DGZ vs. DGP

Last updated Jun 3, 2026

DGZ (DB Gold Short Exchange Traded Notes) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Both are passively managed. Over the past 10 years, DGZ returned -9.10%/yr vs 20.46%/yr for DGP. At a correlation of -0.81, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

DGZ vs. DGP - Performance Comparison

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

Returns By Period

In the year-to-date period, DGZ achieves a -2.01% return, which is significantly lower than DGP's 1.01% return. Over the past 10 years, DGZ has underperformed DGP with an annualized return of -9.10%, while DGP has yielded a comparatively higher 20.46% annualized return.

DGZ

• 1D: 1.49%
• 1M: 7.99%
• YTD: -2.01%
• 6M: -0.71%
• 1Y: -18.73%
• 3Y*: -17.92%
• 5Y*: -11.08%
• 10Y*: -9.10%

DGP

• 1D: -1.70%
• 1M: -3.55%
• YTD: 1.01%
• 6M: 5.64%
• 1Y: 57.52%
• 3Y*: 57.85%
• 5Y*: 30.49%
• 10Y*: 20.46%

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

DGZ vs. DGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGZ DB Gold Short Exchange Traded Notes	-2.01%	-32.55%	-16.46%	-4.75%	4.93%	1.53%	-20.80%	-13.42%	4.88%	-11.36%
DGP DB Gold Double Long Exchange Traded Notes	1.01%	141.40%	53.16%	16.97%	-5.54%	-11.29%	45.29%	32.27%	-7.48%	24.20%

Correlation

The correlation between DGZ and DGP is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.44
Correlation (5Y) Calculated over the trailing 5-year period	-0.57
Correlation (10Y) Calculated over the trailing 10-year period	-0.66
Correlation (All Time) Calculated using the full available price history since Mar 3, 2008	-0.81

Over the past year, the inverse relationship between DGZ and DGP has weakened: their correlation has moved from -0.81 to -0.40, meaning they move in opposite directions less often than they have historically.

Return for Risk

DGZ vs. DGP — Risk / Return Rank

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

DGZ

DGZ Risk / Return Rank: 6
DGZ Sharpe Ratio Rank: 6
DGZ Sortino Ratio Rank: 7
DGZ Omega Ratio Rank: 8
DGZ Calmar Ratio Rank: 4
DGZ Martin Ratio Rank: 4

DGP

DGP Risk / Return Rank: 30
DGP Sharpe Ratio Rank: 30
DGP Sortino Ratio Rank: 29
DGP Omega Ratio Rank: 34
DGP Calmar Ratio Rank: 32
DGP Martin Ratio Rank: 28

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.

DGZ vs. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) and DB Gold Double Long Exchange Traded Notes (DGP). 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.

	DGZ	DGP	Difference
Sharpe ratio Return per unit of total volatility	-0.28	1.10	-1.39
Sortino ratio Return per unit of downside risk	0.01	1.60	-1.59
Omega ratio Gain probability vs. loss probability	1.00	1.23	-0.23
Calmar ratio Return relative to maximum drawdown	-0.51	1.58	-2.09
Martin ratio Return relative to average drawdown	-0.90	4.05	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGZ vs. DGP - Sharpe Ratio Comparison

The current DGZ Sharpe Ratio is -0.28, which is lower than the DGP Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of DGZ and DGP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DGZ	DGP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.28	1.10	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.79	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.33	0.59	-0.92
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	0.28	-0.61

Drawdowns

DGZ vs. DGP - Drawdown Comparison

The maximum DGZ drawdown since its inception was -86.32%, which is greater than DGP's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for DGZ and DGP.

Drawdown Indicators

	DGZ	DGP	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	-75.31%	-11.01%
Max Drawdown (1Y) Largest decline over 1 year	-38.32%	-36.58%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-59.54%	-36.58%	-22.96%
Max Drawdown (5Y) Largest decline over 5 years	-61.54%	-51.24%	-10.30%
Max Drawdown (10Y) Largest decline over 10 years	-71.49%	-51.24%	-20.25%
Current Drawdown Current decline from peak	-83.21%	-32.78%	-50.43%
Average Drawdown Average peak-to-trough decline	-57.73%	-41.09%	-16.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.76%	14.24%	+7.52%

Volatility

DGZ vs. DGP - Volatility Comparison

DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 44.94% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 10.48%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGZ	DGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.94%	10.48%	+34.46%
Volatility (6M) Calculated over the trailing 6-month period	54.77%	46.34%	+8.43%
Volatility (1Y) Calculated over the trailing 1-year period	66.21%	52.47%	+13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.18%	38.77%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	35.04%	-7.67%

DGZ vs. DGP - Expense Ratio Comparison

Both DGZ and DGP have an expense ratio of 0.75%.

Dividends

DGZ vs. DGP - Dividend Comparison

Neither DGZ nor DGP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DGZ and DGP in my portfolio?

DGZ and DGP have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGZ or DGP?

DGZ has higher volatility (44.94%) compared to DGP (10.48%). In terms of maximum drawdown, DGZ dropped -86.32% vs DGP's -75.31%.

Which ETF is better, DGZ or DGP?

On 10-year performance, DGP leads with 20.46% vs -9.10% for DGZ. Both ETFs have the same 0.75% expense ratio. On volatility, DGP has been the lower-risk option at 10.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGZ or DGP?

Over the 10-year period, DGP has performed better with a 20.46% return vs -9.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGZ or DGP?

DGZ and DGP have the same expense ratio: 0.75% per year.

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

DGZ and DGP have nearly identical dividend yields, around 0.00%.

What is the main difference between DGZ and DGP?

DGZ is categorized as Inverse Commodities, while DGP is Leveraged Commodities. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%).

Which has better risk-adjusted returns?

DGP currently has the higher Sharpe Ratio (1.10 vs -0.28), 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.