DZZ vs. GLD
DZZ (DB Gold Double Short Exchange Traded Notes) and GLD (SPDR Gold Shares) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DZZ returned -10.01%/yr vs 11.59%/yr for GLD. At a correlation of -0.83, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.40%/yr for GLD.
Performance
DZZ vs. GLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DZZ achieves a -52.47% return, which is significantly lower than GLD's -4.79% return. Over the past 10 years, DZZ has underperformed GLD with an annualized return of -10.01%, while GLD has yielded a comparatively higher 11.59% 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%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
DZZ vs. GLD - 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% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between DZZ and GLD is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | -0.83 |
Over the past year, the inverse relationship between DZZ and GLD has weakened: their correlation has moved from -0.83 to -0.45, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DZZ vs. GLD — Risk / Return Rank
DZZ
GLD
DZZ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.17 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.87 | -0.94 |
| Martin ratioReturn relative to average drawdown | -0.10 | 2.35 | -2.45 |
Loading charts...
Drawdowns
DZZ vs. GLD - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DZZ and GLD.
Loading charts...
Drawdown Indicators
| DZZ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -45.56% | -51.08% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -24.46% | -56.59% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -24.46% | -56.59% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -24.46% | -56.59% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -24.46% | -56.59% |
Current DrawdownCurrent decline from peak | -95.55% | -23.91% | -71.64% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -16.17% | -66.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 9.10% | +47.12% |
Volatility
DZZ vs. GLD - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 15.04% compared to SPDR Gold Shares (GLD) at 8.18%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DZZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 8.18% | +6.86% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 24.38% | +35.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 27.57% | +142.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 18.24% | +65.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 16.04% | +48.02% |
DZZ vs. GLD - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
DZZ vs. GLD - Dividend Comparison
Neither DZZ nor GLD has paid dividends to shareholders.
Frequently Asked Questions
DZZ and GLD have a correlation of -0.45, 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 GLD (8.18%). In terms of maximum drawdown, DZZ dropped -96.64% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.59% vs -10.01% for DZZ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.59% return vs -10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.75% for DZZ.
DZZ and GLD have nearly identical dividend yields, around 0.00%.
DZZ is categorized as Leveraged Commodities, while GLD is Gold. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.75% for DZZ and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.78 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.
Find the right allocation for DZZ and GLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer