UGL vs. DZZ
UGL (ProShares Ultra Gold) and DZZ (DB Gold Double Short Exchange Traded Notes) are both Leveraged Commodities funds - UGL tracks the Bloomberg Gold Subindex (200%) while DZZ tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs -10.52%/yr for DZZ. At a correlation of -0.82, they often move in opposite directions. UGL charges 0.95%/yr vs 0.75%/yr for DZZ.
Performance
UGL vs. DZZ - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -2.16% return, which is significantly higher than DZZ's -48.31% return. Over the past 10 years, UGL has outperformed DZZ with an annualized return of 18.45%, while DZZ has yielded a comparatively lower -10.52% annualized return.
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
DZZ
- 1D
- 1.45%
- 1M
- -16.65%
- YTD
- -48.31%
- 6M
- -41.62%
- 1Y
- 11.20%
- 3Y*
- -6.90%
- 5Y*
- -4.82%
- 10Y*
- -10.52%
UGL vs. DZZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
DZZ DB Gold Double Short Exchange Traded Notes | -48.31% | 132.78% | -35.06% | -8.14% | 2.79% | 0.56% | -37.13% | -26.64% | 8.21% | -21.81% |
Correlation
The correlation between UGL and DZZ is -0.47, 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 | -0.47 |
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 inverse relationship between UGL and DZZ has weakened: their correlation has moved from -0.82 to -0.47, meaning they move in opposite directions less often than they have historically.
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Return for Risk
UGL vs. DZZ — Risk / Return Rank
UGL
DZZ
UGL vs. DZZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) 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.
| UGL | DZZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.14 | +1.24 |
| Martin ratioReturn relative to average drawdown | 3.17 | 0.21 | +2.96 |
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
| UGL | DZZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 0.07 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | -0.06 | +0.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | -0.16 | +0.74 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.23 | +0.62 |
Drawdowns
UGL vs. DZZ - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for UGL and DZZ.
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Drawdown Indicators
| UGL | DZZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -96.64% | +20.71% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -80.84% | +43.28% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -80.84% | +43.28% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -80.84% | +40.61% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -80.84% | +34.61% |
Current DrawdownCurrent decline from peak | -36.56% | -95.16% | +58.60% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -82.30% | +38.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 53.19% | -36.84% |
Volatility
UGL vs. DZZ - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 11.03%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 30.21%. This indicates that UGL 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
| UGL | DZZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 30.21% | -19.18% |
Volatility (6M)Calculated over the trailing 6-month period | 46.81% | 59.65% | -12.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 169.45% | -116.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.18% | 83.63% | -47.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 64.05% | -31.71% |
UGL vs. DZZ - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is higher than DZZ's 0.75% expense ratio.
Dividends
UGL vs. DZZ - Dividend Comparison
Neither UGL nor DZZ has paid dividends to shareholders.
Frequently Asked Questions
UGL 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 (30.21%) compared to UGL (11.03%). In terms of maximum drawdown, UGL dropped -75.93% vs DZZ's -96.64%.
On 10-year performance, UGL leads with 18.45% vs -10.52% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 18.45% return vs -10.52%. 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 UGL.
UGL and DZZ have nearly identical dividend yields, around 0.00%.
UGL tracks Bloomberg Gold Subindex (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 UGL and 0.75% for DZZ.
UGL currently has the higher Sharpe Ratio (0.98 vs 0.07), 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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