GLL vs. DZZ
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 -20.80%/yr vs -9.91%/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
Loading charts...
Returns By Period
In the year-to-date period, GLL achieves a 4.59% return, which is significantly higher than DZZ's -51.95% return. Over the past 10 years, GLL has underperformed DZZ with an annualized return of -20.80%, while DZZ has yielded a comparatively higher -9.91% annualized return.
GLL
- 1D
- 5.97%
- 1M
- 25.98%
- YTD
- 4.59%
- 6M
- 12.64%
- 1Y
- -38.04%
- 3Y*
- -38.14%
- 5Y*
- -27.61%
- 10Y*
- -20.80%
DZZ
- 1D
- 1.10%
- 1M
- -11.72%
- YTD
- -51.95%
- 6M
- -48.17%
- 1Y
- -1.60%
- 3Y*
- -10.11%
- 5Y*
- -8.30%
- 10Y*
- -9.91%
GLL vs. DZZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 4.59% | -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 | -51.95% | 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 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
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 0.46 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLL vs. DZZ — Risk / Return Rank
GLL
DZZ
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 ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.20 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.02 | -0.57 |
| Martin ratioReturn relative to average drawdown | -0.88 | -0.03 | -0.85 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| GLL | DZZ | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -98.70% | -95.51% | -3.19% |
Average DrawdownAverage peak-to-trough decline | -85.16% | -82.33% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.16% | 56.45% | -13.29% |
Volatility
GLL vs. DZZ - Volatility Comparison
ProShares UltraShort Gold (GLL) has a higher volatility of 16.87% compared to DB Gold Double Short Exchange Traded Notes (DZZ) at 15.06%. This indicates that GLL's price experiences larger fluctuations and is considered to be riskier than DZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLL | DZZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.87% | 15.06% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 47.26% | 60.08% | -12.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.71% | 169.82% | -115.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 83.80% | -47.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.36% | 64.05% | -31.69% |
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.
Frequently Asked Questions
GLL and DZZ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.87%) compared to DZZ (15.06%). In terms of maximum drawdown, GLL dropped -99.24% vs DZZ's -96.64%.
On 10-year performance, DZZ leads with -9.91% vs -20.80% for GLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 15.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DZZ has performed better with a -9.91% return vs -20.80%. 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 GLL.
GLL and DZZ have nearly identical dividend yields, around 0.00%.
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.
DZZ currently has the higher Sharpe Ratio (-0.01 vs -0.70), 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.
Find the right allocation for GLL and DZZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer