DGP vs. WPM

Last updated Apr 1, 2026

Compare and contrast key facts about DB Gold Double Long Exchange Traded Notes (DGP) and Wheaton Precious Metals Corp. (WPM).

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.

Performance

DGP vs. WPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Long Exchange Traded Notes (DGP) and Wheaton Precious Metals Corp. (WPM). The values are adjusted to include any dividend payments, if applicable.

DGP vs. WPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGP DB Gold Double Long Exchange Traded Notes	13.65%	141.40%	53.16%	16.97%	-5.54%	-11.29%	45.29%	32.27%	-7.48%	24.20%
WPM Wheaton Precious Metals Corp.	11.65%	110.52%	15.24%	27.91%	-7.53%	4.22%	41.82%	54.62%	-10.04%	16.41%

Returns By Period

In the year-to-date period, DGP achieves a 13.65% return, which is significantly higher than WPM's 11.65% return. Over the past 10 years, DGP has underperformed WPM with an annualized return of 22.44%, while WPM has yielded a comparatively higher 24.70% annualized return.

DGP

• 1D: 9.12%
• 1M: -22.14%
• YTD: 13.65%
• 6M: 37.68%
• 1Y: 101.12%
• 3Y*: 63.02%
• 5Y*: 38.30%
• 10Y*: 22.44%

WPM

• 1D: 6.08%
• 1M: -19.82%
• YTD: 11.65%
• 6M: 17.51%
• 1Y: 70.29%
• 3Y*: 40.98%
• 5Y*: 28.33%
• 10Y*: 24.70%

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

Return for Risk

DGP vs. WPM — Risk / Return Rank

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

DGP

DGP Risk / Return Rank: 87
DGP Sharpe Ratio Rank: 89
DGP Sortino Ratio Rank: 86
DGP Omega Ratio Rank: 83
DGP Calmar Ratio Rank: 90
DGP Martin Ratio Rank: 90

WPM

WPM Risk / Return Rank: 83
WPM Sharpe Ratio Rank: 86
WPM Sortino Ratio Rank: 77
WPM Omega Ratio Rank: 80
WPM Calmar Ratio Rank: 81
WPM Martin Ratio Rank: 88

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. WPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) and Wheaton Precious Metals Corp. (WPM). 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	WPM	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.59	+0.25
Sortino ratio Return per unit of downside risk	2.24	1.91	+0.33
Omega ratio Gain probability vs. loss probability	1.32	1.28	+0.03
Calmar ratio Return relative to maximum drawdown	2.91	2.34	+0.57
Martin ratio Return relative to average drawdown	11.14	8.83	+2.31
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. WPM - Sharpe Ratio Comparison

The current DGP Sharpe Ratio is 1.84, which is comparable to the WPM Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of DGP and WPM, 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	WPM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.59	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.83	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.67	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.74	-0.44

Correlation

The correlation between DGP and WPM is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DGP vs. WPM - Dividend Comparison

DGP has not paid dividends to shareholders, while WPM's dividend yield for the trailing twelve months is around 0.65%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
WPM Wheaton Precious Metals Corp.	0.65%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%

Drawdowns

DGP vs. WPM - Drawdown Comparison

The maximum DGP drawdown since its inception was -75.31%, which is greater than WPM's maximum drawdown of -48.64%. Use the drawdown chart below to compare losses from any high point for DGP and WPM.

Drawdown Indicators

	DGP	WPM	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-48.64%	-26.67%
Max Drawdown (1Y) Largest decline over 1 year	-36.58%	-30.84%	-5.74%
Max Drawdown (5Y) Largest decline over 5 years	-51.24%	-43.29%	-7.95%
Max Drawdown (10Y) Largest decline over 10 years	-51.24%	-48.64%	-2.60%
Current Drawdown Current decline from peak	-24.38%	-20.82%	-3.56%
Average Drawdown Average peak-to-trough decline	-41.24%	-18.86%	-22.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.54%	8.16%	+1.38%

Volatility

DGP vs. WPM - Volatility Comparison

DB Gold Double Long Exchange Traded Notes (DGP) has a higher volatility of 25.22% compared to Wheaton Precious Metals Corp. (WPM) at 17.87%. This indicates that DGP's price experiences larger fluctuations and is considered to be riskier than WPM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGP	WPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.22%	17.87%	+7.35%
Volatility (6M) Calculated over the trailing 6-month period	48.02%	37.02%	+11.00%
Volatility (1Y) Calculated over the trailing 1-year period	55.31%	44.42%	+10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.32%	34.45%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.93%	36.81%	-1.88%