DZZ vs. TMF
DZZ (DB Gold Double Short Exchange Traded Notes) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, DZZ returned -9.09%/yr vs -18.47%/yr for TMF. Their -0.17 correlation means they have often moved in opposite directions in the past. DZZ charges 0.75%/yr vs 1.01%/yr for TMF.
Performance
DZZ vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -50.53% return, which is significantly lower than TMF's -16.67% return. Over the past 10 years, DZZ has outperformed TMF with an annualized return of -9.09%, while TMF has yielded a comparatively lower -18.47% annualized return.
DZZ
- 1D
- -0.55%
- 1M
- -7.58%
- 6M
- -52.15%
- YTD
- -50.53%
- 1Y
- 6.12%
- 3Y*
- -9.06%
- 5Y*
- -6.95%
- 10Y*
- -9.09%
- ALL TIME*
- -13.05%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.88K | $5.95K | $21.77K | |
| $161.82M | $130.43M | $127.82M |
DZZ vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -50.53% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between DZZ and TMF is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.17 |
The correlation between DZZ and TMF shifts across timeframes, from -0.22 (10 years) to -0.01 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DZZ vs. TMF — Risk / Return Rank
DZZ
TMF
DZZ vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.93 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.53 | +0.55 |
| Martin ratioReturn relative to average drawdown | 0.03 | -1.07 | +1.10 |
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Drawdowns
DZZ vs. TMF - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, roughly equal to the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for DZZ and TMF.
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Drawdown Indicators
| DZZ | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -93.10% | -3.54% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -28.69% | -52.36% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -50.64% | -30.41% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -89.14% | +8.09% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -93.10% | +12.05% |
Current DrawdownCurrent decline from peak | -95.37% | -93.10% | -2.27% |
Average DrawdownAverage peak-to-trough decline | -82.40% | -44.07% | -38.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.82% | 14.10% | +47.72% |
Volatility
DZZ vs. TMF - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 14.44% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.44% | 7.21% | +7.23% |
Volatility (6M)Calculated over the trailing 6-month period | 52.18% | 19.98% | +32.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 170.05% | 27.35% | +142.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.19% | 46.36% | +37.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.26% | 43.70% | +20.56% |
DZZ vs. TMF - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
DZZ vs. TMF - Dividend Comparison
DZZ has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
DZZ and TMF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (14.44%) compared to TMF (7.21%). In terms of maximum drawdown, DZZ dropped -96.64% vs TMF's -93.10%.
On 10-year performance, DZZ leads with -9.09% vs -18.47% for TMF. On fees, DZZ is cheaper at 0.75% per year. On volatility, TMF has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DZZ has performed better with a -9.09% return vs -18.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DZZ is cheaper with a 0.75% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.74%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while TMF is Leveraged Bonds. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: Deutsche Bank and Direxion. Their fees differ too: 0.75% for DZZ and 1.01% for TMF.
DZZ currently has the higher Sharpe Ratio (0.01 vs -0.55), 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.
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