DGP vs. UUP
DGP (DB Gold Double Long Exchange Traded Notes) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, DGP returned 16.18%/yr vs 3.17%/yr for UUP. At a correlation of -0.43, they often move in opposite directions. Both charge a 0.75% expense ratio.
Performance
DGP vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -19.95% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, DGP has outperformed UUP with an annualized return of 16.18%, while UUP has yielded a comparatively lower 3.17% annualized return.
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%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
DGP vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | -19.95% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between DGP and UUP is -0.44, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | -0.43 |
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Return for Risk
DGP vs. UUP — Risk / Return Rank
DGP
UUP
DGP vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 2.28 | -1.75 |
| Martin ratioReturn relative to average drawdown | 1.27 | 6.26 | -4.99 |
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Drawdowns
DGP vs. UUP - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for DGP and UUP.
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Drawdown Indicators
| DGP | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -22.19% | -53.12% |
Max Drawdown (1Y)Largest decline over 1 year | -46.98% | -3.65% | -43.33% |
Max Drawdown (3Y)Largest decline over 3 years | -46.98% | -10.05% | -36.93% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -10.37% | -40.87% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -14.24% | -37.00% |
Current DrawdownCurrent decline from peak | -46.73% | -1.26% | -45.47% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -8.88% | -32.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.56% | 1.33% | +18.23% |
Volatility
DGP vs. UUP - Volatility Comparison
DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 16.07% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.07% | 1.45% | +14.62% |
Volatility (6M)Calculated over the trailing 6-month period | 48.64% | 4.34% | +44.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.50% | 6.03% | +49.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.56% | 7.22% | +32.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.41% | 6.90% | +28.51% |
DGP vs. UUP - Expense Ratio Comparison
Both DGP and UUP have an expense ratio of 0.75%.
Dividends
DGP vs. UUP - Dividend Comparison
DGP has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
DGP and UUP have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGP has higher volatility (16.07%) compared to UUP (1.45%). In terms of maximum drawdown, DGP dropped -75.31% vs UUP's -22.19%.
On 10-year performance, DGP leads with 16.18% vs 3.17% for UUP. Both ETFs have the same 0.75% expense ratio. On volatility, UUP has been the lower-risk option at 1.45%. 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 16.18% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGP and UUP have the same expense ratio: 0.75% per year.
UUP has the higher dividend yield at 3.25%, compared with 0.00% for DGP.
DGP is categorized as Leveraged Commodities, while UUP is Currency. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Deutsche Bank and Invesco.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.45), 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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