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 -10.52%/yr vs 13.12%/yr for GLD. At a correlation of -0.84, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.40%/yr for GLD.
Performance
DZZ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -48.31% return, which is significantly lower than GLD's 2.92% return. Over the past 10 years, DZZ has underperformed GLD with an annualized return of -10.52%, while GLD has yielded a comparatively higher 13.12% 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%
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
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 | -48.31% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
GLD SPDR Gold Shares | 2.92% | 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 -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
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 29, 2008 | -0.84 |
Over the past year, the inverse relationship between DZZ and GLD has weakened: their correlation has moved from -0.84 to -0.47, meaning they move in opposite directions less often than they have historically.
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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.
| DZZ | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.24 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 1.68 | -1.54 |
| Martin ratioReturn relative to average drawdown | 0.21 | 4.15 | -3.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DZZ | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.07 | 1.21 | -1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | 1.01 | -1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.83 | -0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.60 | -0.83 |
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.
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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 | -80.84% | -19.21% | -61.63% |
Max Drawdown (3Y)Largest decline over 3 years | -80.84% | -19.21% | -61.63% |
Max Drawdown (5Y)Largest decline over 5 years | -80.84% | -21.03% | -59.81% |
Max Drawdown (10Y)Largest decline over 10 years | -80.84% | -22.00% | -58.84% |
Current DrawdownCurrent decline from peak | -95.16% | -17.75% | -77.41% |
Average DrawdownAverage peak-to-trough decline | -82.30% | -16.16% | -66.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.19% | 7.73% | +45.46% |
Volatility
DZZ vs. GLD - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.21% compared to SPDR Gold Shares (GLD) at 5.51%. 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.
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Volatility by Period
| DZZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.21% | 5.51% | +24.70% |
Volatility (6M)Calculated over the trailing 6-month period | 59.65% | 23.16% | +36.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.45% | 26.61% | +142.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.63% | 18.00% | +65.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.05% | 15.95% | +48.10% |
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 -0.47, 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 GLD (5.51%). In terms of maximum drawdown, DZZ dropped -96.64% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.12% vs -10.52% for DZZ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.51%. 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 13.12% return vs -10.52%. 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 (1.21 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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