DZZ vs. EPU
DZZ (DB Gold Double Short Exchange Traded Notes) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, DZZ returned -10.01%/yr vs 14.73%/yr for EPU. At a correlation of -0.31, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.59%/yr for EPU.
Performance
DZZ vs. EPU - 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 EPU's 18.54% return. Over the past 10 years, DZZ has underperformed EPU with an annualized return of -10.01%, while EPU has yielded a comparatively higher 14.73% annualized 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%
EPU
- 1D
- -3.70%
- 1M
- 3.83%
- YTD
- 18.54%
- 6M
- 17.84%
- 1Y
- 83.34%
- 3Y*
- 46.58%
- 5Y*
- 29.75%
- 10Y*
- 14.73%
DZZ vs. EPU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -52.47% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
EPU iShares MSCI Peru ETF | 18.54% | 86.87% | 21.73% | 25.34% | 2.05% | -11.81% | -4.31% | 7.30% | -12.17% | 29.70% |
Correlation
The correlation between DZZ and EPU is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009 | -0.31 |
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Return for Risk
DZZ vs. EPU — Risk / Return Rank
DZZ
EPU
DZZ vs. EPU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and iShares MSCI Peru ETF (EPU). 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 | EPU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.42 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 4.02 | -4.09 |
| Martin ratioReturn relative to average drawdown | -0.10 | 11.51 | -11.61 |
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Drawdowns
DZZ vs. EPU - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for DZZ and EPU.
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Drawdown Indicators
| DZZ | EPU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -60.62% | -36.02% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -20.85% | -60.20% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -20.85% | -60.20% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -35.59% | -45.46% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -50.97% | -30.08% |
Current DrawdownCurrent decline from peak | -95.55% | -8.61% | -86.94% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -18.79% | -63.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 7.27% | +48.95% |
Volatility
DZZ vs. EPU - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 15.04% compared to iShares MSCI Peru ETF (EPU) at 12.75%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | EPU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 12.75% | +2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 27.23% | +32.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 31.33% | +138.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 25.12% | +58.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 23.66% | +40.40% |
DZZ vs. EPU - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is higher than EPU's 0.59% expense ratio.
Dividends
DZZ vs. EPU - Dividend Comparison
DZZ has not paid dividends to shareholders, while EPU's dividend yield for the trailing twelve months is around 2.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
EPU iShares MSCI Peru ETF | 2.02% | 1.63% | 5.78% | 4.17% | 5.56% | 3.13% | 1.91% | 2.67% | 1.53% | 3.30% | 0.85% | 1.90% |
Frequently Asked Questions
DZZ and EPU have a correlation of -0.37, 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 EPU (12.75%). In terms of maximum drawdown, DZZ dropped -96.64% vs EPU's -60.62%.
On 10-year performance, EPU leads with 14.73% vs -10.01% for DZZ. On fees, EPU is cheaper at 0.59% per year. On volatility, EPU has been the lower-risk option at 12.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EPU has performed better with a 14.73% return vs -10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPU is cheaper with a 0.59% expense ratio, compared with 0.75% for DZZ.
EPU has the higher dividend yield at 2.02%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while EPU is Mid Cap Blend Equities. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DZZ and 0.59% for EPU.
EPU currently has the higher Sharpe Ratio (2.67 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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