IAUM vs. DGP
IAUM (iShares Gold Trust Micro) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, 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 3 years, IAUM returned 31.53%/yr vs 57.85%/yr for DGP. With a 0.96 correlation, they move nearly in lockstep. IAUM charges 0.09%/yr vs 0.75%/yr for DGP.
Performance
IAUM vs. DGP - Performance Comparison
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Returns By Period
In the year-to-date period, IAUM achieves a 3.00% return, which is significantly higher than DGP's 1.01% return.
IAUM
- 1D
- -0.96%
- 1M
- -1.62%
- YTD
- 3.00%
- 6M
- 5.58%
- 1Y
- 32.42%
- 3Y*
- 31.53%
- 5Y*
- —
- 10Y*
- —
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%
IAUM vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 3.00% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
DGP DB Gold Double Long Exchange Traded Notes | 1.01% | 141.40% | 53.16% | 16.97% | -5.54% | 6.59% |
Correlation
The correlation between IAUM and DGP is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.96 |
The correlation between IAUM and DGP has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
IAUM vs. DGP — Risk / Return Rank
IAUM
DGP
IAUM vs. DGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.
| IAUM | DGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.58 | +0.12 |
| Martin ratioReturn relative to average drawdown | 4.22 | 4.05 | +0.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAUM | DGP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.10 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.79 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.16 | 0.28 | +0.88 |
Drawdowns
IAUM vs. DGP - Drawdown Comparison
The maximum IAUM drawdown since its inception was -20.87%, smaller than the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for IAUM and DGP.
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Drawdown Indicators
| IAUM | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.87% | -75.31% | +54.44% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -36.58% | +17.43% |
Max Drawdown (3Y)Largest decline over 3 years | -19.15% | -36.58% | +17.43% |
Max Drawdown (5Y)Largest decline over 5 years | — | -51.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.24% | — |
Current DrawdownCurrent decline from peak | -17.68% | -32.78% | +15.10% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -41.09% | +35.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.70% | 14.24% | -6.54% |
Volatility
IAUM vs. DGP - Volatility Comparison
The current volatility for iShares Gold Trust Micro (IAUM) is 5.50%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 10.48%. This indicates that IAUM 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.
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Volatility by Period
| IAUM | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 10.48% | -4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 22.89% | 46.34% | -23.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.31% | 52.47% | -26.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 38.77% | -20.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 35.04% | -17.18% |
IAUM vs. DGP - Expense Ratio Comparison
IAUM has a 0.09% expense ratio, which is lower than DGP's 0.75% expense ratio.
Dividends
IAUM vs. DGP - Dividend Comparison
Neither IAUM nor DGP has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, IAUM and DGP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DGP has higher volatility (10.48%) compared to IAUM (5.50%). In terms of maximum drawdown, IAUM dropped -20.87% vs DGP's -75.31%.
On 3-year performance, DGP leads with 57.85% vs 31.53% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DGP has performed better with a 57.85% return vs 31.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.75% for DGP.
IAUM and DGP have nearly identical dividend yields, around 0.00%.
IAUM is categorized as Gold, while DGP is Leveraged Commodities. IAUM tracks LBMA Gold Price PM, while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.09% for IAUM and 0.75% for DGP.
IAUM currently has the higher Sharpe Ratio (1.24 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.
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