DZZ vs. COPJ

Last updated Jun 24, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and COPJ (Sprott Junior Copper Miners ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while COPJ is a Copper fund tracking the Nasdaq Sprott Junior Copper Miners Index. Both are passively managed. Over the past 3 years, DZZ returned -10.43%/yr vs 38.95%/yr for COPJ. At a correlation of -0.25, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.78%/yr for COPJ.

Performance

DZZ vs. COPJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Short Exchange Traded Notes (DZZ) and Sprott Junior Copper Miners ETF (COPJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DZZ achieves a -52.47% return, which is significantly lower than COPJ's 0.31% 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%

COPJ

• 1D: -5.08%
• 1M: -6.08%
• YTD: 0.31%
• 6M: 1.57%
• 1Y: 91.12%
• 3Y*: 38.95%
• 5Y*: —
• 10Y*: —

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

DZZ vs. COPJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DZZ DB Gold Double Short Exchange Traded Notes	-52.47%	132.78%	-35.06%	6.28%
COPJ Sprott Junior Copper Miners ETF	0.31%	140.63%	11.07%	-6.47%

Correlation

The correlation between DZZ and COPJ is -0.32, 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	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	-0.25

Return for Risk

DZZ vs. COPJ — Risk / Return Rank

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

DZZ

DZZ Risk / Return Rank: 16
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 27
DZZ Omega Ratio Rank: 28
DZZ Calmar Ratio Rank: 8
DZZ Martin Ratio Rank: 8

COPJ

COPJ Risk / Return Rank: 56
COPJ Sharpe Ratio Rank: 65
COPJ Sortino Ratio Rank: 51
COPJ Omega Ratio Rank: 56
COPJ Calmar Ratio Rank: 60
COPJ Martin Ratio Rank: 48

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. COPJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and Sprott Junior Copper Miners ETF (COPJ). 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	COPJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	2.04	-2.08
Sortino ratio: Return per unit of downside risk	1.43	2.40	-0.97
Omega ratio: Gain probability vs. loss probability	1.19	1.33	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.07	2.84	-2.91
Martin ratio: Return relative to average drawdown	-0.10	7.73	-7.84

DZZ vs. COPJ - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is -0.03, which is lower than the COPJ Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DZZ and COPJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DZZ vs. COPJ - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than COPJ's maximum drawdown of -32.28%. Use the drawdown chart below to compare losses from any high point for DZZ and COPJ.

Drawdown Indicators

	DZZ	COPJ	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-32.28%	-64.36%
Max Drawdown (1Y) Largest decline over 1 year	-81.05%	-32.28%	-48.77%
Max Drawdown (3Y) Largest decline over 3 years	-81.05%	-32.28%	-48.77%
Max Drawdown (5Y) Largest decline over 5 years	-81.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.05%	—	—
Current Drawdown Current decline from peak	-95.55%	-23.33%	-72.22%
Average Drawdown Average peak-to-trough decline	-82.32%	-12.01%	-70.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.22%	11.82%	+44.40%

Volatility

DZZ vs. COPJ - Volatility Comparison

The current volatility for DB Gold Double Short Exchange Traded Notes (DZZ) is 15.04%, while Sprott Junior Copper Miners ETF (COPJ) has a volatility of 19.61%. This indicates that DZZ experiences smaller price fluctuations and is considered to be less risky than COPJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DZZ	COPJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.04%	19.61%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	60.07%	38.85%	+21.22%
Volatility (1Y) Calculated over the trailing 1-year period	169.84%	45.16%	+124.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.80%	35.68%	+48.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.06%	35.68%	+28.38%

DZZ vs. COPJ - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is lower than COPJ's 0.78% expense ratio.

Dividends

DZZ vs. COPJ - Dividend Comparison

DZZ has not paid dividends to shareholders, while COPJ's dividend yield for the trailing twelve months is around 11.54%.

Position	TTM	2025	2024	2023
COPJ Sprott Junior Copper Miners ETF	11.54%	11.57%	11.64%	2.48%
DZZ DB Gold Double Short Exchange Traded Notes	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DZZ and COPJ in my portfolio?

DZZ and COPJ have a correlation of -0.32, 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 COPJ?

COPJ has higher volatility (19.61%) compared to DZZ (15.04%). In terms of maximum drawdown, DZZ dropped -96.64% vs COPJ's -32.28%.

Which ETF is better, DZZ or COPJ?

On 3-year performance, COPJ leads with 38.95% vs -10.43% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 15.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DZZ or COPJ?

Over the 3-year period, COPJ has performed better with a 38.95% return vs -10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DZZ or COPJ?

DZZ is cheaper with a 0.75% expense ratio, compared with 0.78% for COPJ.

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

COPJ has the higher dividend yield at 11.54%, compared with 0.00% for DZZ.

What is the main difference between DZZ and COPJ?

DZZ is categorized as Leveraged Commodities, while COPJ is Copper. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while COPJ tracks Nasdaq Sprott Junior Copper Miners Index. They also come from different issuers: Deutsche Bank and Sprott. Their fees differ too: 0.75% for DZZ and 0.78% for COPJ.

Which has better risk-adjusted returns?

COPJ currently has the higher Sharpe Ratio (2.04 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.