UCO vs. DZZ
UCO (ProShares Ultra Bloomberg Crude Oil) and DZZ (DB Gold Double Short Exchange Traded Notes) are both Leveraged Commodities funds - UCO tracks the Dow Jones-UBS Crude Oil Sub-Index (200%) while DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs -10.64%/yr for DZZ. At a correlation of -0.13, they often move in opposite directions. UCO charges 0.95%/yr vs 0.75%/yr for DZZ.
Performance
UCO vs. DZZ - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than DZZ's -49.04% return. Over the past 10 years, UCO has underperformed DZZ with an annualized return of -11.55%, while DZZ has yielded a comparatively higher -10.64% annualized return.
UCO
- 1D
- 2.52%
- 1M
- 0.21%
- YTD
- 142.55%
- 6M
- 133.13%
- 1Y
- 118.05%
- 3Y*
- 24.78%
- 5Y*
- 21.76%
- 10Y*
- -11.55%
DZZ
- 1D
- -4.14%
- 1M
- -18.98%
- YTD
- -49.04%
- 6M
- -44.25%
- 1Y
- 6.57%
- 3Y*
- -7.35%
- 5Y*
- -5.49%
- 10Y*
- -10.64%
UCO vs. DZZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 142.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
DZZ DB Gold Double Short Exchange Traded Notes | -49.04% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
Correlation
The correlation between UCO and DZZ is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.13 |
The correlation between UCO and DZZ shifts across timeframes, from -0.13 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. DZZ — Risk / Return Rank
UCO
DZZ
UCO vs. DZZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | DZZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.08 | 0.04 | +2.04 |
Sortino ratioReturn per unit of downside risk | 2.43 | 1.62 | +0.81 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 3.78 | 0.07 | +3.71 |
Martin ratioReturn relative to average drawdown | 7.17 | 0.10 | +7.07 |
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
| UCO | DZZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 0.04 | +2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.07 | +0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | -0.17 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | -0.24 | -0.11 |
Drawdowns
UCO vs. DZZ - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, roughly equal to the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for UCO and DZZ.
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Drawdown Indicators
| UCO | DZZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -96.64% | -3.31% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -80.84% | +46.07% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -80.84% | +30.46% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -80.84% | +13.60% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -80.84% | -17.91% |
Current DrawdownCurrent decline from peak | -99.25% | -95.23% | -4.02% |
Average DrawdownAverage peak-to-trough decline | -85.48% | -82.30% | -3.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 52.96% | -34.64% |
Volatility
UCO vs. DZZ - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 22.10%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 30.11%. This indicates that UCO 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
| UCO | DZZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 30.11% | -8.01% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 59.63% | -13.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.35% | 169.46% | -112.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.77% | 83.64% | -23.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.36% | 64.06% | +7.30% |
UCO vs. DZZ - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than DZZ's 0.75% expense ratio.
Dividends
UCO vs. DZZ - Dividend Comparison
Neither UCO nor DZZ has paid dividends to shareholders.
Frequently Asked Questions
UCO and DZZ have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.11%) compared to UCO (22.10%). In terms of maximum drawdown, UCO dropped -99.95% vs DZZ's -96.64%.
On 10-year performance, DZZ leads with -10.64% vs -11.55% for UCO. On fees, DZZ is cheaper at 0.75% per year. On volatility, UCO has been the lower-risk option at 22.10%. 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 -10.64% return vs -11.55%. 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 UCO.
UCO and DZZ have nearly identical dividend yields, around 0.00%.
UCO tracks Dow Jones-UBS Crude Oil Sub-Index (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 UCO and 0.75% for DZZ.
UCO currently has the higher Sharpe Ratio (2.08 vs 0.04), 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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