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DZZ vs. DBJP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DZZ vs. DBJP

Last updated Jun 4, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and DBJP (Xtrackers MSCI Japan Hedged 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 DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index. Both are passively managed. Over the past 10 years, DZZ returned -10.52%/yr vs 16.54%/yr for DBJP. At a 0.11 correlation, their price movements are largely independent. DZZ charges 0.75%/yr vs 0.45%/yr for DBJP.

Performance

DZZ vs. DBJP - 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 Japan Hedged Equity ETF (DBJP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DZZ achieves a -48.31% return, which is significantly lower than DBJP's 20.51% return. Over the past 10 years, DZZ has underperformed DBJP with an annualized return of -10.52%, while DBJP has yielded a comparatively higher 16.54% 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%

DBJP

1D
0.81%
1M
8.88%
YTD
20.51%
6M
24.02%
1Y
52.66%
3Y*
29.04%
5Y*
21.44%
10Y*
16.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DZZ vs. DBJP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		20.51%29.51%25.53%36.21%-4.19%13.04%10.53%20.87%-14.82%21.24%

Correlation

The correlation between DZZ and DBJP 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

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

-0.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.09

Correlation (All Time)
Calculated using the full available price history since Jun 10, 2011

0.11

The correlation between DZZ and DBJP shifts across timeframes, from -0.20 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

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DB Gold Double Short Exchange Traded Notes

Xtrackers MSCI Japan Hedged Equity ETF

Often compared with DZZ:
DZZ vs. UGLDZZ vs. GLDDZZ vs. GLLDZZ vs. VOODZZ vs. MULLDZZ vs. TERGDZZ vs. COPJ
Often compared with DBJP:
DBJP vs. DXJDBJP vs. HEWJDBJP vs. BBJPDBJP vs. EWJDBJP vs. FLJHDBJP vs. FLJPDBJP vs. HEFA

Return for Risk

DZZ vs. DBJP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DZZ
DZZ Risk / Return Rank: 1919
Overall Rank
DZZ Sharpe Ratio Rank: 99
Sharpe Ratio Rank
DZZ Sortino Ratio Rank: 3131
Sortino Ratio Rank
DZZ Omega Ratio Rank: 3333
Omega Ratio Rank
DZZ Calmar Ratio Rank: 1010
Calmar Ratio Rank
DZZ Martin Ratio Rank: 1010
Martin Ratio Rank
DBJP
DBJP Risk / Return Rank: 8686
Overall Rank
DBJP Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
DBJP Sortino Ratio Rank: 8585
Sortino Ratio Rank
DBJP Omega Ratio Rank: 8383
Omega Ratio Rank
DBJP Calmar Ratio Rank: 8888
Calmar Ratio Rank
DBJP Martin Ratio Rank: 8888
Martin Ratio Rank
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. DBJP - 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 Japan Hedged Equity ETF (DBJP). 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.

DZZDBJPDifference
Sharpe ratioReturn per unit of total volatility
0.07
2.83

-2.77

Sortino ratioReturn per unit of downside risk
1.69
3.89

-2.21

Omega ratioGain probability vs. loss probability

1.22

1.51

-0.28

Calmar ratioReturn relative to maximum drawdown

0.14

5.09

-4.95

Martin ratioReturn relative to average drawdown

0.21

19.86

-19.65

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. DBJP - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is 0.07, which is lower than the DBJP Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of DZZ and DBJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DZZDBJPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

2.83

-2.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.06

1.14

-1.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.85

-1.02

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.23

0.68

-0.92

Drawdowns

DZZ vs. DBJP - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than DBJP's maximum drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for DZZ and DBJP.

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Drawdown Indicators

DZZDBJPDifference

Max Drawdown

Largest peak-to-trough decline

-96.64%

-31.30%

-65.34%

Max Drawdown (1Y)

Largest decline over 1 year

-80.84%

-10.39%

-70.45%

Max Drawdown (3Y)

Largest decline over 3 years

-80.84%

-21.50%

-59.34%

Max Drawdown (5Y)

Largest decline over 5 years

-80.84%

-21.50%

-59.34%

Max Drawdown (10Y)

Largest decline over 10 years

-80.84%

-31.30%

-49.54%

Current Drawdown

Current decline from peak

-95.16%

0.00%

-95.16%

Average Drawdown

Average peak-to-trough decline

-82.30%

-7.29%

-75.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

53.19%

2.66%

+50.53%

Volatility

DZZ vs. DBJP - Volatility Comparison

DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.21% compared to Xtrackers MSCI Japan Hedged Equity ETF (DBJP) at 3.85%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than DBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DZZDBJPDifference

Volatility (1M)

Calculated over the trailing 1-month period

30.21%

3.85%

+26.36%

Volatility (6M)

Calculated over the trailing 6-month period

59.65%

13.79%

+45.86%

Volatility (1Y)

Calculated over the trailing 1-year period

169.45%

18.69%

+150.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

83.63%

18.93%

+64.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

64.05%

19.46%

+44.59%

DZZ vs. DBJP - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is higher than DBJP's 0.45% expense ratio.

Dividends

DZZ vs. DBJP - Dividend Comparison

DZZ has not paid dividends to shareholders, while DBJP's dividend yield for the trailing twelve months is around 2.34%.

PositionTTM20252024202320222021202020192018201720162015
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		2.34%2.81%2.80%5.21%0.80%2.30%2.53%2.56%3.87%2.07%1.13%5.95%
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 DBJP 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 (30.21%) compared to DBJP (3.85%). In terms of maximum drawdown, DZZ dropped -96.64% vs DBJP's -31.30%.

On 10-year performance, DBJP leads with 16.54% vs -10.52% for DZZ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBJP has performed better with a 16.54% return vs -10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBJP is cheaper with a 0.45% expense ratio, compared with 0.75% for DZZ.

DBJP has the higher dividend yield at 2.34%, compared with 0.00% for DZZ.

DZZ is categorized as Leveraged Commodities, while DBJP is Japan Equities. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while DBJP tracks MSCI Japan US Dollar Hedged Index. They also come from different issuers: Deutsche Bank and Xtrackers. Their fees differ too: 0.75% for DZZ and 0.45% for DBJP.

DBJP currently has the higher Sharpe Ratio (2.83 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.

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