DZZ vs. SHNY

Last updated Apr 2, 2026

Compare and contrast key facts about DB Gold Double Short Exchange Traded Notes (DZZ) and MicroSectors Gold 3X Leveraged ETN (SHNY).

DZZ and SHNY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DZZ is a passively managed fund by Deutsche Bank that tracks the performance of the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). It was launched on Feb 27, 2008. SHNY is managed by BMO. It was launched on Feb 24, 2023.

Performance

DZZ vs. SHNY - 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 Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

DZZ vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DZZ DB Gold Double Short Exchange Traded Notes	-30.86%	132.78%	-35.06%	-6.96%
SHNY MicroSectors Gold 3X Leveraged ETN	11.56%	214.54%	50.30%	12.52%

Returns By Period

In the year-to-date period, DZZ achieves a -30.86% return, which is significantly lower than SHNY's 11.56% return.

DZZ

• 1D: 0.95%
• 1M: 9.48%
• YTD: -30.86%
• 6M: 75.80%
• 1Y: 62.84%
• 3Y*: 3.68%
• 5Y*: -3.13%
• 10Y*: -8.56%

SHNY

• 1D: 5.04%
• 1M: -32.72%
• YTD: 11.56%
• 6M: 39.19%
• 1Y: 123.55%
• 3Y*: 69.59%
• 5Y*: —
• 10Y*: —

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

DZZ vs. SHNY - Expense Ratio Comparison

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

SHNY

MicroSectors Gold 3X Leveraged ETN

DZZ

DB Gold Double Short Exchange Traded Notes

Return for Risk

DZZ vs. SHNY — Risk / Return Rank

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

DZZ

DZZ Risk / Return Rank: 47
DZZ Sharpe Ratio Rank: 22
DZZ Sortino Ratio Rank: 85
DZZ Omega Ratio Rank: 78
DZZ Calmar Ratio Rank: 31
DZZ Martin Ratio Rank: 21

SHNY

SHNY Risk / Return Rank: 74
SHNY Sharpe Ratio Rank: 78
SHNY Sortino Ratio Rank: 75
SHNY Omega Ratio Rank: 74
SHNY Calmar Ratio Rank: 79
SHNY Martin Ratio Rank: 64

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. SHNY - 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 Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio Return per unit of total volatility	0.38	1.51	-1.13
Sortino ratio Return per unit of downside risk	2.37	1.94	+0.43
Omega ratio Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio Return relative to maximum drawdown	0.84	2.24	-1.41
Martin ratio Return relative to average drawdown	1.44	6.74	-5.30
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. SHNY - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is 0.38, which is lower than the SHNY Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of DZZ and SHNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DZZ	SHNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	1.51	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	1.34	-1.55

Correlation

The correlation between DZZ and SHNY is -0.46. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

DZZ vs. SHNY - Dividend Comparison

Neither DZZ nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

DZZ vs. SHNY - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than SHNY's maximum drawdown of -54.35%. Use the drawdown chart below to compare losses from any high point for DZZ and SHNY.

Drawdown Indicators

	DZZ	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-54.35%	-42.29%
Max Drawdown (1Y) Largest decline over 1 year	-74.95%	-54.35%	-20.60%
Max Drawdown (5Y) Largest decline over 5 years	-74.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.59%	—	—
Current Drawdown Current decline from peak	-93.53%	-41.30%	-52.23%
Average Drawdown Average peak-to-trough decline	-82.19%	-13.16%	-69.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.55%	18.10%	+25.45%

Volatility

DZZ vs. SHNY - Volatility Comparison

The current volatility for DB Gold Double Short Exchange Traded Notes (DZZ) is 15.37%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 31.37%. This indicates that DZZ experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DZZ	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.37%	31.37%	-16.00%
Volatility (6M) Calculated over the trailing 6-month period	126.04%	74.62%	+51.42%
Volatility (1Y) Calculated over the trailing 1-year period	168.01%	82.54%	+85.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.52%	58.30%	+24.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.36%	58.30%	+5.06%