DZZ vs. CN

Last updated Jun 5, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and CN (Xtrackers MSCI All China Equity ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while CN is a China Equities fund tracking the MSCI China All Shares. Both are passively managed. At a correlation of -0.04, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.50%/yr for CN.

Performance

DZZ vs. CN - 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 MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DZZ vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between DZZ and CN is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since May 1, 2014	-0.04

Return for Risk

DZZ vs. CN — Risk / Return Rank

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

DZZ

DZZ Risk / Return Rank: 18
DZZ Sharpe Ratio Rank: 10
DZZ Sortino Ratio Rank: 30
DZZ Omega Ratio Rank: 31
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.

DZZ vs. CN - 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 MSCI All China Equity ETF (CN). 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	CN	Difference
Sharpe ratio: Return per unit of total volatility	0.02	—	—
Sortino ratio: Return per unit of downside risk	1.58	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	0.05	—	—
Martin ratio: Return relative to average drawdown	0.07	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DZZ	CN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.02	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	—	—

Drawdowns

Drawdown Indicators

	DZZ	CN	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-80.84%	—	—
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	-95.40%	—	—
Average Drawdown Average peak-to-trough decline	-82.30%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	53.43%	—	—

Volatility

Volatility by Period

	DZZ	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	59.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	169.50%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.65%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.06%	—	—

DZZ vs. CN - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

DZZ vs. CN - Dividend Comparison

Neither DZZ nor CN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
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 CN in my portfolio?

DZZ and CN have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DZZ or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DZZ or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.75% for DZZ.

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

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

What is the main difference between DZZ and CN?

DZZ is categorized as Leveraged Commodities, while CN is China Equities. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while CN tracks MSCI China All Shares. Their fees differ too: 0.75% for DZZ and 0.50% for CN.