DZZ vs. OILU

Last updated Jun 4, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both Leveraged Commodities funds. Over the past 3 years, DZZ returned -6.90%/yr vs 10.60%/yr for OILU. At a correlation of -0.09, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.95%/yr for OILU.

Performance

DZZ vs. OILU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Short Exchange Traded Notes (DZZ) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DZZ achieves a -48.31% return, which is significantly lower than OILU's 96.53% 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%

OILU

• 1D: 3.64%
• 1M: -10.84%
• YTD: 96.53%
• 6M: 77.49%
• 1Y: 115.83%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

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

DZZ vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DZZ DB Gold Double Short Exchange Traded Notes	-48.31%	132.78%	-35.06%	-8.14%	2.79%	1.32%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	96.53%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%

Correlation

The correlation between DZZ and OILU is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	-0.09

Return for Risk

DZZ vs. OILU — Risk / Return Rank

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

DZZ

DZZ Risk / Return Rank: 19
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 31
DZZ Omega Ratio Rank: 33
DZZ Calmar Ratio Rank: 10
DZZ Martin Ratio Rank: 10

OILU

OILU Risk / Return Rank: 52
OILU Sharpe Ratio Rank: 54
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 42
OILU Calmar Ratio Rank: 69
OILU Martin Ratio Rank: 51

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. OILU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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	OILU	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.87	-1.81
Sortino ratio: Return per unit of downside risk	1.69	2.25	-0.56
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	0.14	3.48	-3.34
Martin ratio: Return relative to average drawdown	0.21	8.74	-8.52
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. OILU - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is 0.07, which is lower than the OILU Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of DZZ and OILU, 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	OILU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	1.87	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.17	-0.40

Drawdowns

DZZ vs. OILU - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than OILU's maximum drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for DZZ and OILU.

Drawdown Indicators

	DZZ	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-81.00%	-15.64%
Max Drawdown (1Y) Largest decline over 1 year	-80.84%	-33.51%	-47.33%
Max Drawdown (3Y) Largest decline over 3 years	-80.84%	-69.09%	-11.75%
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	-95.16%	-47.14%	-48.02%
Average Drawdown Average peak-to-trough decline	-82.30%	-50.59%	-31.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.19%	13.32%	+39.87%

Volatility

DZZ vs. OILU - Volatility Comparison

DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.21% compared to MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) at 25.14%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DZZ	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.21%	25.14%	+5.07%
Volatility (6M) Calculated over the trailing 6-month period	59.65%	49.94%	+9.71%
Volatility (1Y) Calculated over the trailing 1-year period	169.45%	62.23%	+107.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.63%	81.16%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.05%	81.16%	-17.11%

DZZ vs. OILU - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is lower than OILU's 0.95% expense ratio.

Dividends

DZZ vs. OILU - Dividend Comparison

Neither DZZ nor OILU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DZZ and OILU in my portfolio?

DZZ and OILU have a correlation of -0.05, 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 OILU?

DZZ has higher volatility (30.21%) compared to OILU (25.14%). In terms of maximum drawdown, DZZ dropped -96.64% vs OILU's -81.00%.

Which ETF is better, DZZ or OILU?

On 3-year performance, OILU leads with 10.60% vs -6.90% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, OILU has been the lower-risk option at 25.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DZZ or OILU?

Over the 3-year period, OILU has performed better with a 10.60% return vs -6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DZZ or OILU?

DZZ is cheaper with a 0.75% expense ratio, compared with 0.95% for OILU.

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

DZZ and OILU have nearly identical dividend yields, around 0.00%.

What is the main difference between DZZ and OILU?

They also come from different issuers: Deutsche Bank and BMO. Their fees differ too: 0.75% for DZZ and 0.95% for OILU.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (1.87 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.