DZZ vs. BGLD
DZZ (DB Gold Double Short Exchange Traded Notes) and BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while BGLD is a Defined Outcome fund actively managed by FT Vest. DZZ is passively managed, while BGLD is actively managed. Over the past 5 years, DZZ returned -8.56%/yr vs 10.99%/yr for BGLD. At a correlation of -0.54, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.91%/yr for BGLD.
Performance
DZZ vs. BGLD - 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 BGLD's -3.71% 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%
BGLD
- 1D
- -0.57%
- 1M
- -4.77%
- YTD
- -3.71%
- 6M
- -6.89%
- 1Y
- 7.94%
- 3Y*
- 18.31%
- 5Y*
- 10.99%
- 10Y*
- —
DZZ vs. BGLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -52.47% | 132.78% | -35.06% | -8.14% | 2.79% | 0.19% |
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | -3.71% | 33.03% | 21.80% | 13.24% | -2.42% | -5.53% |
Correlation
The correlation between DZZ and BGLD is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | -0.54 |
The correlation between DZZ and BGLD shifts across timeframes, from -0.54 (all time) to -0.36 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DZZ vs. BGLD — Risk / Return Rank
DZZ
BGLD
DZZ vs. BGLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). 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 | BGLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.13 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.70 | -0.77 |
| Martin ratioReturn relative to average drawdown | -0.10 | 1.96 | -2.06 |
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Drawdowns
DZZ vs. BGLD - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than BGLD's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for DZZ and BGLD.
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Drawdown Indicators
| DZZ | BGLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -16.19% | -80.45% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -11.42% | -69.63% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -11.42% | -69.63% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -15.42% | -65.63% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | — | — |
Current DrawdownCurrent decline from peak | -95.55% | -10.95% | -84.60% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -3.69% | -78.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 4.07% | +52.15% |
Volatility
DZZ vs. BGLD - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 15.04% compared to FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) at 4.56%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than BGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | BGLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 4.56% | +10.48% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 10.79% | +49.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 12.55% | +157.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 10.13% | +73.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 10.02% | +54.04% |
DZZ vs. BGLD - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is lower than BGLD's 0.91% expense ratio.
Dividends
DZZ vs. BGLD - Dividend Comparison
DZZ has not paid dividends to shareholders, while BGLD's dividend yield for the trailing twelve months is around 46.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | 46.03% | 44.32% | 25.04% | 10.49% | 0.40% |
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DZZ and BGLD have a correlation of -0.36, 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 BGLD (4.56%). In terms of maximum drawdown, DZZ dropped -96.64% vs BGLD's -16.19%.
On 5-year performance, BGLD leads with 10.99% vs -8.56% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, BGLD has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BGLD has performed better with a 10.99% return vs -8.56%. 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 0.91% for BGLD.
BGLD has the higher dividend yield at 46.03%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while BGLD is Defined Outcome. They also come from different issuers: Deutsche Bank and FT Vest. Their fees differ too: 0.75% for DZZ and 0.91% for BGLD.
BGLD currently has the higher Sharpe Ratio (0.64 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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