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 -21.26%/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 -52.47% return, which is significantly lower than GLL's -1.30% return. Over the past 10 years, DZZ has outperformed GLL with an annualized return of -10.01%, while GLL has yielded a comparatively lower -21.26% 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%
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
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 | -52.47% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
GLL ProShares UltraShort Gold | -1.30% | -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 | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.89 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | -0.61 | +0.54 |
| Martin ratioReturn relative to average drawdown | -0.10 | -0.92 | +0.82 |
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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 | -95.55% | -98.77% | +3.22% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -85.15% | +2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 43.09% | +13.13% |
Volatility
DZZ vs. GLL - Volatility Comparison
The current volatility for DB Gold Double Short Exchange Traded Notes (DZZ) is 15.04%, while ProShares UltraShort Gold (GLL) has a volatility of 16.15%. This indicates that DZZ experiences smaller price fluctuations and is considered to be less risky than GLL based on this measure. 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 | 15.04% | 16.15% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 46.91% | +13.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 54.37% | +115.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 36.40% | +47.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 32.31% | +31.75% |
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 (16.15%) compared to DZZ (15.04%). In terms of maximum drawdown, DZZ dropped -96.64% vs GLL's -99.24%.
On 10-year performance, DZZ leads with -10.01% vs -21.26% for GLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ 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 -10.01% return vs -21.26%. 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 (-0.03 vs -0.73), 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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