DZZ vs. TSMX
DZZ (DB Gold Double Short Exchange Traded Notes) and TSMX (Direxion Daily TSM Bull 2X Shares) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while TSMX is a Leveraged Equities fund actively managed by Direxion. DZZ is passively managed, while TSMX is actively managed. Over the past year, DZZ returned 11.20% vs 295.18% for TSMX. At a correlation of -0.04, they often move in opposite directions. DZZ charges 0.75%/yr vs 1.05%/yr for TSMX.
Performance
DZZ vs. TSMX - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -48.31% return, which is significantly lower than TSMX's 85.80% 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%
TSMX
- 1D
- -4.27%
- 1M
- 15.97%
- YTD
- 85.80%
- 6M
- 94.81%
- 1Y
- 295.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DZZ vs. TSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -48.31% | 132.78% | -0.92% |
TSMX Direxion Daily TSM Bull 2X Shares | 85.80% | 81.48% | 14.76% |
Correlation
The correlation between DZZ and TSMX is -0.09, 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 | -0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | -0.04 |
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Return for Risk
DZZ vs. TSMX — Risk / Return Rank
DZZ
TSMX
DZZ vs. TSMX - 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 TSM Bull 2X Shares (TSMX). 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 | TSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.45 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 8.51 | -8.37 |
| Martin ratioReturn relative to average drawdown | 0.21 | 27.80 | -27.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DZZ | TSMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.07 | 4.15 | -4.09 |
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 | 1.57 | -1.81 |
Drawdowns
DZZ vs. TSMX - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for DZZ and TSMX.
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Drawdown Indicators
| DZZ | TSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -63.80% | -32.84% |
Max Drawdown (1Y)Largest decline over 1 year | -80.84% | -34.93% | -45.91% |
Max Drawdown (3Y)Largest decline over 3 years | -80.84% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -80.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -80.84% | — | — |
Current DrawdownCurrent decline from peak | -95.16% | -4.27% | -90.89% |
Average DrawdownAverage peak-to-trough decline | -82.30% | -15.85% | -66.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.19% | 10.68% | +42.51% |
Volatility
DZZ vs. TSMX - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.21% compared to Direxion Daily TSM Bull 2X Shares (TSMX) at 22.91%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | TSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.21% | 22.91% | +7.30% |
Volatility (6M)Calculated over the trailing 6-month period | 59.65% | 54.45% | +5.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.45% | 71.63% | +97.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.63% | 80.93% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.05% | 80.93% | -16.88% |
DZZ vs. TSMX - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is lower than TSMX's 1.05% expense ratio.
Dividends
DZZ vs. TSMX - Dividend Comparison
DZZ has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 4.44%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% |
TSMX Direxion Daily TSM Bull 2X Shares | 4.44% | 8.01% | 0.53% |
Frequently Asked Questions
DZZ and TSMX have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.21%) compared to TSMX (22.91%). In terms of maximum drawdown, DZZ dropped -96.64% vs TSMX's -63.80%.
On 1-year performance, TSMX leads with 295.18% vs 11.20% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, TSMX has been the lower-risk option at 22.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSMX has performed better with a 295.18% return vs 11.20%. 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 1.05% for TSMX.
TSMX has the higher dividend yield at 4.44%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while TSMX is Leveraged Equities. They also come from different issuers: Deutsche Bank and Direxion. Their fees differ too: 0.75% for DZZ and 1.05% for TSMX.
TSMX currently has the higher Sharpe Ratio (4.15 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.
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