SVXY vs. DGP
SVXY (ProShares Short VIX Short-Term Futures ETF) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x), 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, SVXY returned 2.48%/yr vs 17.25%/yr for DGP. At a 0.01 correlation, their price movements are largely independent. SVXY charges 0.95%/yr vs 0.75%/yr for DGP.
Performance
SVXY vs. DGP - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a -0.69% return, which is significantly higher than DGP's -14.58% return. Over the past 10 years, SVXY has underperformed DGP with an annualized return of 2.48%, while DGP has yielded a comparatively higher 17.25% annualized return.
SVXY
- 1D
- -2.69%
- 1M
- 4.23%
- YTD
- -0.69%
- 6M
- 0.15%
- 1Y
- 35.14%
- 3Y*
- 10.26%
- 5Y*
- 14.63%
- 10Y*
- 2.48%
DGP
- 1D
- -3.65%
- 1M
- -17.84%
- YTD
- -14.58%
- 6M
- -21.57%
- 1Y
- 32.14%
- 3Y*
- 49.95%
- 5Y*
- 29.64%
- 10Y*
- 17.25%
SVXY vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -0.69% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
DGP DB Gold Double Long Exchange Traded Notes | -14.58% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
Correlation
The correlation between SVXY and DGP is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.01 |
The correlation between SVXY and DGP shifts across timeframes, from 0.01 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SVXY vs. DGP — Risk / Return Rank
SVXY
DGP
SVXY vs. DGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | DGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.15 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 0.73 | +0.80 |
| Martin ratioReturn relative to average drawdown | 5.02 | 1.93 | +3.09 |
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Drawdowns
SVXY vs. DGP - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than DGP's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SVXY and DGP.
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Drawdown Indicators
| SVXY | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -75.31% | -19.94% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -43.98% | +21.04% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -43.98% | -2.47% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -51.24% | +4.79% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -51.24% | -44.01% |
Current DrawdownCurrent decline from peak | -80.10% | -43.16% | -36.94% |
Average DrawdownAverage peak-to-trough decline | -56.93% | -41.08% | -15.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.02% | 16.71% | -9.69% |
Volatility
SVXY vs. DGP - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 8.75%, while DB Gold Double Long Exchange Traded Notes (DGP) has a volatility of 17.11%. This indicates that SVXY 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
| SVXY | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.75% | 17.11% | -8.36% |
Volatility (6M)Calculated over the trailing 6-month period | 22.73% | 48.95% | -26.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.95% | 54.67% | -25.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.40% | 39.27% | -3.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.67% | 35.31% | +14.36% |
SVXY vs. DGP - Expense Ratio Comparison
SVXY has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.
Dividends
SVXY vs. DGP - Dividend Comparison
Neither SVXY nor DGP has paid dividends to shareholders.
Frequently Asked Questions
SVXY and DGP have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGP has higher volatility (17.11%) compared to SVXY (8.75%). In terms of maximum drawdown, SVXY dropped -95.25% vs DGP's -75.31%.
On 10-year performance, DGP leads with 17.25% vs 2.48% for SVXY. On fees, DGP is cheaper at 0.75% per year. On volatility, SVXY has been the lower-risk option at 8.75%. 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 17.25% return vs 2.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGP is cheaper with a 0.75% expense ratio, compared with 0.95% for SVXY.
SVXY and DGP have nearly identical dividend yields, around 0.00%.
SVXY is categorized as Volatility, while DGP is Leveraged Commodities. SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). They also come from different issuers: ProShares and Deutsche Bank. Their fees differ too: 0.95% for SVXY and 0.75% for DGP.
SVXY currently has the higher Sharpe Ratio (1.22 vs 0.59), 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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