DGP vs. UCO
DGP (DB Gold Double Long Exchange Traded Notes) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Leveraged Commodities funds - DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%) while UCO tracks the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, DGP returned 20.69%/yr vs -11.98%/yr for UCO. At a 0.15 correlation, their price movements are largely independent. DGP charges 0.75%/yr vs 0.95%/yr for UCO.
Performance
DGP vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a 2.35% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, DGP has outperformed UCO with an annualized return of 20.69%, while UCO has yielded a comparatively lower -11.98% annualized 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%
UCO
- 1D
- -3.93%
- 1M
- -5.57%
- YTD
- 139.34%
- 6M
- 124.58%
- 1Y
- 115.57%
- 3Y*
- 24.38%
- 5Y*
- 21.18%
- 10Y*
- -11.98%
DGP vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | 2.35% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between DGP and UCO 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 | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.15 |
The correlation between DGP and UCO shifts across timeframes, from -0.05 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DGP vs. UCO — Risk / Return Rank
DGP
UCO
DGP vs. UCO - 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 Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.31 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 3.34 | -1.77 |
| Martin ratioReturn relative to average drawdown | 4.00 | 6.32 | -2.32 |
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 | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 2.03 | -0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | 0.36 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | -0.17 | +0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | -0.34 | +0.63 |
Drawdowns
DGP vs. UCO - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for DGP and UCO.
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Drawdown Indicators
| DGP | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -99.95% | +24.64% |
Max Drawdown (1Y)Largest decline over 1 year | -36.58% | -34.77% | -1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -36.58% | -50.38% | +13.80% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -67.24% | +16.00% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -98.75% | +47.51% |
Current DrawdownCurrent decline from peak | -31.89% | -99.26% | +67.37% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -85.49% | +44.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.38% | 18.34% | -3.96% |
Volatility
DGP vs. UCO - Volatility Comparison
The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 10.44%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that DGP experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.44% | 20.99% | -10.55% |
Volatility (6M)Calculated over the trailing 6-month period | 46.34% | 46.57% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.46% | 57.26% | -4.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.76% | 59.81% | -21.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.03% | 71.35% | -36.32% |
DGP vs. UCO - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
DGP vs. UCO - Dividend Comparison
Neither DGP nor UCO has paid dividends to shareholders.
Frequently Asked Questions
DGP and UCO 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.
UCO has higher volatility (20.99%) compared to DGP (10.44%). In terms of maximum drawdown, DGP dropped -75.31% vs UCO's -99.95%.
On 10-year performance, DGP leads with 20.69% vs -11.98% for UCO. 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.
Over the 10-year period, DGP has performed better with a 20.69% return vs -11.98%. 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 UCO.
DGP and UCO have nearly identical dividend yields, around 0.00%.
DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGP and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.03 vs 1.10), 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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