CPXR vs. DZZ

Last updated Jun 4, 2026

CPXR (USCF Daily Target 2X Copper Index ETF) and DZZ (DB Gold Double Short Exchange Traded Notes) are both Leveraged Commodities funds - CPXR tracks the SummerHaven Copper Index while DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). Both are passively managed. Over the past year, CPXR returned 37.97% vs 11.20% for DZZ. At a correlation of -0.17, they often move in opposite directions. CPXR charges 1.20%/yr vs 0.75%/yr for DZZ.

Performance

CPXR vs. DZZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Daily Target 2X Copper Index ETF (CPXR) and DB Gold Double Short Exchange Traded Notes (DZZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPXR achieves a 21.61% return, which is significantly higher than DZZ's -48.31% return.

CPXR

• 1D: -5.10%
• 1M: 21.98%
• YTD: 21.61%
• 6M: 34.31%
• 1Y: 37.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CPXR vs. DZZ - Yearly Performance Comparison

	2026 (YTD)	2025
CPXR USCF Daily Target 2X Copper Index ETF	21.61%	36.03%
DZZ DB Gold Double Short Exchange Traded Notes	-48.31%	135.58%

Correlation

The correlation between CPXR and DZZ is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	-0.17

Return for Risk

CPXR vs. DZZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPXR

CPXR Risk / Return Rank: 20
CPXR Sharpe Ratio Rank: 18
CPXR Sortino Ratio Rank: 21
CPXR Omega Ratio Rank: 27
CPXR Calmar Ratio Rank: 19
CPXR Martin Ratio Rank: 16

DZZ

DZZ Risk / Return Rank: 19
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 31
DZZ Omega Ratio Rank: 33
DZZ Calmar Ratio Rank: 10
DZZ Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CPXR vs. DZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) 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.

	CPXR	DZZ	Difference
Sharpe ratio: Return per unit of total volatility	0.55	0.07	+0.49
Sortino ratio: Return per unit of downside risk	1.11	1.69	-0.58
Omega ratio: Gain probability vs. loss probability	1.18	1.22	-0.04
Calmar ratio: Return relative to maximum drawdown	0.80	0.14	+0.66
Martin ratio: Return relative to average drawdown	1.47	0.21	+1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPXR vs. DZZ - Sharpe Ratio Comparison

The current CPXR Sharpe Ratio is 0.55, which is higher than the DZZ Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of CPXR and DZZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPXR	DZZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	0.07	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	-0.23	+0.89

Drawdowns

CPXR vs. DZZ - Drawdown Comparison

The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for CPXR and DZZ.

Drawdown Indicators

	CPXR	DZZ	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-96.64%	+48.77%
Max Drawdown (1Y) Largest decline over 1 year	-47.87%	-80.84%	+32.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-80.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-80.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-80.84%	—
Current Drawdown Current decline from peak	-5.10%	-95.16%	+90.06%
Average Drawdown Average peak-to-trough decline	-19.88%	-82.30%	+62.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.94%	53.19%	-27.25%

Volatility

CPXR vs. DZZ - Volatility Comparison

The current volatility for USCF Daily Target 2X Copper Index ETF (CPXR) is 18.75%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 30.21%. This indicates that CPXR 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.

Volatility by Period

	CPXR	DZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.75%	30.21%	-11.46%
Volatility (6M) Calculated over the trailing 6-month period	45.26%	59.65%	-14.39%
Volatility (1Y) Calculated over the trailing 1-year period	68.77%	169.45%	-100.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.61%	83.63%	-15.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.61%	64.05%	+4.56%

CPXR vs. DZZ - Expense Ratio Comparison

CPXR has a 1.20% expense ratio, which is higher than DZZ's 0.75% expense ratio.

Dividends

CPXR vs. DZZ - Dividend Comparison

CPXR's dividend yield for the trailing twelve months is around 0.58%, while DZZ has not paid dividends to shareholders.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.58%	0.70%
DZZ DB Gold Double Short Exchange Traded Notes	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPXR and DZZ in my portfolio?

CPXR and DZZ have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPXR or DZZ?

DZZ has higher volatility (30.21%) compared to CPXR (18.75%). In terms of maximum drawdown, CPXR dropped -47.87% vs DZZ's -96.64%.

Which ETF is better, CPXR or DZZ?

On 1-year performance, CPXR leads with 37.97% vs 11.20% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, CPXR has been the lower-risk option at 18.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPXR or DZZ?

Over the 1-year period, CPXR has performed better with a 37.97% return vs 11.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPXR or DZZ?

DZZ is cheaper with a 0.75% expense ratio, compared with 1.20% for CPXR.

Which ETF pays a higher dividend yield, CPXR or DZZ?

CPXR has the higher dividend yield at 0.58%, compared with 0.00% for DZZ.

What is the main difference between CPXR and DZZ?

CPXR tracks SummerHaven Copper Index, while DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). They also come from different issuers: USCF and Deutsche Bank. Their fees differ too: 1.20% for CPXR and 0.75% for DZZ.

Which has better risk-adjusted returns?

CPXR currently has the higher Sharpe Ratio (0.55 vs 0.07), 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.