DZZ vs. UGL
DZZ (DB Gold Double Short Exchange Traded Notes) and UGL (ProShares Ultra Gold) are both Leveraged Commodities funds - DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%) while UGL tracks the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, DZZ returned -10.01%/yr vs 15.23%/yr for UGL. At a correlation of -0.82, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.95%/yr for UGL.
Performance
DZZ vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, DZZ achieves a -52.47% return, which is significantly lower than UGL's -16.89% return. Over the past 10 years, DZZ has underperformed UGL with an annualized return of -10.01%, while UGL has yielded a comparatively higher 15.23% annualized 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%
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
DZZ vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | -52.47% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
UGL ProShares Ultra Gold | -16.89% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between DZZ and UGL 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 | -0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.82 |
Over the past year, the inverse relationship between DZZ and UGL has weakened: their correlation has moved from -0.82 to -0.45, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DZZ vs. UGL — Risk / Return Rank
DZZ
UGL
DZZ vs. UGL - 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 Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.14 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.59 | -0.66 |
| Martin ratioReturn relative to average drawdown | -0.10 | 1.46 | -1.56 |
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Drawdowns
DZZ vs. UGL - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for DZZ and UGL.
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Drawdown Indicators
| DZZ | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -75.93% | -20.71% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -46.64% | -34.41% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -46.64% | -34.41% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -46.64% | -34.41% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -46.64% | -34.41% |
Current DrawdownCurrent decline from peak | -95.55% | -46.11% | -49.44% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -43.62% | -38.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 18.88% | +37.34% |
Volatility
DZZ vs. UGL - Volatility Comparison
The current volatility for DB Gold Double Short Exchange Traded Notes (DZZ) is 15.04%, while ProShares Ultra Gold (UGL) has a volatility of 16.29%. This indicates that DZZ experiences smaller price fluctuations and is considered to be less risky than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 16.29% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 49.19% | +10.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 54.81% | +115.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 36.65% | +47.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 32.51% | +31.55% |
DZZ vs. UGL - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
DZZ vs. UGL - Dividend Comparison
Neither DZZ nor UGL has paid dividends to shareholders.
Frequently Asked Questions
DZZ and UGL 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.
UGL has higher volatility (16.29%) compared to DZZ (15.04%). In terms of maximum drawdown, DZZ dropped -96.64% vs UGL's -75.93%.
On 10-year performance, UGL leads with 15.23% vs -10.01% 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.
Over the 10-year period, UGL has performed better with a 15.23% return vs -10.01%. 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 UGL.
DZZ and UGL have nearly identical dividend yields, around 0.00%.
DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.75% for DZZ and 0.95% for UGL.
UGL currently has the higher Sharpe Ratio (0.50 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.
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