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 -9.09%/yr vs 14.00%/yr for UGL. Their -0.82 correlation means they have often moved in opposite directions in the past. 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 -50.53% return, which is significantly lower than UGL's -20.41% return. Over the past 10 years, DZZ has underperformed UGL with an annualized return of -9.09%, while UGL has yielded a comparatively higher 14.00% 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%
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.88K | $5.95K | $21.77K | |
| $72.32M | $67.11M | $108.24M |
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 | -50.53% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
UGL ProShares Ultra Gold | -20.41% | 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 -0.42, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.68 |
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 -0.42, 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 | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.14 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 0.60 | -0.57 |
| Martin ratioReturn relative to average drawdown | 0.03 | 1.22 | -1.19 |
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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% | -50.02% | -31.03% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -50.02% | -31.03% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -50.02% | -31.03% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -50.02% | -31.03% |
Current DrawdownCurrent decline from peak | -95.37% | -48.39% | -46.98% |
Average DrawdownAverage peak-to-trough decline | -82.40% | -43.64% | -38.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.82% | 24.47% | +37.35% |
Volatility
DZZ vs. UGL - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 14.44% compared to ProShares Ultra Gold (UGL) at 12.79%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier 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 | 14.44% | 12.79% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 52.18% | 47.42% | +4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 170.05% | 55.84% | +114.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.19% | 37.12% | +47.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.26% | 32.70% | +31.56% |
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 -0.42, 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 UGL (12.79%). In terms of maximum drawdown, DZZ dropped -96.64% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.00% vs -9.09% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, UGL has been the lower-risk option at 12.79%. 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 14.00% return vs -9.09%. 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 (0.54 vs 0.01), 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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