DZZ vs. GLL

Last updated Jun 3, 2026

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 -10.64%/yr vs -23.52%/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

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

Returns By Period

In the year-to-date period, DZZ achieves a -49.04% return, which is significantly lower than GLL's -16.21% return. Over the past 10 years, DZZ has outperformed GLL with an annualized return of -10.64%, while GLL has yielded a comparatively lower -23.52% annualized return.

DZZ

• 1D: -4.14%
• 1M: -18.98%
• YTD: -49.04%
• 6M: -44.25%
• 1Y: 6.57%
• 3Y*: -7.35%
• 5Y*: -5.49%
• 10Y*: -10.64%

GLL

• 1D: -0.27%
• 1M: 5.49%
• YTD: -16.21%
• 6M: -20.17%
• 1Y: -48.42%
• 3Y*: -41.85%
• 5Y*: -29.43%
• 10Y*: -23.52%

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

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	-49.04%	132.78%	-35.06%	-8.14%	2.79%	0.56%	-37.13%	-26.64%	8.21%	-21.81%
GLL ProShares UltraShort Gold	-16.21%	-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 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
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 Dec 4, 2008	0.82

Over the past year, the correlation between DZZ and GLL has dropped to 0.46 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

DZZ vs. GLL — Risk / Return Rank

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

DZZ

DZZ Risk / Return Rank: 18
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 30
DZZ Omega Ratio Rank: 31
DZZ Calmar Ratio Rank: 9
DZZ Martin Ratio Rank: 9

GLL

GLL Risk / Return Rank: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 1
GLL Omega Ratio Rank: 1
GLL Calmar Ratio Rank: 2
GLL Martin Ratio Rank: 2

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. 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.

	DZZ	GLL	Difference
Sharpe ratio Return per unit of total volatility	0.04	-0.93	+0.97
Sortino ratio Return per unit of downside risk	1.62	-1.51	+3.13
Omega ratio Gain probability vs. loss probability	1.21	0.83	+0.38
Calmar ratio Return relative to maximum drawdown	0.07	-0.79	+0.85
Martin ratio Return relative to average drawdown	0.10	-1.23	+1.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DZZ vs. GLL - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is 0.04, which is higher than the GLL Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of DZZ and GLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DZZ	GLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	-0.93	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.82	+0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.17	-0.73	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	-0.68	+0.44

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.

Drawdown Indicators

	DZZ	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-99.24%	+2.60%
Max Drawdown (1Y) Largest decline over 1 year	-80.84%	-65.10%	-15.74%
Max Drawdown (3Y) Largest decline over 3 years	-80.84%	-87.95%	+7.11%
Max Drawdown (5Y) Largest decline over 5 years	-80.84%	-89.76%	+8.92%
Max Drawdown (10Y) Largest decline over 10 years	-80.84%	-95.76%	+14.92%
Current Drawdown Current decline from peak	-95.23%	-98.96%	+3.73%
Average Drawdown Average peak-to-trough decline	-82.30%	-85.13%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.96%	41.61%	+11.35%

Volatility

DZZ vs. GLL - Volatility Comparison

DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.11% compared to ProShares UltraShort Gold (GLL) at 11.61%. 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.

Volatility by Period

	DZZ	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.11%	11.61%	+18.50%
Volatility (6M) Calculated over the trailing 6-month period	59.63%	44.38%	+15.25%
Volatility (1Y) Calculated over the trailing 1-year period	169.46%	52.57%	+116.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.64%	35.93%	+47.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.06%	32.12%	+31.94%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DZZ and GLL in my portfolio?

DZZ and GLL have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DZZ or GLL?

DZZ has higher volatility (30.11%) compared to GLL (11.61%). In terms of maximum drawdown, DZZ dropped -96.64% vs GLL's -99.24%.

Which ETF is better, DZZ or GLL?

On 10-year performance, DZZ leads with -10.64% vs -23.52% for GLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 11.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DZZ or GLL?

Over the 10-year period, DZZ has performed better with a -10.64% return vs -23.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DZZ or GLL?

DZZ is cheaper with a 0.75% expense ratio, compared with 0.95% for GLL.

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

DZZ and GLL have nearly identical dividend yields, around 0.00%.

What is the main difference between DZZ and GLL?

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.

Which has better risk-adjusted returns?

DZZ currently has the higher Sharpe Ratio (0.04 vs -0.93), 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.