DZZ vs. HYDW
DZZ (DB Gold Double Short Exchange Traded Notes) and HYDW (Xtrackers Low Beta High Yield Bond ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while HYDW is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Low Beta Index. Both are passively managed. Over the past 5 years, DZZ returned -8.56%/yr vs 3.51%/yr for HYDW. At a correlation of -0.14, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.20%/yr for HYDW.
Performance
DZZ vs. HYDW - 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 HYDW's 1.28% 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%
HYDW
- 1D
- 0.03%
- 1M
- 0.50%
- YTD
- 1.28%
- 6M
- 1.45%
- 1Y
- 5.27%
- 3Y*
- 7.33%
- 5Y*
- 3.51%
- 10Y*
- —
DZZ vs. HYDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -52.47% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 10.37% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 1.28% | 8.47% | 5.42% | 9.84% | -7.86% | 2.77% | 5.51% | 11.44% | -1.15% |
Correlation
The correlation between DZZ and HYDW is -0.19, 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 (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018 | -0.14 |
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Return for Risk
DZZ vs. HYDW — Risk / Return Rank
DZZ
HYDW
DZZ vs. HYDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and Xtrackers Low Beta High Yield Bond ETF (HYDW). 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 | HYDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.36 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.53 | -2.60 |
| Martin ratioReturn relative to average drawdown | -0.10 | 12.02 | -12.12 |
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Drawdowns
DZZ vs. HYDW - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than HYDW's maximum drawdown of -17.75%. Use the drawdown chart below to compare losses from any high point for DZZ and HYDW.
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Drawdown Indicators
| DZZ | HYDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -17.75% | -78.89% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -2.09% | -78.96% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -3.64% | -77.41% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -12.68% | -68.37% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | — | — |
Current DrawdownCurrent decline from peak | -95.55% | -0.10% | -95.45% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -1.88% | -80.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 0.44% | +55.78% |
Volatility
DZZ vs. HYDW - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 15.04% compared to Xtrackers Low Beta High Yield Bond ETF (HYDW) at 0.66%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than HYDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | HYDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 0.66% | +14.38% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 2.28% | +57.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 2.95% | +166.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 6.41% | +77.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 6.97% | +57.09% |
DZZ vs. HYDW - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is higher than HYDW's 0.20% expense ratio.
Dividends
DZZ vs. HYDW - Dividend Comparison
DZZ has not paid dividends to shareholders, while HYDW's dividend yield for the trailing twelve months is around 5.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 5.73% | 5.75% | 5.35% | 5.69% | 4.78% | 3.30% | 4.45% | 4.56% | 4.42% |
Frequently Asked Questions
DZZ and HYDW have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (15.04%) compared to HYDW (0.66%). In terms of maximum drawdown, DZZ dropped -96.64% vs HYDW's -17.75%.
On 5-year performance, HYDW leads with 3.51% vs -8.56% for DZZ. On fees, HYDW is cheaper at 0.20% per year. On volatility, HYDW has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYDW has performed better with a 3.51% return vs -8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDW is cheaper with a 0.20% expense ratio, compared with 0.75% for DZZ.
HYDW has the higher dividend yield at 5.73%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while HYDW is High Yield Bonds. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while HYDW tracks Solactive USD High Yield Corporates Total Market Low Beta Index. Their fees differ too: 0.75% for DZZ and 0.20% for HYDW.
HYDW currently has the higher Sharpe Ratio (1.80 vs -0.03), 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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