HDEF vs. DGP

Last updated Jun 4, 2026

HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index, 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, HDEF returned 8.59%/yr vs 20.46%/yr for DGP. At a 0.17 correlation, their price movements are largely independent. HDEF charges 0.20%/yr vs 0.75%/yr for DGP.

Performance

HDEF vs. DGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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, HDEF achieves a 3.99% return, which is significantly higher than DGP's 1.01% return. Over the past 10 years, HDEF has underperformed DGP with an annualized return of 8.59%, while DGP has yielded a comparatively higher 20.46% annualized return.

HDEF

• 1D: -0.96%
• 1M: -1.35%
• YTD: 3.99%
• 6M: 6.18%
• 1Y: 15.90%
• 3Y*: 16.39%
• 5Y*: 9.83%
• 10Y*: 8.59%

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)

HDEF vs. DGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.99%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	9.89%
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 HDEF and DGP is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.17

The correlation between HDEF and DGP shifts across timeframes, from 0.17 (all time) to 0.33 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HDEF vs. DGP — Risk / Return Rank

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

HDEF

HDEF Risk / Return Rank: 38
HDEF Sharpe Ratio Rank: 38
HDEF Sortino Ratio Rank: 37
HDEF Omega Ratio Rank: 37
HDEF Calmar Ratio Rank: 40
HDEF Martin Ratio Rank: 39

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.

HDEF vs. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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.

	HDEF	DGP	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.10	+0.27
Sortino ratio: Return per unit of downside risk	1.94	1.60	+0.34
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	1.99	1.58	+0.41
Martin ratio: Return relative to average drawdown	6.16	4.05	+2.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDEF vs. DGP - Sharpe Ratio Comparison

The current HDEF Sharpe Ratio is 1.37, which is comparable to the DGP Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of HDEF 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

	HDEF	DGP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.10	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.79	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.59	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.28	+0.17

Drawdowns

HDEF vs. DGP - Drawdown Comparison

The maximum HDEF drawdown since its inception was -36.43%, smaller than the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for HDEF and DGP.

Drawdown Indicators

	HDEF	DGP	Difference
Max Drawdown Largest peak-to-trough decline	-36.43%	-75.31%	+38.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-36.58%	+28.55%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	-36.58%	+25.43%
Max Drawdown (5Y) Largest decline over 5 years	-23.63%	-51.24%	+27.61%
Max Drawdown (10Y) Largest decline over 10 years	-36.43%	-51.24%	+14.81%
Current Drawdown Current decline from peak	-5.69%	-32.78%	+27.09%
Average Drawdown Average peak-to-trough decline	-5.04%	-41.09%	+36.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	14.24%	-11.65%

Volatility

HDEF vs. DGP - Volatility Comparison

The current volatility for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) is 3.75%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 10.48%. This indicates that HDEF experiences smaller price fluctuations and is considered to be less risky than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDEF	DGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	10.48%	-6.73%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	46.34%	-37.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.67%	52.47%	-40.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.14%	38.77%	-24.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	35.04%	-18.80%

HDEF vs. DGP - Expense Ratio Comparison

HDEF has a 0.20% expense ratio, which is lower than DGP's 0.75% expense ratio.

Dividends

HDEF vs. DGP - Dividend Comparison

HDEF's dividend yield for the trailing twelve months is around 3.65%, while DGP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.65%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

Frequently Asked Questions

Can I hold both HDEF and DGP in my portfolio?

HDEF and DGP have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDEF or DGP?

DGP has higher volatility (10.48%) compared to HDEF (3.75%). In terms of maximum drawdown, HDEF dropped -36.43% vs DGP's -75.31%.

Which ETF is better, HDEF or DGP?

On 10-year performance, DGP leads with 20.46% vs 8.59% for HDEF. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDEF or DGP?

Over the 10-year period, DGP has performed better with a 20.46% return vs 8.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDEF or DGP?

HDEF is cheaper with a 0.20% expense ratio, compared with 0.75% for DGP.

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

HDEF has the higher dividend yield at 3.65%, compared with 0.00% for DGP.

What is the main difference between HDEF and DGP?

HDEF is categorized as Foreign Large Cap Equities, while DGP is Leveraged Commodities. HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index, while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Their fees differ too: 0.20% for HDEF and 0.75% for DGP.

Which has better risk-adjusted returns?

HDEF currently has the higher Sharpe Ratio (1.37 vs 1.10), 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.