- ISIN
- US25154H7567
- CUSIP
- 25154H756
- Issuer
- Deutsche Bank
- Inception Date
- Feb 27, 2008
- Region
- Global (Broad)
- Category
- Leveraged Commodities, Gold, Precious Metals
- Leveraged
- 2x
- Index Tracked
- Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%)
- Distribution Policy
- Accumulating
- Asset Class
- Commodity
- Assets Under Management
- $942K
Share Price Chart
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Performance
DZZ Performance Chart
DB Gold Double Short Exchange Traded Notes (DZZ) is down 52.5% since the beginning of the year. DZZ is currently trading at $2 per share. Investors who bought $1,000 worth of DZZ shares 5 years ago would now be looking at an investment worth $639.
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Returns By Period
DB Gold Double Short Exchange Traded Notes (DZZ) has returned -52.48% so far this year and -2.95% over the past 12 months. Over the last ten years, DZZ has returned -10.01% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
DB Gold Double Short Exchange Traded Notes
- 1D
- 1.37%
- 1M
- -12.70%
- YTD
- -52.48%
- 6M
- -36.43%
- 1Y
- -2.95%
- 3Y*
- -10.44%
- 5Y*
- -8.57%
- 10Y*
- -10.01%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
DZZ Monthly Returns History
Based on dividend-adjusted daily data since Feb 28, 2008, DZZ's average daily return is -0.01%, while the average monthly return is +0.07%. At this rate, an investment would double in approximately 82.5 years.
Historically, 47% of months were positive and 53% were negative. The best month was Oct 2025 with a return of +287.2%, while the worst month was Nov 2025 at -39.2%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 9 months.
On a daily basis, DZZ closed higher 47% of trading days. The best single day was Oct 27, 2025 with a return of +133.9%, while the worst single day was Oct 30, 2025 at -23.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.39% | -35.89% | 3.34% | -6.84% | -17.96% | -9.22% | -52.48% | ||||||
| 2025 | -3.61% | 23.27% | -16.84% | 19.90% | -5.09% | 0.81% | -0.34% | -4.22% | -14.34% | 287.16% | -39.24% | 6.76% | 132.78% |
| 2024 | -2.38% | 5.05% | -13.62% | -7.56% | -3.37% | -0.31% | -5.93% | -1.33% | -5.86% | -4.63% | -1.80% | 0.59% | -35.06% |
| 2023 | -10.30% | 10.27% | -12.89% | -1.78% | 3.71% | 5.50% | -3.71% | 4.26% | 13.04% | -15.15% | -3.64% | 6.95% | -8.14% |
| 2022 | 3.72% | -10.04% | -5.77% | 4.46% | 6.43% | 3.66% | 5.77% | 6.14% | 7.84% | 6.06% | -18.79% | -2.72% | 2.79% |
| 2021 | 2.99% | 12.16% | 2.70% | -6.25% | -14.96% | 13.24% | -4.97% | 0.08% | 5.87% | -2.77% | 1.78% | -5.78% | 0.56% |
Benchmark Metrics
DB Gold Double Short Exchange Traded Notes has an annualized alpha of -1.15%, beta of -0.04, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since February 28, 2008.
- This ETF participated in 41.08% of S&P 500 Index downside but only -23.96% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -0.04 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -1.15%
- Beta
- -0.04
- R²
- 0.00
- Upside Capture
- -23.96%
- Downside Capture
- 41.08%
Expense Ratio
DZZ has an expense ratio of 0.75%, placing it in the medium range.
Return for Risk
Risk / Return Rank
DZZ ranks 16 for risk / return — in the bottom 16% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and compare them to S&P 500 Index.
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.
| DZZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.37 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.78 | -2.82 |
| Martin ratioReturn relative to average drawdown | -0.05 | 12.44 | -12.49 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the DB Gold Double Short Exchange Traded Notes. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the DB Gold Double Short Exchange Traded Notes was 96.64%, occurring on Feb 7, 2025. The portfolio has not yet recovered.
The current DB Gold Double Short Exchange Traded Notes drawdown is 95.56%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -96.64%Feb 2025 | 16y 3mo | — | 17y 7moNov 2008 - now |
Financial crisis2007–2009 | -33.28%Sep 2008 | 17d | 24d | 1mo 11dSep 2008 - Oct 2008 |
Financial crisis2007–2009 | -23.87%Jul 2008 | 2mo 14d | 27d | 3mo 11dMay 2008 - Aug 2008 |
Financial crisis2007–2009 | -13.79%Nov 2008 | 11d | 8d | 19dOct 2008 - Nov 2008 |
Financial crisis2007–2009 | -12.50%Apr 2008 | 14d | 13d | 27dApr 2008 - Apr 2008 |
Drawdown Indicators
| DZZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -56.78% | -39.86% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -9.10% | -71.95% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -18.90% | -62.15% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -25.43% | -55.62% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -33.92% | -47.13% |
Current DrawdownCurrent decline from peak | -95.56% | -1.80% | -93.76% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -10.71% | -71.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.99% | 2.03% | +53.96% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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