GLDW vs. DZZ

Last updated Jun 4, 2026

GLDW (Roundhill Gold WeeklyPay ETF) and DZZ (DB Gold Double Short Exchange Traded Notes) are both exchange-traded funds - GLDW is a Derivative Income fund actively managed by State Street, while DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). GLDW is actively managed, while DZZ is passively managed. At a correlation of -0.49, they often move in opposite directions. GLDW charges 0.99%/yr vs 0.75%/yr for DZZ.

Performance

GLDW vs. DZZ - Performance Comparison

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

Returns By Period

In the year-to-date period, GLDW achieves a 1.00% return, which is significantly higher than DZZ's -48.31% return.

GLDW

• 1D: -1.20%
• 1M: -2.48%
• YTD: 1.00%
• 6M: 3.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DZZ

• 1D: 1.45%
• 1M: -16.65%
• YTD: -48.31%
• 6M: -41.62%
• 1Y: 11.20%
• 3Y*: -6.90%
• 5Y*: -4.82%
• 10Y*: -10.52%

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

GLDW vs. DZZ - Yearly Performance Comparison

	2026 (YTD)	2025
GLDW Roundhill Gold WeeklyPay ETF	1.00%	7.63%
DZZ DB Gold Double Short Exchange Traded Notes	-48.31%	-36.63%

Correlation

The correlation between GLDW and DZZ is -0.49, 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 Oct 31, 2025	-0.49

Return for Risk

GLDW vs. DZZ — Risk / Return Rank

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

DZZ

DZZ Risk / Return Rank: 19
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 31
DZZ Omega Ratio Rank: 33
DZZ Calmar Ratio Rank: 10
DZZ Martin Ratio Rank: 10

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.

GLDW vs. DZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Gold WeeklyPay ETF (GLDW) and DB Gold Double Short Exchange Traded Notes (DZZ). 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.

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

Sharpe Ratios by Period

	GLDW	DZZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.07	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	-0.23	+0.65

Drawdowns

GLDW vs. DZZ - Drawdown Comparison

The maximum GLDW drawdown since its inception was -23.59%, smaller than the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for GLDW and DZZ.

Drawdown Indicators

	GLDW	DZZ	Difference
Max Drawdown Largest peak-to-trough decline	-23.59%	-96.64%	+73.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-80.84%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-80.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-80.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-80.84%	—
Current Drawdown Current decline from peak	-22.51%	-95.16%	+72.65%
Average Drawdown Average peak-to-trough decline	-8.93%	-82.30%	+73.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	53.19%	—

Volatility

Volatility by Period

	GLDW	DZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	30.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	59.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.90%	169.45%	-132.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.90%	83.63%	-46.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.90%	64.05%	-27.15%

GLDW vs. DZZ - Expense Ratio Comparison

GLDW has a 0.99% expense ratio, which is higher than DZZ's 0.75% expense ratio.

Dividends

GLDW vs. DZZ - Dividend Comparison

GLDW's dividend yield for the trailing twelve months is around 19.48%, while DZZ has not paid dividends to shareholders.

Position	TTM	2025
DZZ DB Gold Double Short Exchange Traded Notes	0.00%	0.00%
GLDW Roundhill Gold WeeklyPay ETF	19.48%	3.75%

Frequently Asked Questions

Can I hold both GLDW and DZZ in my portfolio?

GLDW and DZZ have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDW or DZZ?

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, GLDW or DZZ?

DZZ is cheaper with a 0.75% expense ratio, compared with 0.99% for GLDW.

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

GLDW has the higher dividend yield at 19.48%, compared with 0.00% for DZZ.

What is the main difference between GLDW and DZZ?

GLDW is categorized as Derivative Income, while DZZ is Leveraged Commodities. They also come from different issuers: State Street and Deutsche Bank. Their fees differ too: 0.99% for GLDW and 0.75% for DZZ.