DZZ vs. UGLD

Last updated Jul 14, 2026

DZZ (DB Gold Double Short Exchange Traded Notes) and UGLD (Direxion Daily Gold Bull 2X ETF) are both Leveraged Commodities funds. DZZ is passively managed, while UGLD is actively managed. At a correlation of -0.30, they often move in opposite directions. DZZ charges 0.75%/yr vs 1.07%/yr for UGLD.

Performance

DZZ vs. UGLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Double Short Exchange Traded Notes (DZZ) and Direxion Daily Gold Bull 2X ETF (UGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DZZ

• 1D: 3.68%
• 1M: 7.95%
• 6M: -43.06%
• YTD: -48.70%
• 1Y: 11.18%
• 3Y*: -7.39%
• 5Y*: -6.01%
• 10Y*: -9.23%

UGLD

• 1D: -5.24%
• 1M: -11.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DZZ vs. UGLD - Yearly Performance Comparison

	2026 (YTD)
DZZ DB Gold Double Short Exchange Traded Notes	-7.30%
UGLD Direxion Daily Gold Bull 2X ETF	-20.62%

Correlation

The correlation between DZZ and UGLD is -0.30, 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 (All Time) Calculated using the full available price history since May 28, 2026	-0.30

Return for Risk

DZZ vs. UGLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DZZ

DZZ Risk / Return Rank: 23
DZZ Sharpe Ratio Rank: 10
DZZ Sortino Ratio Rank: 40
DZZ Omega Ratio Rank: 42
DZZ Calmar Ratio Rank: 11
DZZ Martin Ratio Rank: 10

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DZZ vs. UGLD - 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 Gold Bull 2X ETF (UGLD). 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	UGLD	Difference
Sharpe ratio: Return per unit of total volatility	0.07	—	—
Sortino ratio: Return per unit of downside risk	1.69	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	0.14	—	—
Martin ratio: Return relative to average drawdown	0.19	—	—

Drawdowns

DZZ vs. UGLD - Drawdown Comparison

The maximum DZZ drawdown since its inception was -96.64%, which is greater than UGLD's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for DZZ and UGLD.

Drawdown Indicators

	DZZ	UGLD	Difference
Max Drawdown Largest peak-to-trough decline	-96.64%	-24.38%	-72.26%
Max Drawdown (1Y) Largest decline over 1 year	-81.05%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-81.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-81.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.05%	—	—
Current Drawdown Current decline from peak	-95.20%	-24.38%	-70.82%
Average Drawdown Average peak-to-trough decline	-82.36%	-14.81%	-67.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.99%	—	—

Volatility

Volatility by Period

	DZZ	UGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	54.94%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	170.47%	54.54%	+115.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.13%	54.54%	+29.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.24%	54.54%	+9.70%

DZZ vs. UGLD - Expense Ratio Comparison

DZZ has a 0.75% expense ratio, which is lower than UGLD's 1.07% expense ratio.

Dividends

DZZ vs. UGLD - Dividend Comparison

DZZ has not paid dividends to shareholders, while UGLD's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM
DZZ DB Gold Double Short Exchange Traded Notes	0.00%
UGLD Direxion Daily Gold Bull 2X ETF	0.24%

Frequently Asked Questions

Can I hold both DZZ and UGLD in my portfolio?

DZZ and UGLD have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DZZ or UGLD?

On fees, DZZ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DZZ or UGLD?

DZZ is cheaper with a 0.75% expense ratio, compared with 1.07% for UGLD.

Which ETF pays a higher dividend yield, DZZ or UGLD?

UGLD has the higher dividend yield at 0.24%, compared with 0.00% for DZZ.

What is the main difference between DZZ and UGLD?

They also come from different issuers: Deutsche Bank and Direxion. Their fees differ too: 0.75% for DZZ and 1.07% for UGLD.