DZZ vs. XME
DZZ (DB Gold Double Short Exchange Traded Notes) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, DZZ returned -10.01%/yr vs 18.52%/yr for XME. At a correlation of -0.27, they often move in opposite directions. DZZ charges 0.75%/yr vs 0.35%/yr for XME.
Performance
DZZ vs. XME - 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 XME's 7.18% return. Over the past 10 years, DZZ has underperformed XME with an annualized return of -10.01%, while XME has yielded a comparatively higher 18.52% 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%
XME
- 1D
- -3.75%
- 1M
- -5.21%
- YTD
- 7.18%
- 6M
- 2.81%
- 1Y
- 68.16%
- 3Y*
- 32.34%
- 5Y*
- 21.39%
- 10Y*
- 18.52%
DZZ vs. XME - 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% |
XME SPDR S&P Metals & Mining ETF | 7.18% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
Correlation
The correlation between DZZ and XME is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | -0.27 |
The correlation between DZZ and XME shifts across timeframes, from -0.37 (1 year) to -0.21 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
DZZ vs. XME — Risk / Return Rank
DZZ
XME
DZZ vs. XME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DB Gold Double Short Exchange Traded Notes (DZZ) and SPDR S&P Metals & Mining ETF (XME). 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 | XME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 3.03 | -3.10 |
| Martin ratioReturn relative to average drawdown | -0.10 | 7.40 | -7.50 |
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Drawdowns
DZZ vs. XME - Drawdown Comparison
The maximum DZZ drawdown since its inception was -96.64%, which is greater than XME's maximum drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for DZZ and XME.
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Drawdown Indicators
| DZZ | XME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.64% | -85.89% | -10.75% |
Max Drawdown (1Y)Largest decline over 1 year | -81.05% | -22.60% | -58.45% |
Max Drawdown (3Y)Largest decline over 3 years | -81.05% | -30.47% | -50.58% |
Max Drawdown (5Y)Largest decline over 5 years | -81.05% | -37.27% | -43.78% |
Max Drawdown (10Y)Largest decline over 10 years | -81.05% | -61.69% | -19.36% |
Current DrawdownCurrent decline from peak | -95.55% | -16.45% | -79.10% |
Average DrawdownAverage peak-to-trough decline | -82.32% | -44.05% | -38.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.22% | 9.24% | +46.98% |
Volatility
DZZ vs. XME - Volatility Comparison
DB Gold Double Short Exchange Traded Notes (DZZ) has a higher volatility of 15.04% compared to SPDR S&P Metals & Mining ETF (XME) at 14.26%. This indicates that DZZ's price experiences larger fluctuations and is considered to be riskier than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DZZ | XME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.04% | 14.26% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 60.07% | 28.34% | +31.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 169.84% | 36.35% | +133.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 32.76% | +51.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.06% | 32.91% | +31.15% |
DZZ vs. XME - Expense Ratio Comparison
DZZ has a 0.75% expense ratio, which is higher than XME's 0.35% expense ratio.
Dividends
DZZ vs. XME - Dividend Comparison
DZZ has not paid dividends to shareholders, while XME's dividend yield for the trailing twelve months is around 0.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XME SPDR S&P Metals & Mining ETF | 0.34% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
DZZ and XME have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (15.04%) compared to XME (14.26%). In terms of maximum drawdown, DZZ dropped -96.64% vs XME's -85.89%.
On 10-year performance, XME leads with 18.52% vs -10.01% for DZZ. On fees, XME is cheaper at 0.35% per year. On volatility, XME has been the lower-risk option at 14.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 18.52% return vs -10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 0.75% for DZZ.
XME has the higher dividend yield at 0.34%, compared with 0.00% for DZZ.
DZZ is categorized as Leveraged Commodities, while XME is Materials. DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%), while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.75% for DZZ and 0.35% for XME.
XME currently has the higher Sharpe Ratio (1.89 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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