What I thought until you posted your question:
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The glucose level in the interstitial fluid is 10-20 minutes behind the BG
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calibration matches the interstitial fluid glucose to BG, but does not remove the delay
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the Dexcom shows a number that is 15 minutes behind the real BG.
I was going to post in that sense, but I actually reviewed some scientific literature, and, as of 2014, the papers are saying that the Dexcom number is estimating the BG right now (not 15 minutes behind).
I am not 100% sure what is reality today. I need to do more research
I had always assumed that was true (and somewhat verified by experience) until you asked
I am pretty sure that xDrip reports the BG 15 minutes ago, as estimated from the interstitial fluid. But confirmation should come from the experts: @docslotnick, @dm61, what do you think?