DGP vs. UGLD

Last updated Jul 14, 2026

DGP (DB Gold Double Long Exchange Traded Notes) and UGLD (Direxion Daily Gold Bull 2X ETF) are both Leveraged Commodities funds. DGP is passively managed, while UGLD is actively managed. With a 0.99 correlation, they move nearly in lockstep. DGP charges 0.75%/yr vs 1.07%/yr for UGLD.

Performance

DGP vs. UGLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and Direxion Daily Gold Bull 2X ETF (UGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DGP

• 1D: -4.99%
• 1M: -11.04%
• 6M: -29.70%
• YTD: -19.95%
• 1Y: 24.83%
• 3Y*: 46.51%
• 5Y*: 26.51%
• 10Y*: 16.18%

UGLD

• 1D: -5.24%
• 1M: -11.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DGP vs. UGLD - Yearly Performance Comparison

	2026 (YTD)
DGP DB Gold Double Long Exchange Traded Notes	-20.99%
UGLD Direxion Daily Gold Bull 2X ETF	-20.62%

Correlation

The correlation between DGP and UGLD is 0.99 - 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 (All Time) Calculated using the full available price history since May 28, 2026	0.99

Return for Risk

DGP vs. UGLD — Risk / Return Rank

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

DGP

DGP Risk / Return Rank: 19
DGP Sharpe Ratio Rank: 18
DGP Sortino Ratio Rank: 21
DGP Omega Ratio Rank: 22
DGP Calmar Ratio Rank: 17
DGP Martin Ratio Rank: 17

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. UGLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and Direxion Daily Gold Bull 2X ETF (UGLD). 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	UGLD	Difference
Sharpe ratio: Return per unit of total volatility	0.45	—	—
Sortino ratio: Return per unit of downside risk	0.94	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.53	—	—
Martin ratio: Return relative to average drawdown	1.27	—	—

Drawdowns

DGP vs. UGLD - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, which is greater than UGLD's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for DGP and UGLD.

Drawdown Indicators

	DGP	UGLD	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-24.38%	-50.93%
Max Drawdown (1Y) Largest decline over 1 year	-46.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-46.98%	—	—
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	-46.73%	-24.38%	-22.35%
Average Drawdown Average peak-to-trough decline	-41.09%	-14.81%	-26.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.56%	—	—

Volatility

Volatility by Period

	DGP	UGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	48.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.50%	54.54%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.56%	54.54%	-14.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.41%	54.54%	-19.13%

DGP vs. UGLD - Expense Ratio Comparison

DGP has a 0.75% expense ratio, which is lower than UGLD's 1.07% expense ratio.

Dividends

DGP vs. UGLD - Dividend Comparison

DGP has not paid dividends to shareholders, while UGLD's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM
DGP DB Gold Double Long Exchange Traded Notes	0.00%
UGLD Direxion Daily Gold Bull 2X ETF	0.24%

Frequently Asked Questions

Can I hold both DGP and UGLD in my portfolio?

With a correlation of 0.99, DGP and UGLD 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 ETF is better, DGP or UGLD?

On fees, DGP is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DGP or UGLD?

DGP is cheaper with a 0.75% expense ratio, compared with 1.07% for UGLD.

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

UGLD has the higher dividend yield at 0.24%, compared with 0.00% for DGP.

What is the main difference between DGP and UGLD?

They also come from different issuers: Deutsche Bank and Direxion. Their fees differ too: 0.75% for DGP and 1.07% for UGLD.