I am looking at ETFs that track coffee price indices and I have noticed that there is quite big discrepancy between the ETFs underlying coffee indices (Dow Jones-UBS Coffee is an example) and the actual coffee price.
To make it clear, here is the coffee price:
And here is the index price:
If you look at the period from 2001 to 2009 the coffee price grew almost 3x while the index dropped by ca. 30%.
Does anybody know where this difference come from. I was thinking that it could be some additional costs to the ETF but the difference seems to big for that.