DZZ vs. ASHS

Last updated Jun 4, 2026

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 -10.52%/yr vs 3.27%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Short Exchange Traded Notes (DZZ) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DZZ achieves a -48.31% return, which is significantly lower than ASHS's 15.10% return. Over the past 10 years, DZZ has underperformed ASHS with an annualized return of -10.52%, while ASHS has yielded a comparatively higher 3.27% annualized return.

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%

ASHS

• 1D: -0.17%
• 1M: -0.19%
• YTD: 15.10%
• 6M: 23.90%
• 1Y: 57.65%
• 3Y*: 13.41%
• 5Y*: 3.97%
• 10Y*: 3.27%

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

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	-48.31%	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	15.10%	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 -0.19, 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	-0.19
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	-0.10
Correlation (All Time) Calculated using the full available price history since May 22, 2014	-0.06

The correlation between DZZ and ASHS shifts across timeframes, from -0.19 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DZZ vs. ASHS — Risk / Return Rank

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

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

ASHS

ASHS Risk / Return Rank: 74
ASHS Sharpe Ratio Rank: 78
ASHS Sortino Ratio Rank: 71
ASHS Omega Ratio Rank: 70
ASHS Calmar Ratio Rank: 80
ASHS Martin Ratio Rank: 73

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.

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.

	DZZ	ASHS	Difference
Sharpe ratio Return per unit of total volatility	0.07	2.57	-2.50
Sortino ratio Return per unit of downside risk	1.69	3.27	-1.58
Omega ratio Gain probability vs. loss probability	1.22	1.42	-0.20
Calmar ratio Return relative to maximum drawdown	0.14	4.13	-3.99
Martin ratio Return relative to average drawdown	0.21	13.72	-13.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DZZ vs. ASHS - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is 0.07, which is lower than the ASHS Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of DZZ and ASHS, 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

	DZZ	ASHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	2.57	-2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.15	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.13	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.19	-0.42

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.

Drawdown Indicators

	DZZ	ASHS	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-69.90%	-26.74%
Max Drawdown (1Y) Largest decline over 1 year	-80.84%	-14.03%	-66.81%
Max Drawdown (3Y) Largest decline over 3 years	-80.84%	-34.13%	-46.71%
Max Drawdown (5Y) Largest decline over 5 years	-80.84%	-47.81%	-33.03%
Max Drawdown (10Y) Largest decline over 10 years	-80.84%	-47.81%	-33.03%
Current Drawdown Current decline from peak	-95.16%	-33.57%	-61.59%
Average Drawdown Average peak-to-trough decline	-82.30%	-48.57%	-33.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.19%	4.21%	+48.98%

Volatility

DZZ vs. ASHS - Volatility Comparison

DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.21% compared to Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) at 7.33%. 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.

Volatility by Period

	DZZ	ASHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.21%	7.33%	+22.88%
Volatility (6M) Calculated over the trailing 6-month period	59.65%	17.00%	+42.65%
Volatility (1Y) Calculated over the trailing 1-year period	169.45%	22.59%	+146.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.63%	26.46%	+57.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.05%	25.57%	+38.48%

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

Can I hold both DZZ and ASHS in my portfolio?

DZZ and ASHS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DZZ or ASHS?

DZZ has higher volatility (30.21%) compared to ASHS (7.33%). In terms of maximum drawdown, DZZ dropped -96.64% vs ASHS's -69.90%.

Which ETF is better, DZZ or ASHS?

On 10-year performance, ASHS leads with 3.27% vs -10.52% for DZZ. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DZZ or ASHS?

Over the 10-year period, ASHS has performed better with a 3.27% return vs -10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DZZ or ASHS?

ASHS is cheaper with a 0.65% expense ratio, compared with 0.75% for DZZ.

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

DZZ and ASHS have nearly identical dividend yields, around 0.00%.

What is the main difference between DZZ and ASHS?

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.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (2.57 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.