DZZ vs. NANR
DZZ (DB Gold Double Short Exchange Traded Notes) and NANR (SPDR S&P North American Natural Resources ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while NANR is a Natural Resources fund tracking the S&P BMI North American Natural Resources Index. Both are passively managed. Over the past 10 years, DZZ returned -10.01%/yr vs 11.63%/yr for NANR. At a correlation of -0.27, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.35%/yr for NANR.
Performance
DZZ vs. NANR - 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 NANR's 14.14% return. Over the past 10 years, DZZ has underperformed NANR with an annualized return of -10.01%, while NANR has yielded a comparatively higher 11.63% annualized 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%
NANR
- 1D
- -1.89%
- 1M
- -5.93%
- YTD
- 14.14%
- 6M
- 12.45%
- 1Y
- 36.86%
- 3Y*
- 18.00%
- 5Y*
- 15.44%
- 10Y*
- 11.63%
DZZ vs. NANR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -52.47% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
NANR SPDR S&P North American Natural Resources ETF | 14.14% | 35.35% | 2.31% | -3.23% | 26.49% | 36.43% | 1.03% | 18.99% | -16.77% | 8.03% |
Correlation
The correlation between DZZ and NANR is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2015 | -0.27 |
The correlation between DZZ and NANR shifts across timeframes, from -0.36 (1 year) to -0.26 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DZZ vs. NANR — Risk / Return Rank
DZZ
NANR
DZZ vs. NANR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and SPDR S&P North American Natural Resources ETF (NANR). 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 | NANR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.33 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 3.64 | -3.71 |
| Martin ratioReturn relative to average drawdown | -0.10 | 12.39 | -12.49 |
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Drawdowns
DZZ vs. NANR - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than NANR's maximum drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for DZZ and NANR.
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Drawdown Indicators
| DZZ | NANR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -49.15% | -47.49% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -10.16% | -70.89% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -18.42% | -62.63% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -26.42% | -54.63% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -49.15% | -31.90% |
Current DrawdownCurrent decline from peak | -95.55% | -10.16% | -85.39% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -8.39% | -73.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 2.99% | +53.23% |
Volatility
DZZ vs. NANR - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 15.04% compared to SPDR S&P North American Natural Resources ETF (NANR) at 6.86%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than NANR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | NANR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 6.86% | +8.18% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 15.29% | +44.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 19.13% | +150.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 22.92% | +60.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 23.59% | +40.47% |
DZZ vs. NANR - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is higher than NANR's 0.35% expense ratio.
Dividends
DZZ vs. NANR - Dividend Comparison
DZZ has not paid dividends to shareholders, while NANR's dividend yield for the trailing twelve months is around 1.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
NANR SPDR S&P North American Natural Resources ETF | 1.84% | 1.77% | 2.20% | 2.78% | 2.70% | 2.61% | 2.73% | 2.02% | 1.95% | 1.83% | 5.01% | 0.01% |
Frequently Asked Questions
DZZ and NANR have a correlation of -0.36, 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 NANR (6.86%). In terms of maximum drawdown, DZZ dropped -96.64% vs NANR's -49.15%.
On 10-year performance, NANR leads with 11.63% vs -10.01% for DZZ. On fees, NANR is cheaper at 0.35% per year. On volatility, NANR has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NANR has performed better with a 11.63% return vs -10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NANR is cheaper with a 0.35% expense ratio, compared with 0.75% for DZZ.
NANR has the higher dividend yield at 1.84%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while NANR is Natural Resources. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while NANR tracks S&P BMI North American Natural Resources Index. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.75% for DZZ and 0.35% for NANR.
NANR currently has the higher Sharpe Ratio (1.94 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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