DZZ vs. SHNY

Last updated Jun 24, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both Leveraged Commodities funds. Over the past 3 years, DZZ returned -10.43%/yr vs 49.33%/yr for SHNY. At a correlation of -0.47, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.95%/yr for SHNY.

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.

Returns By Period

In the year-to-date period, DZZ achieves a -52.47% return, which is significantly lower than SHNY's -34.20% 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%

SHNY

• 1D: -5.70%
• 1M: -27.06%
• YTD: -34.20%
• 6M: -42.91%
• 1Y: 14.03%
• 3Y*: 49.33%
• 5Y*: —
• 10Y*: —

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

DZZ vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DZZ DB Gold Double Short Exchange Traded Notes	-52.47%	132.78%	-35.06%	-5.95%
SHNY MicroSectors Gold 3X Leveraged ETN	-34.20%	214.54%	50.30%	10.98%

Correlation

The correlation between DZZ and SHNY is -0.45, 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	-0.45
Correlation (3Y) Calculated over the trailing 3-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.47

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: 16
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 27
DZZ Omega Ratio Rank: 28
DZZ Calmar Ratio Rank: 8
DZZ Martin Ratio Rank: 8

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 11
SHNY Martin Ratio Rank: 11

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.

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	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	0.17	-0.21
Sortino ratio: Return per unit of downside risk	1.43	0.78	+0.65
Omega ratio: Gain probability vs. loss probability	1.19	1.11	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.07	0.22	-0.29
Martin ratio: Return relative to average drawdown	-0.10	0.49	-0.59

DZZ vs. SHNY - Sharpe Ratio Comparison

The current DZZ Sharpe Ratio is -0.03, which is lower than the SHNY Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of DZZ and SHNY, 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. SHNY - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than SHNY's maximum drawdown of -65.54%. 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%	-65.54%	-31.10%
Max Drawdown (1Y) Largest decline over 1 year	-81.05%	-65.54%	-15.51%
Max Drawdown (3Y) Largest decline over 3 years	-81.05%	-65.54%	-15.51%
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	-95.55%	-65.38%	-30.17%
Average Drawdown Average peak-to-trough decline	-82.32%	-15.65%	-66.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.22%	28.98%	+27.24%

Volatility

DZZ vs. SHNY - Volatility Comparison

The current volatility for DB Gold Double Short Exchange Traded Notes (DZZ) is 15.04%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 24.50%. 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	15.04%	24.50%	-9.46%
Volatility (6M) Calculated over the trailing 6-month period	60.07%	74.44%	-14.37%
Volatility (1Y) Calculated over the trailing 1-year period	169.84%	81.62%	+88.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.80%	59.25%	+24.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.06%	59.25%	+4.81%

DZZ vs. SHNY - Expense Ratio Comparison

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

Dividends

DZZ vs. SHNY - Dividend Comparison

Neither DZZ nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DZZ and SHNY in my portfolio?

DZZ and SHNY have a correlation of -0.45, 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 SHNY?

SHNY has higher volatility (24.50%) compared to DZZ (15.04%). In terms of maximum drawdown, DZZ dropped -96.64% vs SHNY's -65.54%.

Which ETF is better, DZZ or SHNY?

On 3-year performance, SHNY leads with 49.33% vs -10.43% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 15.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DZZ or SHNY?

Over the 3-year period, SHNY has performed better with a 49.33% return vs -10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DZZ or SHNY?

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

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

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

What is the main difference between DZZ and SHNY?

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

Which has better risk-adjusted returns?

SHNY currently has the higher Sharpe Ratio (0.17 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.