DZZ vs. MULL

Last updated Jun 3, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while MULL is a Leveraged Equities fund actively managed by GraniteShares. DZZ is passively managed, while MULL is actively managed. Over the past year, DZZ returned 6.57% vs 6388.53% for MULL. At a correlation of -0.09, they often move in opposite directions. DZZ charges 0.75%/yr vs 1.50%/yr for MULL.

Performance

DZZ vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Short Exchange Traded Notes (DZZ) and GraniteShares 2x Long MU Daily ETF (MULL). 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 MULL's 907.48% 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%

MULL

• 1D: 5.57%
• 1M: 246.94%
• YTD: 907.48%
• 6M: 1,268.17%
• 1Y: 6,388.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DZZ vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DZZ DB Gold Double Short Exchange Traded Notes	-49.04%	132.78%	-10.35%
MULL GraniteShares 2x Long MU Daily ETF	907.48%	558.51%	-40.10%

Correlation

The correlation between DZZ and MULL is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	-0.09

Return for Risk

DZZ vs. MULL — 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

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 98
MULL Omega Ratio Rank: 97
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 100

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. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and GraniteShares 2x Long MU Daily ETF (MULL). 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	MULL	Difference
Sharpe ratio Return per unit of total volatility	0.04	49.08	-49.04
Sortino ratio Return per unit of downside risk	1.62	7.09	-5.47
Omega ratio Gain probability vs. loss probability	1.21	1.90	-0.68
Calmar ratio Return relative to maximum drawdown	0.07	130.56	-130.49
Martin ratio Return relative to average drawdown	0.10	439.01	-438.91
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. MULL - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is 0.04, which is lower than the MULL Sharpe Ratio of 49.08. The chart below compares the historical Sharpe Ratios of DZZ and MULL, 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	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	49.08	-49.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	7.34	-7.58

Drawdowns

DZZ vs. MULL - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for DZZ and MULL.

Drawdown Indicators

	DZZ	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-72.29%	-24.35%
Max Drawdown (1Y) Largest decline over 1 year	-80.84%	-53.09%	-27.75%
Max Drawdown (3Y) Largest decline over 3 years	-80.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-80.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.84%	—	—
Current Drawdown Current decline from peak	-95.23%	0.00%	-95.23%
Average Drawdown Average peak-to-trough decline	-82.30%	-20.67%	-61.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.96%	15.79%	+37.17%

Volatility

DZZ vs. MULL - Volatility Comparison

The current volatility for DB Gold Double Short Exchange Traded Notes (DZZ) is 30.11%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 55.71%. This indicates that DZZ experiences smaller price fluctuations and is considered to be less risky than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DZZ	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.11%	55.71%	-25.60%
Volatility (6M) Calculated over the trailing 6-month period	59.63%	105.59%	-45.96%
Volatility (1Y) Calculated over the trailing 1-year period	169.46%	132.53%	+36.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.64%	136.39%	-52.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.06%	136.39%	-72.33%

DZZ vs. MULL - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

DZZ vs. MULL - Dividend Comparison

DZZ has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.04%.

Position	TTM	2025
DZZ DB Gold Double Short Exchange Traded Notes	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both DZZ and MULL in my portfolio?

DZZ and MULL have a correlation of -0.11, 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 MULL?

MULL has higher volatility (55.71%) compared to DZZ (30.11%). In terms of maximum drawdown, DZZ dropped -96.64% vs MULL's -72.29%.

Which ETF is better, DZZ or MULL?

On 1-year performance, MULL leads with 6388.53% vs 6.57% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 30.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DZZ or MULL?

Over the 1-year period, MULL has performed better with a 6388.53% return vs 6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DZZ or MULL?

DZZ is cheaper with a 0.75% expense ratio, compared with 1.50% for MULL.

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

MULL has the higher dividend yield at 0.04%, compared with 0.00% for DZZ.

What is the main difference between DZZ and MULL?

DZZ is categorized as Leveraged Commodities, while MULL is Leveraged Equities. They also come from different issuers: Deutsche Bank and GraniteShares. Their fees differ too: 0.75% for DZZ and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (49.08 vs 0.04), 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.