DGZ vs. DGP
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 -8.53%/yr vs 17.37%/yr for DGP. Their -0.79 correlation means they have often moved in opposite directions in the past. Both charge a 0.75% expense ratio.
Performance
DGZ vs. DGP - Performance Comparison
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Returns By Period
In the year-to-date period, DGZ achieves a -2.82% return, which is significantly higher than DGP's -10.32% return. Over the past 10 years, DGZ has underperformed DGP with an annualized return of -8.53%, while DGP has yielded a comparatively higher 17.37% annualized return.
DGZ
- 1D
- -12.96%
- 1M
- -14.11%
- 6M
- -3.97%
- YTD
- -2.82%
- 1Y
- -18.99%
- 3Y*
- -18.82%
- 5Y*
- -12.22%
- 10Y*
- -8.53%
- ALL TIME*
- -7.90%
DGP
- 1D
- 8.41%
- 1M
- 3.34%
- 6M
- -31.36%
- YTD
- -10.32%
- 1Y
- 38.76%
- 3Y*
- 52.47%
- 5Y*
- 31.48%
- 10Y*
- 17.37%
- ALL TIME*
- 9.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.17M | $16.22M | $26.73M | |
| $26.88K | $31.34K | $38.49K |
DGZ vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | -2.82% | -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 | -10.32% | 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 -0.33, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.79 |
Over the past year, the inverse relationship between DGZ and DGP has weakened: their correlation has moved from -0.79 to -0.33, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGZ vs. DGP — Risk / Return Rank
DGZ
DGP
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.
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.
| DGZ | DGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.17 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.82 | -1.35 |
| Martin ratioReturn relative to average drawdown | -0.92 | 1.71 | -2.63 |
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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.
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Drawdown Indicators
| DGZ | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -75.31% | -11.01% |
Max Drawdown (1Y)Largest decline over 1 year | -36.14% | -47.59% | +11.45% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -47.59% | -11.95% |
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 DrawdownCurrent decline from peak | -83.35% | -40.33% | -43.02% |
Average DrawdownAverage peak-to-trough decline | -57.95% | -41.11% | -16.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.66% | 22.77% | -2.11% |
Volatility
DGZ vs. DGP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.24% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 14.10%. 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.
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Volatility by Period
| DGZ | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.24% | 14.10% | +10.14% |
Volatility (6M)Calculated over the trailing 6-month period | 60.86% | 42.29% | +18.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.43% | 56.18% | +17.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.19% | 39.92% | -1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.22% | 35.56% | -6.34% |
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.
Frequently Asked Questions
DGZ and DGP have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.24%) compared to DGP (14.10%). In terms of maximum drawdown, DGZ dropped -86.32% vs DGP's -75.31%.
On 10-year performance, DGP leads with 17.37% vs -8.53% for DGZ. Both ETFs have the same 0.75% expense ratio. On volatility, DGP has been the lower-risk option at 14.10%. 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 17.37% return vs -8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGZ and DGP have the same expense ratio: 0.75% per year.
DGZ and DGP have nearly identical dividend yields, around 0.00%.
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%).
DGP currently has the higher Sharpe Ratio (0.69 vs -0.26), 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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