DZZ vs. GLL
DZZ (DB Gold Double Short Exchange Traded Notes) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds - DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%) while GLL tracks the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, DZZ returned -9.23%/yr vs -20.73%/yr for GLL. Their correlation of 0.82 suggests significant overlap in exposure. DZZ charges 0.75%/yr vs 0.95%/yr for GLL.
Performance
DZZ vs. GLL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DZZ achieves a -48.70% return, which is significantly lower than GLL's 3.86% return. Over the past 10 years, DZZ has outperformed GLL with an annualized return of -9.23%, while GLL has yielded a comparatively lower -20.73% annualized return.
DZZ
- 1D
- 3.68%
- 1M
- 7.95%
- 6M
- -43.06%
- YTD
- -48.70%
- 1Y
- 11.18%
- 3Y*
- -7.39%
- 5Y*
- -6.01%
- 10Y*
- -9.23%
GLL
- 1D
- 5.23%
- 1M
- 9.87%
- 6M
- 18.09%
- YTD
- 3.86%
- 1Y
- -37.13%
- 3Y*
- -37.68%
- 5Y*
- -26.90%
- 10Y*
- -20.73%
DZZ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -48.70% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
GLL ProShares UltraShort Gold | 3.86% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between DZZ and GLL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.82 |
Over the past year, the correlation between DZZ and GLL has dropped to 0.45 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
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. GLL — Risk / Return Rank
DZZ
GLL
DZZ vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.90 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | -0.57 | +0.71 |
| Martin ratioReturn relative to average drawdown | 0.19 | -0.84 | +1.03 |
Loading charts...
Drawdowns
DZZ vs. GLL - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for DZZ and GLL.
Loading charts...
Drawdown Indicators
| DZZ | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -99.24% | +2.60% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -65.10% | -15.95% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -87.95% | +6.90% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -89.76% | +8.71% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -95.76% | +14.71% |
Current DrawdownCurrent decline from peak | -95.20% | -98.71% | +3.51% |
Average DrawdownAverage peak-to-trough decline | -82.36% | -85.19% | +2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 58.99% | 44.14% | +14.85% |
Volatility
DZZ vs. GLL - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 17.65% compared to ProShares UltraShort Gold (GLL) at 15.04%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DZZ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.65% | 15.04% | +2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 54.94% | 46.46% | +8.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 170.47% | 55.09% | +115.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.13% | 36.69% | +47.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.24% | 32.42% | +31.82% |
DZZ vs. GLL - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
DZZ vs. GLL - Dividend Comparison
Neither DZZ nor GLL has paid dividends to shareholders.
Frequently Asked Questions
DZZ and GLL 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 (17.65%) compared to GLL (15.04%). In terms of maximum drawdown, DZZ dropped -96.64% vs GLL's -99.24%.
On 10-year performance, DZZ leads with -9.23% vs -20.73% for GLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 15.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DZZ has performed better with a -9.23% return vs -20.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DZZ is cheaper with a 0.75% expense ratio, compared with 0.95% for GLL.
DZZ and GLL have nearly identical dividend yields, around 0.00%.
DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while GLL tracks Bloomberg Gold (-200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DZZ and 0.95% for GLL.
DZZ currently has the higher Sharpe Ratio (0.07 vs -0.68), 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 GLL
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