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 -10.01%/yr vs -21.56%/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
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Returns By Period
In the year-to-date period, DZZ achieves a -52.48% return, which is significantly lower than GLL's -4.93% return. Over the past 10 years, DZZ has outperformed GLL with an annualized return of -10.01%, while GLL has yielded a comparatively lower -21.56% annualized return.
DZZ
- 1D
- 1.37%
- 1M
- -12.70%
- YTD
- -52.48%
- 6M
- -36.43%
- 1Y
- -2.95%
- 3Y*
- -10.44%
- 5Y*
- -8.57%
- 10Y*
- -10.01%
GLL
- 1D
- 1.30%
- 1M
- 14.51%
- YTD
- -4.93%
- 6M
- 0.89%
- 1Y
- -42.21%
- 3Y*
- -40.08%
- 5Y*
- -29.04%
- 10Y*
- -21.56%
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 | -52.48% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
GLL ProShares UltraShort Gold | -4.93% | -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 | 0.44 |
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 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.
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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 | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.87 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | -0.65 | +0.61 |
| Martin ratioReturn relative to average drawdown | -0.05 | -0.98 | +0.93 |
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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.
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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 | -95.56% | -98.82% | +3.26% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -85.15% | +2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.99% | 43.00% | +12.99% |
Volatility
DZZ vs. GLL - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) and ProShares UltraShort Gold (GLL) have volatilities of 15.10% and 15.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.10% | 15.88% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 60.08% | 46.76% | +13.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 170.18% | 54.33% | +115.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 36.36% | +47.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.16% | 32.42% | +31.74% |
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.
GLL has higher volatility (15.88%) compared to DZZ (15.10%). In terms of maximum drawdown, DZZ dropped -96.64% vs GLL's -99.24%.
On 10-year performance, DZZ leads with -10.01% vs -21.56% for GLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 15.10%. 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 -10.01% return vs -21.56%. 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 (-0.02 vs -0.78), 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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