SHY (0.38%). In terms of maximum drawdown, DGP dropped -75.31% vs SHY's -5.71%.
On 10-year performance, DGP leads with 19.21% vs 1.63% for SHY. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.38%. 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 19.21% return vs 1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.75% for DGP.
SHY has the higher dividend yield at 3.69%, compared with 0.00% for DGP.
DGP is categorized as Leveraged Commodities, while SHY is Government Bonds. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while SHY tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DGP and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.51 vs 1.00), 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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