DZZ vs. GLDW

Last updated Jun 4, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and GLDW (Roundhill Gold WeeklyPay ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while GLDW is a Derivative Income fund actively managed by State Street. DZZ is passively managed, while GLDW is actively managed. At a correlation of -0.49, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.99%/yr for GLDW.

Performance

DZZ vs. GLDW - Performance Comparison

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

Returns By Period

In the year-to-date period, DZZ achieves a -48.31% return, which is significantly lower than GLDW's 1.00% 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%

GLDW

• 1D: -1.20%
• 1M: -2.48%
• YTD: 1.00%
• 6M: 3.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DZZ vs. GLDW - Yearly Performance Comparison

	2026 (YTD)	2025
DZZ DB Gold Double Short Exchange Traded Notes	-48.31%	-36.63%
GLDW Roundhill Gold WeeklyPay ETF	1.00%	7.63%

Correlation

The correlation between DZZ and GLDW is -0.49, 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 (All Time) Calculated using the full available price history since Oct 31, 2025	-0.49

Return for Risk

DZZ vs. GLDW — Risk / Return Rank

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

DZZ

DZZ Risk / Return Rank: 19
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 31
DZZ Omega Ratio Rank: 33
DZZ Calmar Ratio Rank: 10
DZZ Martin Ratio Rank: 10

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. GLDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and Roundhill Gold WeeklyPay ETF (GLDW). 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	GLDW	Difference
Sharpe ratio Return per unit of total volatility	0.07	—	—
Sortino ratio Return per unit of downside risk	1.69	—	—
Omega ratio Gain probability vs. loss probability	1.22	—	—
Calmar ratio Return relative to maximum drawdown	0.14	—	—
Martin ratio Return relative to average drawdown	0.21	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DZZ	GLDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.42	-0.65

Drawdowns

DZZ vs. GLDW - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than GLDW's maximum drawdown of -23.59%. Use the drawdown chart below to compare losses from any high point for DZZ and GLDW.

Drawdown Indicators

	DZZ	GLDW	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-23.59%	-73.05%
Max Drawdown (1Y) Largest decline over 1 year	-80.84%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-80.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-80.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.84%	—	—
Current Drawdown Current decline from peak	-95.16%	-22.51%	-72.65%
Average Drawdown Average peak-to-trough decline	-82.30%	-8.93%	-73.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.19%	—	—

Volatility

Volatility by Period

	DZZ	GLDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	59.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	169.45%	36.90%	+132.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.63%	36.90%	+46.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.05%	36.90%	+27.15%

DZZ vs. GLDW - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is lower than GLDW's 0.99% expense ratio.

Dividends

DZZ vs. GLDW - Dividend Comparison

DZZ has not paid dividends to shareholders, while GLDW's dividend yield for the trailing twelve months is around 19.48%.

Position	TTM	2025
DZZ DB Gold Double Short Exchange Traded Notes	0.00%	0.00%
GLDW Roundhill Gold WeeklyPay ETF	19.48%	3.75%

Frequently Asked Questions

Can I hold both DZZ and GLDW in my portfolio?

DZZ and GLDW have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DZZ or GLDW?

On fees, DZZ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DZZ or GLDW?

DZZ is cheaper with a 0.75% expense ratio, compared with 0.99% for GLDW.

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

GLDW has the higher dividend yield at 19.48%, compared with 0.00% for DZZ.

What is the main difference between DZZ and GLDW?

DZZ is categorized as Leveraged Commodities, while GLDW is Derivative Income. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.75% for DZZ and 0.99% for GLDW.