DGP vs. UGL
DGP (DB Gold Double Long Exchange Traded Notes) and UGL (ProShares Ultra Gold) are both Leveraged Commodities funds - DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%) while UGL tracks the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, DGP returned 17.68%/yr vs 15.67%/yr for UGL. With a 0.96 correlation, they move nearly in lockstep. DGP charges 0.75%/yr vs 0.95%/yr for UGL.
Performance
DGP vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -11.34% return, which is significantly higher than UGL's -13.71% return. Over the past 10 years, DGP has outperformed UGL with an annualized return of 17.68%, while UGL has yielded a comparatively lower 15.67% annualized return.
DGP
- 1D
- -1.39%
- 1M
- -14.72%
- YTD
- -11.34%
- 6M
- -17.00%
- 1Y
- 37.49%
- 3Y*
- 51.82%
- 5Y*
- 30.60%
- 10Y*
- 17.68%
UGL
- 1D
- -1.26%
- 1M
- -14.52%
- YTD
- -13.71%
- 6M
- -19.44%
- 1Y
- 33.27%
- 3Y*
- 48.67%
- 5Y*
- 27.21%
- 10Y*
- 15.67%
DGP vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | -11.34% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
UGL ProShares Ultra Gold | -13.71% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between DGP and UGL is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.96 |
The correlation between DGP and UGL has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
DGP vs. UGL — Risk / Return Rank
DGP
UGL
DGP vs. UGL - 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 Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 0.72 | +0.14 |
| Martin ratioReturn relative to average drawdown | 2.28 | 1.79 | +0.49 |
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Drawdowns
DGP vs. UGL - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, roughly equal to the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for DGP and UGL.
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Drawdown Indicators
| DGP | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -75.93% | +0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -43.98% | -46.64% | +2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -43.98% | -46.64% | +2.66% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -46.64% | -4.60% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -46.64% | -4.60% |
Current DrawdownCurrent decline from peak | -41.00% | -44.04% | +3.04% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -43.62% | +2.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.49% | 18.65% | -2.16% |
Volatility
DGP vs. UGL - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 16.88% compared to ProShares Ultra Gold (UGL) at 16.05%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.88% | 16.05% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 48.83% | 49.06% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.65% | 54.78% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.23% | 36.61% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.35% | 32.63% | +2.72% |
DGP vs. UGL - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
DGP vs. UGL - Dividend Comparison
Neither DGP nor UGL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, DGP and UGL 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.
DGP has higher volatility (16.88%) compared to UGL (16.05%). In terms of maximum drawdown, DGP dropped -75.31% vs UGL's -75.93%.
On 10-year performance, DGP leads with 17.68% vs 15.67% for UGL. On fees, DGP is cheaper at 0.75% per year. On volatility, UGL has been the lower-risk option at 16.05%. 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 17.68% return vs 15.67%. 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 UGL.
DGP and UGL have nearly identical dividend yields, around 0.00%.
DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGP and 0.95% for UGL.
DGP currently has the higher Sharpe Ratio (0.69 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.
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