DZZ vs. ASHS
DZZ (DB Gold Double Short Exchange Traded Notes) and ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while ASHS is a China Equities fund tracking the CSI 500 Index. Both are passively managed. Over the past 10 years, DZZ returned -10.01%/yr vs 4.06%/yr for ASHS. At a correlation of -0.06, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.65%/yr for ASHS.
Performance
DZZ vs. ASHS - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -52.47% return, which is significantly lower than ASHS's 20.07% return. Over the past 10 years, DZZ has underperformed ASHS with an annualized return of -10.01%, while ASHS has yielded a comparatively higher 4.06% annualized return.
DZZ
- 1D
- 0.02%
- 1M
- -12.68%
- YTD
- -52.47%
- 6M
- -48.59%
- 1Y
- -5.68%
- 3Y*
- -10.43%
- 5Y*
- -8.56%
- 10Y*
- -10.01%
ASHS
- 1D
- -2.58%
- 1M
- 1.98%
- YTD
- 20.07%
- 6M
- 23.64%
- 1Y
- 63.65%
- 3Y*
- 16.53%
- 5Y*
- 4.91%
- 10Y*
- 4.06%
DZZ vs. ASHS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -52.47% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 20.07% | 39.48% | 2.68% | -10.03% | -24.78% | 17.66% | 28.22% | 24.53% | -35.91% | 7.90% |
Correlation
The correlation between DZZ and ASHS is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 21, 2014 | -0.06 |
The correlation between DZZ and ASHS shifts across timeframes, from -0.20 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DZZ vs. ASHS — Risk / Return Rank
DZZ
ASHS
DZZ vs. ASHS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). 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.
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 | ASHS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.45 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 4.56 | -4.63 |
| Martin ratioReturn relative to average drawdown | -0.10 | 14.25 | -14.35 |
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Drawdowns
DZZ vs. ASHS - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than ASHS's maximum drawdown of -69.90%. Use the drawdown chart below to compare losses from any high point for DZZ and ASHS.
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Drawdown Indicators
| DZZ | ASHS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -69.90% | -26.74% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -14.03% | -67.02% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -34.13% | -46.92% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -47.81% | -33.24% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -47.81% | -33.24% |
Current DrawdownCurrent decline from peak | -95.55% | -30.70% | -64.85% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -48.49% | -33.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 4.48% | +51.74% |
Volatility
DZZ vs. ASHS - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 15.04% compared to Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) at 7.72%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than ASHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | ASHS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 7.72% | +7.32% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 17.92% | +42.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 23.32% | +146.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 26.60% | +57.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 25.60% | +38.46% |
DZZ vs. ASHS - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is higher than ASHS's 0.65% expense ratio.
Dividends
DZZ vs. ASHS - Dividend Comparison
Neither DZZ nor ASHS has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.00% | 0.00% | 0.69% | 0.65% | 1.90% | 0.76% | 0.43% | 0.57% | 0.00% | 0.00% | 0.00% | 8.34% |
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DZZ and ASHS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (15.04%) compared to ASHS (7.72%). In terms of maximum drawdown, DZZ dropped -96.64% vs ASHS's -69.90%.
On 10-year performance, ASHS leads with 4.06% vs -10.01% for DZZ. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ASHS has performed better with a 4.06% return vs -10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ASHS is cheaper with a 0.65% expense ratio, compared with 0.75% for DZZ.
DZZ and ASHS have nearly identical dividend yields, around 0.00%.
DZZ is categorized as Leveraged Commodities, while ASHS is China Equities. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while ASHS tracks CSI 500 Index. Their fees differ too: 0.75% for DZZ and 0.65% for ASHS.
ASHS currently has the higher Sharpe Ratio (2.74 vs -0.03), 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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