SHNY vs. DGP

Last updated Jun 4, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and DGP (DB Gold Double Long Exchange Traded Notes) are both Leveraged Commodities funds. Over the past 3 years, SHNY returned 59.66%/yr vs 57.85%/yr for DGP. With a 0.95 correlation, they move nearly in lockstep. SHNY charges 0.95%/yr vs 0.75%/yr for DGP.

Performance

SHNY vs. DGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -14.45% return, which is significantly lower than DGP's 1.01% return.

SHNY

• 1D: -3.20%
• 1M: -7.37%
• YTD: -14.45%
• 6M: -10.44%
• 1Y: 49.39%
• 3Y*: 59.66%
• 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%

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

SHNY vs. DGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-14.45%	214.54%	50.30%	12.52%
DGP DB Gold Double Long Exchange Traded Notes	1.01%	141.40%	53.16%	18.05%

Correlation

The correlation between SHNY and DGP is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.95

The correlation between SHNY and DGP has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

SHNY vs. DGP — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 21
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 20
SHNY Martin Ratio Rank: 18

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.

SHNY vs. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	DGP	Difference
Sharpe ratio: Return per unit of total volatility	0.63	1.10	-0.47
Sortino ratio: Return per unit of downside risk	1.24	1.60	-0.36
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	0.90	1.58	-0.68
Martin ratio: Return relative to average drawdown	1.93	4.05	-2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. DGP - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.63, which is lower than the DGP Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of SHNY 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

	SHNY	DGP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	1.10	-0.47
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	1.01	0.28	+0.73

Drawdowns

SHNY vs. DGP - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, smaller than the maximum DGP drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SHNY and DGP.

Drawdown Indicators

	SHNY	DGP	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-75.31%	+20.32%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-36.58%	-18.41%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	-36.58%	-18.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-51.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.24%	—
Current Drawdown Current decline from peak	-54.99%	-32.78%	-22.21%
Average Drawdown Average peak-to-trough decline	-14.94%	-41.09%	+26.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.66%	14.24%	+11.42%

Volatility

SHNY vs. DGP - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 16.40% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 10.48%. This indicates that SHNY'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

	SHNY	DGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	10.48%	+5.92%
Volatility (6M) Calculated over the trailing 6-month period	70.87%	46.34%	+24.53%
Volatility (1Y) Calculated over the trailing 1-year period	78.80%	52.47%	+26.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	38.77%	+19.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	35.04%	+23.32%

SHNY vs. DGP - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.

Dividends

SHNY vs. DGP - Dividend Comparison

Neither SHNY nor DGP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and DGP in my portfolio?

With a correlation of 0.96, SHNY 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.

Which is riskier, SHNY or DGP?

SHNY has higher volatility (16.40%) compared to DGP (10.48%). In terms of maximum drawdown, SHNY dropped -54.99% vs DGP's -75.31%.

Which ETF is better, SHNY or DGP?

On 3-year performance, SHNY leads with 59.66% vs 57.85% for DGP. On fees, DGP is cheaper at 0.75% per year. 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, SHNY or DGP?

Over the 3-year period, SHNY has performed better with a 59.66% return vs 57.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or DGP?

DGP is cheaper with a 0.75% expense ratio, compared with 0.95% for SHNY.

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

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

What is the main difference between SHNY and DGP?

They also come from different issuers: BMO and Deutsche Bank. Their fees differ too: 0.95% for SHNY and 0.75% for DGP.

Which has better risk-adjusted returns?

DGP currently has the higher Sharpe Ratio (1.10 vs 0.63), 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.