GLL vs. DZZ

Last updated Jul 17, 2026

GLL (ProShares UltraShort Gold) and DZZ (DB Gold Double Short Exchange Traded Notes) are both Leveraged Commodities funds - GLL tracks the Bloomberg Gold (-200%) while DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). Both are passively managed. Over the past 10 years, GLL returned -20.63%/yr vs -9.40%/yr for DZZ. Their correlation of 0.82 suggests significant overlap in exposure. GLL charges 0.95%/yr vs 0.75%/yr for DZZ.

Performance

GLL vs. DZZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) 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, GLL achieves a 5.05% return, which is significantly higher than DZZ's -49.74% return. Over the past 10 years, GLL has underperformed DZZ with an annualized return of -20.63%, while DZZ has yielded a comparatively higher -9.40% annualized return.

GLL

• 1D: 3.90%
• 1M: 18.00%
• 6M: 19.80%
• YTD: 5.05%
• 1Y: -37.00%
• 3Y*: -37.43%
• 5Y*: -27.00%
• 10Y*: -20.63%

DZZ

• 1D: -2.28%
• 1M: 5.75%
• 6M: -45.48%
• YTD: -49.74%
• 1Y: 8.43%
• 3Y*: -7.97%
• 5Y*: -6.73%
• 10Y*: -9.40%

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

GLL vs. DZZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLL ProShares UltraShort Gold	5.05%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	5.39%	-23.67%
DZZ DB Gold Double Short Exchange Traded Notes	-49.74%	132.78%	-35.06%	-8.14%	2.79%	0.56%	-37.13%	-26.64%	8.21%	-21.81%

Correlation

The correlation between GLL and DZZ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008	0.82

Over the past year, the correlation between GLL and DZZ has dropped to 0.43 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

GLL vs. DZZ — Risk / Return Rank

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

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 4
GLL Sortino Ratio Rank: 4
GLL Omega Ratio Rank: 4
GLL Calmar Ratio Rank: 5
GLL Martin Ratio Rank: 5

DZZ

DZZ Risk / Return Rank: 22
DZZ Sharpe Ratio Rank: 11
DZZ Sortino Ratio Rank: 38
DZZ Omega Ratio Rank: 40
DZZ Calmar Ratio Rank: 11
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.

GLL vs. DZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) 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.

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.

	GLL	DZZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	0.05	-0.72
Sortino ratio: Return per unit of downside risk	-0.87	1.66	-2.52
Omega ratio: Gain probability vs. loss probability	0.90	1.22	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.57	0.10	-0.67
Martin ratio: Return relative to average drawdown	-0.83	0.14	-0.98

GLL vs. DZZ - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.67, which is lower than the DZZ Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of GLL and DZZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLL vs. DZZ - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for GLL and DZZ.

Drawdown Indicators

	GLL	DZZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-96.64%	-2.60%
Max Drawdown (1Y) Largest decline over 1 year	-65.10%	-81.05%	+15.95%
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	-81.05%	-6.90%
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	-81.05%	-8.71%
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	-81.05%	-14.71%
Current Drawdown Current decline from peak	-98.70%	-95.30%	-3.40%
Average Drawdown Average peak-to-trough decline	-85.20%	-82.37%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.38%	59.62%	-15.24%

Volatility

GLL vs. DZZ - Volatility Comparison

The current volatility for ProShares UltraShort Gold (GLL) is 12.83%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 18.00%. This indicates that GLL experiences smaller price fluctuations and is considered to be less risky than DZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLL	DZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	18.00%	-5.17%
Volatility (6M) Calculated over the trailing 6-month period	46.49%	54.75%	-8.26%
Volatility (1Y) Calculated over the trailing 1-year period	55.17%	170.16%	-114.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.73%	84.14%	-47.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.44%	64.23%	-31.79%

GLL vs. DZZ - Expense Ratio Comparison

GLL has a 0.95% expense ratio, which is higher than DZZ's 0.75% expense ratio.

Dividends

GLL vs. DZZ - Dividend Comparison

Neither GLL nor DZZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLL and DZZ in my portfolio?

GLL and DZZ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLL or DZZ?

DZZ has higher volatility (18.00%) compared to GLL (12.83%). In terms of maximum drawdown, GLL dropped -99.24% vs DZZ's -96.64%.

Which ETF is better, GLL or DZZ?

On 10-year performance, DZZ leads with -9.40% vs -20.63% for GLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 12.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLL or DZZ?

Over the 10-year period, DZZ has performed better with a -9.40% return vs -20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLL or DZZ?

DZZ is cheaper with a 0.75% expense ratio, compared with 0.95% for GLL.

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

GLL and DZZ have nearly identical dividend yields, around 0.00%.

What is the main difference between GLL and DZZ?

GLL tracks Bloomberg Gold (-200%), while DZZ tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). They also come from different issuers: ProShares and Deutsche Bank. Their fees differ too: 0.95% for GLL and 0.75% for DZZ.

Which has better risk-adjusted returns?

DZZ currently has the higher Sharpe Ratio (0.05 vs -0.67), 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.