DB Gold Double Short ETN (DZZ) Performance
DZZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −50.3% since Dec 31, 2025
- 1 year
- −38.0% total return
- 5 years
- −7.2% a year
- 10 years
- −10.4% a year
- Since first price
- −12.8% a year since 2008
DZZ trailing returns vs SPY, QQQ, AGG
| Period | DZZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +9.8% | +9.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.0% | −5.0% | +3.2% | +1.9% | −0.4% |
| 6 months | −28.2% | −28.2% | +7.8% | +8.4% | −1.5% |
| YTD | −50.3% | −50.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −38.0% | −38.0% | +14.4% | +15.9% | −1.1% |
| 3 years | −23.6%−8.6%/yr | −23.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −31.3%−7.2%/yr | −31.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −66.7%−10.4%/yr | −66.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −63.1%−6.4%/yr | −63.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionFeb 28, 2008 | −92.2%−12.8%/yr | −92.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DZZ vs SPY
From Feb 28, 2008: DZZ grew to $785, SPY to $78,150.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DZZ returns by calendar year
6 of 17 full years positive. Best 2025 (+132.7%), worst 2009 (−43.6%). 2026 is year to date.
DZZ annual returns table
| Year | DZZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −50.3% | −59.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +132.7% | −70.6% | +17.7% | +20.8% | +7.2% |
| 2024 | −35.0% | −43.0% | +24.9% | +25.6% | +1.3% |
| 2023 | −8.3% | −22.7% | +26.2% | +54.9% | +5.7% |
| 2022 | +3.0% | −24.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +0.4% | −24.0% | +28.7% | +27.4% | −1.8% |
| 2020 | −37.1% | −47.1% | +18.3% | +48.6% | +7.5% |
| 2019 | −26.6% | −33.5% | +31.2% | +39.0% | +8.5% |
| 2018 | +8.2% | −14.1% | −4.6% | −0.1% | +0.1% |
| 2017 | −21.9% | −26.3% | +21.7% | +32.7% | +3.6% |
| 2016 | −22.7% | −43.6% | +12.0% | +7.1% | +2.4% |
| 2015 | +17.3% | −19.8% | +1.2% | +9.4% | +0.5% |
| 2014 | −1.7% | −23.3% | +13.5% | +19.2% | +6.0% |
| 2013 | +72.0% | −29.5% | +32.3% | +36.6% | −2.0% |
| 2012 | −18.0% | −26.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −31.7% | −58.4% | +1.9% | +3.4% | +7.7% |
| 2010 | −43.1% | −46.8% | +15.1% | +19.9% | +6.4% |
| 2009 | −43.6% | −59.5% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DZZ largest drawdowns
Now 95.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 12, 2008 | −96.6% | Feb 5, 2025 | not yet | 16.2 years | 17.9 years so far |
| Sep 11, 2008 | −33.3% | Sep 29, 2008 | Oct 23, 2008 | 18 days | 42 days |
| May 1, 2008 | −23.9% | Jul 15, 2008 | Aug 11, 2008 | 2 months | 3 months |
| Oct 23, 2008 | −13.8% | Nov 4, 2008 | Nov 12, 2008 | 12 days | 20 days |
| Apr 1, 2008 | −12.5% | Apr 16, 2008 | Apr 29, 2008 | 15 days | 28 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DZZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | −15.3% | −9.3% | −10.4% | −13.1% |
| Volatility (annualized) | 173.1% | 134.5% | 96.6% | 75.7% |
| Sharpe ratio | 0.23 | 0.19 | 0.08 | -0.01 |
| Sortino ratio | 1.03 | 0.75 | 0.28 | -0.01 |
| Best month | +286.9% | +286.9% | +286.9% | +286.9% |
| Worst month | −39.2% | −39.2% | −39.2% | −39.2% |
| Best 12 months | +254.5% | +254.5% | +254.5% | +254.5% |
| Worst 12 months | −39.9% | −39.9% | −47.8% | −58.5% |
| Positive months | 31% | 42% | 45% | 46% |
| Beta vs S&P 500 | 0.45 | -0.10 | -0.11 | — |
| Correlation with S&P 500 | 0.03 | -0.01 | -0.02 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DZZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 213 | −67.7% | −11.6% | +254.5% | 36% |
| 3-year (a year) | 189 | −51.0% | −10.4% | +27.2% | 17% |
| 5-year (a year) | 165 | −30.4% | −11.5% | +17.0% | 17% |
| 10-year (a year) | 105 | −16.6% | −10.5% | −1.9% | 0% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
DZZ performance overview
DB Gold Double Short ETN (DZZ) returned −38.0% over the past year and −10.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −12.8% a year, turning $10,000 into about $785. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −96.6%, from Nov 12, 2008 to Feb 5, 2025; the fund has not yet regained that high. DZZ finished 6 of its 17 full calendar years with a gain; the best year was 2025 (+132.7%) and the worst 2009 (−43.6%). Volatility has been 75.7% a year.
Related: DZZ chart. See the DZZ overview for the latest quote and fund facts.
DZZ performance FAQ
What is the DZZ return over the past year?
DZZ returned −38.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 38.0%.
What is the average annual return of DZZ?
DZZ has returned −7.2% a year over 5 years, −10.4% a year over 10 years, −12.8% a year since February 28, 2008 (total return, distributions reinvested).
How much would $10,000 invested in DZZ be worth?
$10,000 invested in DZZ at its first recorded close on February 28, 2008 would be worth about $785 on October 23, 2026 with distributions reinvested.
What was the worst year for DZZ?
The worst calendar year was 2009, with a total return of −43.6%. The best was 2025 at +132.7%.
What is the biggest drawdown of DZZ?
The largest peak-to-trough decline was −96.6% between November 12, 2008 and February 5, 2025. It has not yet recovered to that high; it is 95.3% below its peak.
How volatile is DZZ?
Over the past 3 years DZZ had an annualized volatility of 173.1% and a Sharpe ratio of 0.23 (excess return over 1–3 month T-bills per unit of risk).