DGP vs. VPMAX

Last updated Apr 2, 2026

Compare and contrast key facts about DB Gold Double Long Exchange Traded Notes (DGP) and Vanguard PRIMECAP Fund Admiral Shares (VPMAX).

DGP is a passively managed fund by Deutsche Bank that tracks the performance of the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). It was launched on Feb 27, 2008. VPMAX is managed by Vanguard. It was launched on Nov 12, 2001.

Performance

DGP vs. VPMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and Vanguard PRIMECAP Fund Admiral Shares (VPMAX). The values are adjusted to include any dividend payments, if applicable.

DGP vs. VPMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGP DB Gold Double Long Exchange Traded Notes	16.89%	141.40%	53.16%	16.97%	-5.54%	-11.29%	45.29%	32.27%	-7.48%	24.20%
VPMAX Vanguard PRIMECAP Fund Admiral Shares	-2.75%	54.11%	13.30%	28.25%	-15.16%	21.72%	17.23%	27.88%	-1.93%	28.28%

Returns By Period

In the year-to-date period, DGP achieves a 16.89% return, which is significantly higher than VPMAX's -2.75% return. Over the past 10 years, DGP has outperformed VPMAX with an annualized return of 22.78%, while VPMAX has yielded a comparatively lower 16.91% annualized return.

DGP

• 1D: 2.85%
• 1M: -21.64%
• YTD: 16.89%
• 6M: 41.16%
• 1Y: 107.27%
• 3Y*: 64.55%
• 5Y*: 39.08%
• 10Y*: 22.78%

VPMAX

• 1D: 3.30%
• 1M: -6.80%
• YTD: -2.75%
• 6M: 24.32%
• 1Y: 51.98%
• 3Y*: 26.74%
• 5Y*: 15.10%
• 10Y*: 16.91%

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

DGP vs. VPMAX - Expense Ratio Comparison

DGP has a 0.75% expense ratio, which is higher than VPMAX's 0.31% expense ratio.

DGP

DB Gold Double Long Exchange Traded Notes

VPMAX

Vanguard PRIMECAP Fund Admiral Shares

Return for Risk

DGP vs. VPMAX — Risk / Return Rank

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

DGP

DGP Risk / Return Rank: 86
DGP Sharpe Ratio Rank: 89
DGP Sortino Ratio Rank: 85
DGP Omega Ratio Rank: 82
DGP Calmar Ratio Rank: 88
DGP Martin Ratio Rank: 88

VPMAX

VPMAX Risk / Return Rank: 94
VPMAX Sharpe Ratio Rank: 88
VPMAX Sortino Ratio Rank: 95
VPMAX Omega Ratio Rank: 94
VPMAX Calmar Ratio Rank: 96
VPMAX Martin Ratio Rank: 97

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. VPMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and Vanguard PRIMECAP Fund Admiral Shares (VPMAX). 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	VPMAX	Difference
Sharpe ratio Return per unit of total volatility	1.95	1.78	+0.17
Sortino ratio Return per unit of downside risk	2.32	3.30	-0.98
Omega ratio Gain probability vs. loss probability	1.33	1.48	-0.15
Calmar ratio Return relative to maximum drawdown	2.92	3.76	-0.84
Martin ratio Return relative to average drawdown	11.08	16.16	-5.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGP vs. VPMAX - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 1.95, which is comparable to the VPMAX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of DGP and VPMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DGP	VPMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.78	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.75	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.84	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.62	-0.31

Correlation

The correlation between DGP and VPMAX is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DGP vs. VPMAX - Dividend Comparison

DGP has not paid dividends to shareholders, while VPMAX's dividend yield for the trailing twelve months is around 32.75%.

	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%
VPMAX Vanguard PRIMECAP Fund Admiral Shares	32.75%	31.85%	6.71%	7.24%	9.94%	10.18%	9.82%	7.23%	8.43%	4.52%	5.13%	5.99%

Drawdowns

DGP vs. VPMAX - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, which is greater than VPMAX's maximum drawdown of -48.32%. Use the drawdown chart below to compare losses from any high point for DGP and VPMAX.

Drawdown Indicators

	DGP	VPMAX	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-48.32%	-26.99%
Max Drawdown (1Y) Largest decline over 1 year	-36.58%	-13.75%	-22.83%
Max Drawdown (5Y) Largest decline over 5 years	-51.24%	-25.21%	-26.03%
Max Drawdown (10Y) Largest decline over 10 years	-51.24%	-32.65%	-18.59%
Current Drawdown Current decline from peak	-22.22%	-8.80%	-13.42%
Average Drawdown Average peak-to-trough decline	-41.24%	-6.61%	-34.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.64%	3.20%	+6.44%

Volatility

DGP vs. VPMAX - Volatility Comparison

DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 24.21% compared to Vanguard PRIMECAP Fund Admiral Shares (VPMAX) at 6.72%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than VPMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGP	VPMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.21%	6.72%	+17.49%
Volatility (6M) Calculated over the trailing 6-month period	48.07%	22.09%	+25.98%
Volatility (1Y) Calculated over the trailing 1-year period	55.32%	28.98%	+26.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.34%	20.17%	+18.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.93%	20.11%	+14.82%