OKLL vs. DZZ

Last updated Jul 12, 2026

OKLL (Defiance Daily Target 2x Long OKLO ETF) and DZZ (DB Gold Double Short Exchange Traded Notes) are both exchange-traded funds - OKLL is a Leveraged Equities fund actively managed by Defiance, while DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). OKLL is actively managed, while DZZ is passively managed. Over the past year, OKLL returned -78.88% vs 7.23% for DZZ. At a correlation of -0.23, they often move in opposite directions. OKLL charges 1.31%/yr vs 0.75%/yr for DZZ.

Performance

OKLL vs. DZZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2x Long OKLO ETF (OKLL) 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, OKLL achieves a -75.01% return, which is significantly lower than DZZ's -50.52% return.

OKLL

• 1D: -1.87%
• 1M: -31.54%
• 6M: -87.92%
• YTD: -75.01%
• 1Y: -78.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DZZ

• 1D: -0.31%
• 1M: 4.11%
• 6M: -42.77%
• YTD: -50.52%
• 1Y: 7.23%
• 3Y*: -9.22%
• 5Y*: -7.09%
• 10Y*: -9.53%

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

OKLL vs. DZZ - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-75.01%	-25.10%
DZZ DB Gold Double Short Exchange Traded Notes	-50.52%	98.45%

Correlation

The correlation between OKLL and DZZ is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	-0.23

Return for Risk

OKLL vs. DZZ — Risk / Return Rank

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

OKLL

OKLL Risk / Return Rank: 7
OKLL Sharpe Ratio Rank: 6
OKLL Sortino Ratio Rank: 11
OKLL Omega Ratio Rank: 11
OKLL Calmar Ratio Rank: 2
OKLL Martin Ratio Rank: 4

DZZ

DZZ Risk / Return Rank: 20
DZZ Sharpe Ratio Rank: 10
DZZ Sortino Ratio Rank: 36
DZZ Omega Ratio Rank: 37
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.

OKLL vs. DZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2x Long OKLO ETF (OKLL) 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.

	OKLL	DZZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	0.02	-0.41
Sortino ratio: Return per unit of downside risk	0.34	1.57	-1.23
Omega ratio: Gain probability vs. loss probability	1.04	1.21	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.81	0.03	-0.84
Martin ratio: Return relative to average drawdown	-1.06	0.05	-1.10

OKLL vs. DZZ - Sharpe Ratio Comparison

The current OKLL Sharpe Ratio is -0.39, which is lower than the DZZ Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of OKLL 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

OKLL vs. DZZ - Drawdown Comparison

The maximum OKLL drawdown since its inception was -97.15%, roughly equal to the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for OKLL and DZZ.

Drawdown Indicators

	OKLL	DZZ	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-96.64%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-97.15%	-81.05%	-16.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-81.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.05%	—
Current Drawdown Current decline from peak	-96.98%	-95.37%	-1.61%
Average Drawdown Average peak-to-trough decline	-63.96%	-82.36%	+18.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	74.15%	58.78%	+15.37%

Volatility

OKLL vs. DZZ - Volatility Comparison

Defiance Daily Target 2x Long OKLO ETF (OKLL) has a higher volatility of 37.92% compared to DB Gold Double Short Exchange Traded Notes (DZZ) at 18.73%. This indicates that OKLL'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.

Volatility by Period

	OKLL	DZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.92%	18.73%	+19.19%
Volatility (6M) Calculated over the trailing 6-month period	130.96%	54.80%	+76.16%
Volatility (1Y) Calculated over the trailing 1-year period	202.13%	170.19%	+31.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	199.81%	84.08%	+115.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	199.81%	64.22%	+135.59%

OKLL vs. DZZ - Expense Ratio Comparison

OKLL has a 1.31% expense ratio, which is higher than DZZ's 0.75% expense ratio.

Dividends

OKLL vs. DZZ - Dividend Comparison

Neither OKLL nor DZZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OKLL and DZZ in my portfolio?

OKLL and DZZ have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OKLL or DZZ?

OKLL has higher volatility (37.92%) compared to DZZ (18.73%). In terms of maximum drawdown, OKLL dropped -97.15% vs DZZ's -96.64%.

Which ETF is better, OKLL or DZZ?

On 1-year performance, DZZ leads with 7.23% vs -78.88% for OKLL. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 18.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OKLL or DZZ?

Over the 1-year period, DZZ has performed better with a 7.23% return vs -78.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OKLL or DZZ?

DZZ is cheaper with a 0.75% expense ratio, compared with 1.31% for OKLL.

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

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

What is the main difference between OKLL and DZZ?

OKLL is categorized as Leveraged Equities, while DZZ is Leveraged Commodities. They also come from different issuers: Defiance and Deutsche Bank. Their fees differ too: 1.31% for OKLL and 0.75% for DZZ.

Which has better risk-adjusted returns?

DZZ currently has the higher Sharpe Ratio (0.02 vs -0.39), 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.