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 -9.23%/yr vs 10.97%/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 -48.70% return, which is significantly lower than NANR's 15.01% return. Over the past 10 years, DZZ has underperformed NANR with an annualized return of -9.23%, while NANR has yielded a comparatively higher 10.97% annualized 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%
NANR
- 1D
- 0.89%
- 1M
- -4.02%
- 6M
- 7.50%
- YTD
- 15.01%
- 1Y
- 33.54%
- 3Y*
- 16.59%
- 5Y*
- 16.57%
- 10Y*
- 10.97%
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 | -48.70% | 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 | 15.01% | 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 -0.38, 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 | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
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 -0.38 (1 year) to -0.25 (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 | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 2.74 | -2.60 |
| Martin ratioReturn relative to average drawdown | 0.19 | 8.63 | -8.44 |
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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% | -12.31% | -68.74% |
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 | -95.20% | -9.48% | -85.72% |
Average DrawdownAverage peak-to-trough decline | -82.36% | -8.40% | -73.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 58.99% | 3.90% | +55.09% |
Volatility
DZZ vs. NANR - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 17.65% compared to SPDR S&P North American Natural Resources ETF (NANR) at 5.30%. 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 | 17.65% | 5.30% | +12.35% |
Volatility (6M)Calculated over the trailing 6-month period | 54.94% | 15.02% | +39.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 170.47% | 19.18% | +151.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.13% | 22.90% | +61.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.24% | 23.57% | +40.67% |
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 1.83%.
| 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 | 1.83% | 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 -0.38, 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 NANR (5.30%). In terms of maximum drawdown, DZZ dropped -96.64% vs NANR's -49.15%.
On 10-year performance, NANR leads with 10.97% vs -9.23% for DZZ. On fees, NANR is cheaper at 0.35% per year. On volatility, NANR has been the lower-risk option at 5.30%. 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 10.97% return vs -9.23%. 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 1.83%, 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 (1.76 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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