DZZ vs. NVDQ

Last updated Jun 26, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and NVDQ (T-Rex 2X Inverse NVIDIA Daily Target ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while NVDQ is a Inverse Equities fund actively managed by T-Rex. DZZ is passively managed, while NVDQ is actively managed. Over the past year, DZZ returned 9.29% vs -56.35% for NVDQ. At a 0.01 correlation, their price movements are largely independent. DZZ charges 0.75%/yr vs 1.05%/yr for NVDQ.

Performance

DZZ vs. NVDQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Short Exchange Traded Notes (DZZ) and T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DZZ achieves a -46.07% return, which is significantly lower than NVDQ's -25.89% return.

DZZ

• 1D: 12.25%
• 1M: 0.29%
• YTD: -46.07%
• 6M: -41.83%
• 1Y: 9.29%
• 3Y*: -6.52%
• 5Y*: -6.15%
• 10Y*: -8.74%

NVDQ

• 1D: 3.06%
• 1M: 14.12%
• YTD: -25.89%
• 6M: -24.18%
• 1Y: -56.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DZZ vs. NVDQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DZZ DB Gold Double Short Exchange Traded Notes	-46.07%	132.78%	-35.06%	-0.20%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	-25.89%	-74.63%	-93.80%	-28.84%

Correlation

The correlation between DZZ and NVDQ is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.01

Return for Risk

DZZ vs. NVDQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DZZ

DZZ Risk / Return Rank: 20
DZZ Sharpe Ratio Rank: 10
DZZ Sortino Ratio Rank: 34
DZZ Omega Ratio Rank: 36
DZZ Calmar Ratio Rank: 10
DZZ Martin Ratio Rank: 10

NVDQ

NVDQ Risk / Return Rank: 3
NVDQ Sharpe Ratio Rank: 3
NVDQ Sortino Ratio Rank: 3
NVDQ Omega Ratio Rank: 3
NVDQ Calmar Ratio Rank: 2
NVDQ Martin Ratio Rank: 3

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. NVDQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ). 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	NVDQ	Difference
Sharpe ratio: Return per unit of total volatility	0.05	-0.81	+0.86
Sortino ratio: Return per unit of downside risk	1.67	-1.14	+2.81
Omega ratio: Gain probability vs. loss probability	1.22	0.87	+0.35
Calmar ratio: Return relative to maximum drawdown	0.12	-0.83	+0.95
Martin ratio: Return relative to average drawdown	0.16	-1.35	+1.52

DZZ vs. NVDQ - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is 0.05, which is higher than the NVDQ Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of DZZ and NVDQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DZZ vs. NVDQ - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, roughly equal to the maximum NVDQ drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for DZZ and NVDQ.

Drawdown Indicators

	DZZ	NVDQ	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-99.45%	+2.81%
Max Drawdown (1Y) Largest decline over 1 year	-81.05%	-68.07%	-12.98%
Max Drawdown (3Y) Largest decline over 3 years	-81.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-81.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.05%	—	—
Current Drawdown Current decline from peak	-94.95%	-99.25%	+4.30%
Average Drawdown Average peak-to-trough decline	-82.33%	-88.32%	+5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.67%	41.70%	+14.97%

Volatility

DZZ vs. NVDQ - Volatility Comparison

The current volatility for DB Gold Double Short Exchange Traded Notes (DZZ) is 19.32%, while T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) has a volatility of 26.21%. This indicates that DZZ experiences smaller price fluctuations and is considered to be less risky than NVDQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DZZ	NVDQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.32%	26.21%	-6.89%
Volatility (6M) Calculated over the trailing 6-month period	61.17%	53.68%	+7.49%
Volatility (1Y) Calculated over the trailing 1-year period	170.20%	70.34%	+99.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.98%	95.32%	-11.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.16%	95.32%	-31.16%

DZZ vs. NVDQ - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is lower than NVDQ's 1.05% expense ratio.

Dividends

DZZ vs. NVDQ - Dividend Comparison

DZZ has not paid dividends to shareholders, while NVDQ's dividend yield for the trailing twelve months is around 0.35%.

Position	TTM	2025	2024	2023
DZZ DB Gold Double Short Exchange Traded Notes	0.00%	0.00%	0.00%	0.00%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	0.35%	0.26%	4.59%	11.60%

Frequently Asked Questions

Can I hold both DZZ and NVDQ in my portfolio?

DZZ and NVDQ have a correlation of 0.02, 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 NVDQ?

NVDQ has higher volatility (26.21%) compared to DZZ (19.32%). In terms of maximum drawdown, DZZ dropped -96.64% vs NVDQ's -99.45%.

Which ETF is better, DZZ or NVDQ?

On 1-year performance, DZZ leads with 9.29% vs -56.35% for NVDQ. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 19.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DZZ or NVDQ?

Over the 1-year period, DZZ has performed better with a 9.29% return vs -56.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DZZ or NVDQ?

DZZ is cheaper with a 0.75% expense ratio, compared with 1.05% for NVDQ.

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

NVDQ has the higher dividend yield at 0.35%, compared with 0.00% for DZZ.

What is the main difference between DZZ and NVDQ?

DZZ is categorized as Leveraged Commodities, while NVDQ is Inverse Equities. They also come from different issuers: Deutsche Bank and T-Rex. Their fees differ too: 0.75% for DZZ and 1.05% for NVDQ.

Which has better risk-adjusted returns?

DZZ currently has the higher Sharpe Ratio (0.05 vs -0.81), 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.