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 -7.63%/yr vs 16.18%/yr for DGP. At a correlation of -0.80, they often move in opposite directions. 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 7.37% return, which is significantly higher than DGP's -19.95% return. Over the past 10 years, DGZ has underperformed DGP with an annualized return of -7.63%, while DGP has yielded a comparatively higher 16.18% annualized return.
DGZ
- 1D
- 1.32%
- 1M
- 6.28%
- 6M
- 12.88%
- YTD
- 7.37%
- 1Y
- -11.14%
- 3Y*
- -15.55%
- 5Y*
- -9.77%
- 10Y*
- -7.63%
DGP
- 1D
- -4.99%
- 1M
- -11.04%
- 6M
- -29.70%
- YTD
- -19.95%
- 1Y
- 24.83%
- 3Y*
- 46.51%
- 5Y*
- 26.51%
- 10Y*
- 16.18%
DGZ vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGZ DB Gold Short Exchange Traded Notes | 7.37% | -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 | -19.95% | 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 -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.80 |
Over the past year, the inverse relationship between DGZ and DGP has weakened: their correlation has moved from -0.80 to -0.37, 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 | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.13 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 0.53 | -0.84 |
| Martin ratioReturn relative to average drawdown | -0.55 | 1.27 | -1.83 |
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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% | -46.98% | +10.84% |
Max Drawdown (3Y)Largest decline over 3 years | -59.54% | -46.98% | -12.56% |
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 | -81.61% | -46.73% | -34.88% |
Average DrawdownAverage peak-to-trough decline | -57.86% | -41.09% | -16.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.16% | 19.56% | +0.60% |
Volatility
DGZ vs. DGP - Volatility Comparison
DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 24.11% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 16.07%. 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 | 24.11% | 16.07% | +8.04% |
Volatility (6M)Calculated over the trailing 6-month period | 58.97% | 48.64% | +10.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.25% | 55.50% | +14.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 39.56% | -2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.40% | 35.41% | -7.01% |
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 -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGZ has higher volatility (24.11%) compared to DGP (16.07%). In terms of maximum drawdown, DGZ dropped -86.32% vs DGP's -75.31%.
On 10-year performance, DGP leads with 16.18% vs -7.63% for DGZ. Both ETFs have the same 0.75% expense ratio. On volatility, DGP has been the lower-risk option at 16.07%. 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 16.18% return vs -7.63%. 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 (0.45 vs -0.16), 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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