DZZ vs. UCO
DZZ (DB Gold Double Short Exchange Traded Notes) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Leveraged Commodities funds - DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%) while UCO tracks the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, DZZ returned -10.94%/yr vs -11.98%/yr for UCO. At a correlation of -0.13, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.95%/yr for UCO.
Performance
DZZ vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -50.78% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, DZZ has outperformed UCO with an annualized return of -10.94%, while UCO has yielded a comparatively lower -11.98% annualized return.
DZZ
- 1D
- -4.79%
- 1M
- -19.92%
- YTD
- -50.78%
- 6M
- -42.90%
- 1Y
- 3.85%
- 3Y*
- -8.41%
- 5Y*
- -5.74%
- 10Y*
- -10.94%
UCO
- 1D
- -3.93%
- 1M
- -5.57%
- YTD
- 139.34%
- 6M
- 124.58%
- 1Y
- 115.57%
- 3Y*
- 24.38%
- 5Y*
- 21.18%
- 10Y*
- -11.98%
DZZ vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -50.78% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between DZZ and UCO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.13 |
The correlation between DZZ and UCO shifts across timeframes, from -0.13 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DZZ vs. UCO — Risk / Return Rank
DZZ
UCO
DZZ vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.31 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 3.34 | -3.30 |
| Martin ratioReturn relative to average drawdown | 0.07 | 6.32 | -6.25 |
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 | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.02 | 2.03 | -2.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 0.36 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.17 | -0.17 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.24 | -0.34 | +0.10 |
Drawdowns
DZZ vs. UCO - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for DZZ and UCO.
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Drawdown Indicators
| DZZ | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -99.95% | +3.31% |
Max Drawdown (1Y)Largest decline over 1 year | -80.84% | -34.77% | -46.07% |
Max Drawdown (3Y)Largest decline over 3 years | -80.84% | -50.38% | -30.46% |
Max Drawdown (5Y)Largest decline over 5 years | -80.84% | -67.24% | -13.60% |
Max Drawdown (10Y)Largest decline over 10 years | -80.84% | -98.75% | +17.91% |
Current DrawdownCurrent decline from peak | -95.40% | -99.26% | +3.86% |
Average DrawdownAverage peak-to-trough decline | -82.30% | -85.49% | +3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.43% | 18.34% | +35.09% |
Volatility
DZZ vs. UCO - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 30.48% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 20.99%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.48% | 20.99% | +9.49% |
Volatility (6M)Calculated over the trailing 6-month period | 59.82% | 46.57% | +13.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.50% | 57.26% | +112.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.65% | 59.81% | +23.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 71.35% | -7.29% |
DZZ vs. UCO - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
DZZ vs. UCO - Dividend Comparison
Neither DZZ nor UCO has paid dividends to shareholders.
Frequently Asked Questions
DZZ and UCO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.48%) compared to UCO (20.99%). In terms of maximum drawdown, DZZ dropped -96.64% vs UCO's -99.95%.
On 10-year performance, DZZ leads with -10.94% vs -11.98% for UCO. On fees, DZZ is cheaper at 0.75% per year. On volatility, UCO has been the lower-risk option at 20.99%. 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 -10.94% return vs -11.98%. 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 0.95% for UCO.
DZZ and UCO have nearly identical dividend yields, around 0.00%.
DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DZZ and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.03 vs 0.02), 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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