DZZ vs. TERG

Last updated Jun 24, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and TERG (Leverage Shares 2X Long TER Daily ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while TERG is a Leveraged Equities fund actively managed by Leverage Shares. DZZ is passively managed, while TERG is actively managed. At a correlation of -0.33, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

DZZ vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Short Exchange Traded Notes (DZZ) and Leverage Shares 2X Long TER Daily ETF (TERG). 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 TERG's 227.50% 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%

TERG

• 1D: -15.75%
• 1M: 27.59%
• YTD: 227.50%
• 6M: 210.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DZZ vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
DZZ DB Gold Double Short Exchange Traded Notes	-52.47%	-15.42%
TERG Leverage Shares 2X Long TER Daily ETF	227.50%	20.91%

Correlation

The correlation between DZZ and TERG is -0.33, 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 (All Time) Calculated using the full available price history since Nov 17, 2025	-0.33

Return for Risk

DZZ vs. TERG — 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

TERG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	-0.07	—	—
Martin ratio: Return relative to average drawdown	-0.10	—	—

Drawdowns

DZZ vs. TERG - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DZZ and TERG.

Drawdown Indicators

	DZZ	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-49.52%	-47.12%
Max Drawdown (1Y) Largest decline over 1 year	-81.05%	—	—
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	-95.55%	-16.52%	-79.03%
Average Drawdown Average peak-to-trough decline	-82.32%	-14.58%	-67.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.22%	—	—

Volatility

Volatility by Period

	DZZ	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	60.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	169.84%	145.85%	+23.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.80%	145.85%	-62.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.06%	145.85%	-81.79%

DZZ vs. TERG - Expense Ratio Comparison

Both DZZ and TERG have an expense ratio of 0.75%.

Dividends

DZZ vs. TERG - Dividend Comparison

Neither DZZ nor TERG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DZZ and TERG in my portfolio?

DZZ and TERG have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DZZ or TERG?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DZZ or TERG?

DZZ and TERG have the same expense ratio: 0.75% per year.

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

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

What is the main difference between DZZ and TERG?

DZZ is categorized as Leveraged Commodities, while TERG is Leveraged Equities. They also come from different issuers: Deutsche Bank and Leverage Shares.