BOIL vs. DZZ
BOIL (ProShares Ultra Bloomberg Natural Gas) and DZZ (DB Gold Double Short Exchange Traded Notes) are both Leveraged Commodities funds - BOIL tracks the Bloomberg Natural Gas Subindex while DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). Both are passively managed. Over the past 10 years, BOIL returned -56.95%/yr vs -10.52%/yr for DZZ. At a 0.01 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.75%/yr for DZZ.
Performance
BOIL vs. DZZ - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -36.77% return, which is significantly higher than DZZ's -48.31% return. Over the past 10 years, BOIL has underperformed DZZ with an annualized return of -56.95%, while DZZ has yielded a comparatively higher -10.52% annualized return.
BOIL
- 1D
- 4.32%
- 1M
- 4.62%
- YTD
- -36.77%
- 6M
- -62.98%
- 1Y
- -74.31%
- 3Y*
- -60.61%
- 5Y*
- -64.63%
- 10Y*
- -56.95%
DZZ
- 1D
- 1.45%
- 1M
- -16.65%
- YTD
- -48.31%
- 6M
- -41.62%
- 1Y
- 11.20%
- 3Y*
- -6.90%
- 5Y*
- -4.82%
- 10Y*
- -10.52%
BOIL vs. DZZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -36.77% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
DZZ DB Gold Double Short Exchange Traded Notes | -48.31% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
Correlation
The correlation between BOIL and DZZ is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | 0.01 |
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Return for Risk
BOIL vs. DZZ — Risk / Return Rank
BOIL
DZZ
BOIL vs. DZZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and DB Gold Double Short Exchange Traded Notes (DZZ). 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.
| BOIL | DZZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.22 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.14 | -1.06 |
| Martin ratioReturn relative to average drawdown | -1.26 | 0.21 | -1.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BOIL | DZZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.07 | -0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | -0.06 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | -0.16 | -0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | -0.23 | -0.38 |
Drawdowns
BOIL vs. DZZ - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for BOIL and DZZ.
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Drawdown Indicators
| BOIL | DZZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -96.64% | -3.36% |
Max Drawdown (1Y)Largest decline over 1 year | -80.85% | -80.84% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -80.84% | -16.02% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -80.84% | -19.07% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -80.84% | -19.15% |
Current DrawdownCurrent decline from peak | -100.00% | -95.16% | -4.84% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -82.30% | -11.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.20% | 53.19% | +6.01% |
Volatility
BOIL vs. DZZ - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 23.95%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 30.21%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky than DZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | DZZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.95% | 30.21% | -6.26% |
Volatility (6M)Calculated over the trailing 6-month period | 107.61% | 59.65% | +47.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.64% | 169.45% | -55.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.89% | 83.63% | +35.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 64.05% | +37.76% |
BOIL vs. DZZ - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than DZZ's 0.75% expense ratio.
Dividends
BOIL vs. DZZ - Dividend Comparison
Neither BOIL nor DZZ has paid dividends to shareholders.
Frequently Asked Questions
BOIL and DZZ have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.21%) compared to BOIL (23.95%). In terms of maximum drawdown, BOIL dropped -100.00% vs DZZ's -96.64%.
On 10-year performance, DZZ leads with -10.52% vs -56.95% for BOIL. On fees, DZZ is cheaper at 0.75% per year. On volatility, BOIL has been the lower-risk option at 23.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DZZ has performed better with a -10.52% return vs -56.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DZZ is cheaper with a 0.75% expense ratio, compared with 1.31% for BOIL.
BOIL and DZZ have nearly identical dividend yields, around 0.00%.
BOIL tracks Bloomberg Natural Gas Subindex, while DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). They also come from different issuers: ProShares and Deutsche Bank. Their fees differ too: 1.31% for BOIL and 0.75% for DZZ.
DZZ currently has the higher Sharpe Ratio (0.07 vs -0.66), 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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