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 -23.48%/yr vs -10.94%/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
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Returns By Period
In the year-to-date period, GLL achieves a -15.95% return, which is significantly higher than DZZ's -50.78% return. Over the past 10 years, GLL has underperformed DZZ with an annualized return of -23.48%, while DZZ has yielded a comparatively higher -10.94% annualized return.
GLL
- 1D
- -1.70%
- 1M
- 3.39%
- YTD
- -15.95%
- 6M
- -19.96%
- 1Y
- -48.55%
- 3Y*
- -41.54%
- 5Y*
- -29.06%
- 10Y*
- -23.48%
DZZ
- 1D
- -4.79%
- 1M
- -19.92%
- YTD
- -50.78%
- 6M
- -42.90%
- 1Y
- 3.85%
- 3Y*
- -8.41%
- 5Y*
- -5.74%
- 10Y*
- -10.94%
GLL vs. DZZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | -15.95% | -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 | -50.78% | 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 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.82 |
Over the past year, the correlation between GLL and DZZ has dropped to 0.47 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
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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.
| GLL | DZZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -3.09 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.05 | -0.80 |
| Martin ratioReturn relative to average drawdown | -1.16 | 0.07 | -1.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLL | DZZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 0.02 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | -0.07 | -0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.17 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.24 | -0.44 |
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.
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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% | -80.84% | +15.74% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -80.84% | -7.11% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -80.84% | -8.92% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -80.84% | -14.92% |
Current DrawdownCurrent decline from peak | -98.96% | -95.40% | -3.56% |
Average DrawdownAverage peak-to-trough decline | -85.13% | -82.30% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.87% | 53.43% | -11.56% |
Volatility
GLL vs. DZZ - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 11.07%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 30.48%. 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.
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Volatility by Period
| GLL | DZZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 30.48% | -19.41% |
Volatility (6M)Calculated over the trailing 6-month period | 44.43% | 59.82% | -15.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.37% | 169.50% | -117.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.89% | 83.65% | -47.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 64.06% | -31.94% |
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 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.48%) compared to GLL (11.07%). In terms of maximum drawdown, GLL dropped -99.24% vs DZZ's -96.64%.
On 10-year performance, DZZ leads with -10.94% vs -23.48% for GLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, GLL has been the lower-risk option at 11.07%. 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 -10.94% return vs -23.48%. 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 (0.02 vs -0.93), 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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