DZZ vs. ICOP
DZZ (DB Gold Double Short Exchange Traded Notes) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, DZZ returned -7.39%/yr vs 24.91%/yr for ICOP. At a correlation of -0.28, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.47%/yr for ICOP.
Performance
DZZ vs. ICOP - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -48.70% return, which is significantly lower than ICOP's 7.87% 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%
ICOP
- 1D
- -2.44%
- 1M
- -11.83%
- 6M
- -2.13%
- YTD
- 7.87%
- 1Y
- 60.49%
- 3Y*
- 24.91%
- 5Y*
- —
- 10Y*
- —
DZZ vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -48.70% | 132.78% | -35.06% | -0.59% |
ICOP iShares Copper and Metals Mining ETF | 7.87% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between DZZ and ICOP is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.28 |
The correlation between DZZ and ICOP shifts across timeframes, from -0.38 (1 year) to -0.27 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DZZ vs. ICOP — Risk / Return Rank
DZZ
ICOP
DZZ vs. ICOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and iShares Copper and Metals Mining ETF (ICOP). 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 | ICOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 2.33 | -2.19 |
| Martin ratioReturn relative to average drawdown | 0.19 | 7.33 | -7.14 |
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Drawdowns
DZZ vs. ICOP - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for DZZ and ICOP.
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Drawdown Indicators
| DZZ | ICOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -38.67% | -57.97% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -26.13% | -54.92% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -38.67% | -42.38% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | — | — |
Current DrawdownCurrent decline from peak | -95.20% | -18.04% | -77.16% |
Average DrawdownAverage peak-to-trough decline | -82.36% | -11.69% | -70.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 58.99% | 8.27% | +50.72% |
Volatility
DZZ vs. ICOP - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 17.65% compared to iShares Copper and Metals Mining ETF (ICOP) at 13.59%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | ICOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.65% | 13.59% | +4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 54.94% | 35.19% | +19.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 170.47% | 40.03% | +130.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.13% | 34.50% | +49.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.24% | 34.50% | +29.74% |
DZZ vs. ICOP - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is higher than ICOP's 0.47% expense ratio.
Dividends
DZZ vs. ICOP - Dividend Comparison
DZZ has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 1.88%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% |
ICOP iShares Copper and Metals Mining ETF | 1.88% | 2.08% | 1.87% | 2.15% |
Frequently Asked Questions
DZZ and ICOP have a correlation of -0.38, 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 ICOP (13.59%). In terms of maximum drawdown, DZZ dropped -96.64% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 24.91% vs -7.39% for DZZ. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 13.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ICOP has performed better with a 24.91% return vs -7.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICOP is cheaper with a 0.47% expense ratio, compared with 0.75% for DZZ.
ICOP has the higher dividend yield at 1.88%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while ICOP is Copper. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.75% for DZZ and 0.47% for ICOP.
ICOP currently has the higher Sharpe Ratio (1.52 vs 0.07), 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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