DGP vs. ZSL
DGP (DB Gold Double Long Exchange Traded Notes) and ZSL (ProShares UltraShort Silver) are both exchange-traded funds - DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x). Both are passively managed. Over the past 10 years, DGP returned 17.25%/yr vs -41.09%/yr for ZSL. At a correlation of -0.77, they often move in opposite directions. DGP charges 0.75%/yr vs 1.32%/yr for ZSL.
Performance
DGP vs. ZSL - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a -14.58% return, which is significantly higher than ZSL's -46.07% return. Over the past 10 years, DGP has outperformed ZSL with an annualized return of 17.25%, while ZSL has yielded a comparatively lower -41.09% annualized return.
DGP
- 1D
- -3.65%
- 1M
- -17.84%
- YTD
- -14.58%
- 6M
- -21.57%
- 1Y
- 32.14%
- 3Y*
- 49.95%
- 5Y*
- 29.64%
- 10Y*
- 17.25%
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
DGP vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | -14.58% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
Correlation
The correlation between DGP and ZSL is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.77 |
The correlation between DGP and ZSL has been stable across timeframes, ranging from -0.80 to -0.74 - a consistent structural relationship.
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Return for Risk
DGP vs. ZSL — Risk / Return Rank
DGP
ZSL
DGP vs. ZSL - 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 UltraShort Silver (ZSL). 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 | ZSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.80 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | -0.94 | +1.68 |
| Martin ratioReturn relative to average drawdown | 1.93 | -1.27 | +3.20 |
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Drawdowns
DGP vs. ZSL - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum ZSL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DGP and ZSL.
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Drawdown Indicators
| DGP | ZSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -100.00% | +24.69% |
Max Drawdown (1Y)Largest decline over 1 year | -43.98% | -94.11% | +50.13% |
Max Drawdown (3Y)Largest decline over 3 years | -43.98% | -98.40% | +54.42% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -99.06% | +47.82% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -99.82% | +48.58% |
Current DrawdownCurrent decline from peak | -43.16% | -99.99% | +56.83% |
Average DrawdownAverage peak-to-trough decline | -41.08% | -96.38% | +55.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.71% | 69.79% | -53.08% |
Volatility
DGP vs. ZSL - Volatility Comparison
The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 17.11%, while ProShares UltraShort Silver (ZSL) has a volatility of 28.23%. This indicates that DGP experiences smaller price fluctuations and is considered to be less risky than ZSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DGP | ZSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.11% | 28.23% | -11.12% |
Volatility (6M)Calculated over the trailing 6-month period | 48.95% | 107.93% | -58.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.67% | 122.46% | -67.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.27% | 75.00% | -35.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.31% | 65.73% | -30.42% |
DGP vs. ZSL - Expense Ratio Comparison
DGP has a 0.75% expense ratio, which is lower than ZSL's 1.32% expense ratio.
Dividends
DGP vs. ZSL - Dividend Comparison
Neither DGP nor ZSL has paid dividends to shareholders.
Frequently Asked Questions
DGP and ZSL have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.23%) compared to DGP (17.11%). In terms of maximum drawdown, DGP dropped -75.31% vs ZSL's -100.00%.
On 10-year performance, DGP leads with 17.25% vs -41.09% for ZSL. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 17.11%. 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 17.25% return vs -41.09%. 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 1.32% for ZSL.
DGP and ZSL have nearly identical dividend yields, around 0.00%.
DGP is categorized as Leveraged Commodities, while ZSL is Silver. DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while ZSL tracks Bloomberg Silver Subindex (-2x). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DGP and 1.32% for ZSL.
DGP currently has the higher Sharpe Ratio (0.59 vs -0.73), 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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