TERG vs. DZZ

Last updated Jul 14, 2026

TERG (Leverage Shares 2X Long TER Daily ETF) and DZZ (DB Gold Double Short Exchange Traded Notes) are both exchange-traded funds - TERG is a Leveraged Equities fund actively managed by Leverage Shares, while DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). TERG is actively managed, while DZZ is passively managed. At a correlation of -0.27, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

TERG vs. DZZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TER Daily ETF (TERG) 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, TERG achieves a 97.82% return, which is significantly higher than DZZ's -48.70% return.

TERG

• 1D: -10.40%
• 1M: -35.99%
• 6M: 49.85%
• YTD: 97.82%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DZZ

• 1D: 3.68%
• 1M: 7.95%
• 6M: -43.06%
• YTD: -48.70%
• 1Y: 11.18%
• 3Y*: -7.39%
• 5Y*: -6.01%
• 10Y*: -9.23%

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

TERG vs. DZZ - Yearly Performance Comparison

	2026 (YTD)	2025
TERG Leverage Shares 2X Long TER Daily ETF	97.82%	20.91%
DZZ DB Gold Double Short Exchange Traded Notes	-48.70%	-15.42%

Correlation

The correlation between TERG and DZZ is -0.27, 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 Nov 17, 2025	-0.27

Return for Risk

TERG vs. DZZ — Risk / Return Rank

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

TERG

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

DZZ

DZZ Risk / Return Rank: 23
DZZ Sharpe Ratio Rank: 10
DZZ Sortino Ratio Rank: 40
DZZ Omega Ratio Rank: 42
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.

TERG vs. DZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TER Daily ETF (TERG) 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.

	TERG	DZZ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.07	—
Sortino ratio: Return per unit of downside risk	—	1.69	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	0.14	—
Martin ratio: Return relative to average drawdown	—	0.19	—

Drawdowns

TERG vs. DZZ - Drawdown Comparison

The maximum TERG drawdown since its inception was -53.47%, smaller than the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for TERG and DZZ.

Drawdown Indicators

	TERG	DZZ	Difference
Max Drawdown Largest peak-to-trough decline	-53.47%	-96.64%	+43.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-81.05%	—
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	-53.47%	-95.20%	+41.73%
Average Drawdown Average peak-to-trough decline	-15.86%	-82.36%	+66.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	58.99%	—

Volatility

Volatility by Period

	TERG	DZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	54.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	155.06%	170.47%	-15.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	155.06%	84.13%	+70.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	155.06%	64.24%	+90.82%

TERG vs. DZZ - Expense Ratio Comparison

Both TERG and DZZ have an expense ratio of 0.75%.

Dividends

TERG vs. DZZ - Dividend Comparison

Neither TERG nor DZZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TERG and DZZ in my portfolio?

TERG and DZZ have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TERG or DZZ?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TERG or DZZ?

TERG and DZZ have the same expense ratio: 0.75% per year.

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

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

What is the main difference between TERG and DZZ?

TERG is categorized as Leveraged Equities, while DZZ is Leveraged Commodities. They also come from different issuers: Leverage Shares and Deutsche Bank.