DGP vs. DZZ
DGP (DB Gold Double Long Exchange Traded Notes) and DZZ (DB Gold Double Short Exchange Traded Notes) are both Leveraged Commodities funds from Deutsche Bank - DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%) while DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). Both are passively managed. Over the past 10 years, DGP returned 20.69%/yr vs -10.94%/yr for DZZ. At a correlation of -0.81, they often move in opposite directions. Both charge a 0.75% expense ratio.
Performance
DGP vs. DZZ - Performance Comparison
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Returns By Period
In the year-to-date period, DGP achieves a 2.35% return, which is significantly higher than DZZ's -50.78% return. Over the past 10 years, DGP has outperformed DZZ with an annualized return of 20.69%, while DZZ has yielded a comparatively lower -10.94% annualized return.
DGP
- 1D
- 1.33%
- 1M
- -3.76%
- YTD
- 2.35%
- 6M
- 6.80%
- 1Y
- 57.39%
- 3Y*
- 58.29%
- 5Y*
- 30.84%
- 10Y*
- 20.69%
DZZ
- 1D
- -4.79%
- 1M
- -19.92%
- YTD
- -50.78%
- 6M
- -42.90%
- 1Y
- 3.85%
- 3Y*
- -8.41%
- 5Y*
- -5.74%
- 10Y*
- -10.94%
DGP vs. DZZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DGP DB Gold Double Long Exchange Traded Notes | 2.35% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
DZZ DB Gold Double Short Exchange Traded Notes | -50.78% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
Correlation
The correlation between DGP and DZZ is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.81 |
Over the past year, the inverse relationship between DGP and DZZ has weakened: their correlation has moved from -0.81 to -0.45, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DGP vs. DZZ — Risk / Return Rank
DGP
DZZ
DGP vs. DZZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Long Exchange Traded Notes (DGP) 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.
| DGP | DZZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 0.05 | +1.53 |
| Martin ratioReturn relative to average drawdown | 4.00 | 0.07 | +3.93 |
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
| DGP | DZZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 0.02 | +1.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | -0.07 | +0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | -0.17 | +0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | -0.24 | +0.52 |
Drawdowns
DGP vs. DZZ - Drawdown Comparison
The maximum DGP drawdown since its inception was -75.31%, smaller than the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for DGP and DZZ.
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Drawdown Indicators
| DGP | DZZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -96.64% | +21.33% |
Max Drawdown (1Y)Largest decline over 1 year | -36.58% | -80.84% | +44.26% |
Max Drawdown (3Y)Largest decline over 3 years | -36.58% | -80.84% | +44.26% |
Max Drawdown (5Y)Largest decline over 5 years | -51.24% | -80.84% | +29.60% |
Max Drawdown (10Y)Largest decline over 10 years | -51.24% | -80.84% | +29.60% |
Current DrawdownCurrent decline from peak | -31.89% | -95.40% | +63.51% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -82.30% | +41.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.38% | 53.43% | -39.05% |
Volatility
DGP vs. DZZ - Volatility Comparison
The current volatility for DB Gold Double Long Exchange Traded Notes (DGP) is 10.44%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 30.48%. This indicates that DGP 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
| DGP | DZZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.44% | 30.48% | -20.04% |
Volatility (6M)Calculated over the trailing 6-month period | 46.34% | 59.82% | -13.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.46% | 169.50% | -117.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.76% | 83.65% | -44.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.03% | 64.06% | -29.03% |
DGP vs. DZZ - Expense Ratio Comparison
Both DGP and DZZ have an expense ratio of 0.75%.
Dividends
DGP vs. DZZ - Dividend Comparison
Neither DGP nor DZZ has paid dividends to shareholders.
Frequently Asked Questions
DGP and DZZ have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.48%) compared to DGP (10.44%). In terms of maximum drawdown, DGP dropped -75.31% vs DZZ's -96.64%.
On 10-year performance, DGP leads with 20.69% vs -10.94% for DZZ. Both ETFs have the same 0.75% expense ratio. On volatility, DGP has been the lower-risk option at 10.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGP has performed better with a 20.69% return vs -10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGP and DZZ have the same expense ratio: 0.75% per year.
DGP and DZZ have nearly identical dividend yields, around 0.00%.
DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%), while DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%).
DGP currently has the higher Sharpe Ratio (1.10 vs 0.02), 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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