DZZ vs. KOLD
DZZ (DB Gold Double Short Exchange Traded Notes) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Leveraged Commodities funds - DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%) while KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, DZZ returned -10.52%/yr vs -26.46%/yr for KOLD. At a correlation of -0.01, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.95%/yr for KOLD.
Performance
DZZ vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -48.31% return, which is significantly lower than KOLD's -37.03% return. Over the past 10 years, DZZ has outperformed KOLD with an annualized return of -10.52%, while KOLD has yielded a comparatively lower -26.46% annualized return.
DZZ
- 1D
- 1.45%
- 1M
- -16.65%
- YTD
- -48.31%
- 6M
- -41.62%
- 1Y
- 11.20%
- 3Y*
- -6.90%
- 5Y*
- -4.82%
- 10Y*
- -10.52%
KOLD
- 1D
- -4.10%
- 1M
- -9.53%
- YTD
- -37.03%
- 6M
- -5.09%
- 1Y
- -1.55%
- 3Y*
- -20.65%
- 5Y*
- -40.59%
- 10Y*
- -26.46%
DZZ vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -48.31% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.03% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between DZZ and KOLD is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | -0.01 |
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Return for Risk
DZZ vs. KOLD — Risk / Return Rank
DZZ
KOLD
DZZ vs. KOLD - 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 Bloomberg Natural Gas (KOLD). 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 | KOLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.07 | -0.01 | +0.08 |
Sortino ratioReturn per unit of downside risk | 1.69 | 0.82 | +0.86 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 0.14 | -0.02 | +0.16 |
Martin ratioReturn relative to average drawdown | 0.21 | -0.04 | +0.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DZZ | KOLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.07 | -0.01 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | -0.34 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | -0.26 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | -0.14 | -0.09 |
Drawdowns
DZZ vs. KOLD - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for DZZ and KOLD.
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Drawdown Indicators
| DZZ | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -99.45% | +2.81% |
Max Drawdown (1Y)Largest decline over 1 year | -80.84% | -72.50% | -8.34% |
Max Drawdown (3Y)Largest decline over 3 years | -80.84% | -84.34% | +3.50% |
Max Drawdown (5Y)Largest decline over 5 years | -80.84% | -98.45% | +17.61% |
Max Drawdown (10Y)Largest decline over 10 years | -80.84% | -99.45% | +18.61% |
Current DrawdownCurrent decline from peak | -95.16% | -97.43% | +2.27% |
Average DrawdownAverage peak-to-trough decline | -82.30% | -69.49% | -12.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.19% | 36.01% | +17.18% |
Volatility
DZZ vs. KOLD - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.21% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 24.65%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.21% | 24.65% | +5.56% |
Volatility (6M)Calculated over the trailing 6-month period | 59.65% | 99.37% | -39.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.45% | 113.51% | +55.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.63% | 118.76% | -35.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.05% | 101.76% | -37.71% |
DZZ vs. KOLD - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is lower than KOLD's 0.95% expense ratio.
Dividends
DZZ vs. KOLD - Dividend Comparison
Neither DZZ nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
DZZ and KOLD have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.21%) compared to KOLD (24.65%). In terms of maximum drawdown, DZZ dropped -96.64% vs KOLD's -99.45%.
On 10-year performance, DZZ leads with -10.52% vs -26.46% for KOLD. On fees, DZZ is cheaper at 0.75% per year. On volatility, KOLD has been the lower-risk option at 24.65%. 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 -10.52% return vs -26.46%. 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 KOLD.
DZZ and KOLD have nearly identical dividend yields, around 0.00%.
DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DZZ and 0.95% for KOLD.
DZZ currently has the higher Sharpe Ratio (0.07 vs -0.01), 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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