Gold ETFs: Long, Double Long, Short, Double Short

From 2/28 to 3/10 there are several new Gold ETFs established in AMEX for trade.
DGL  Gold long
DGP  Gold Double long
DGZ  Gold Short
DZZ  Gold Double short
Because those are new ETFs, the performance is not stable and the trading volume are still slim.
Here's how the notes fared from their launch on February 28 through March 10:

	April Gold	Long Gold (AMEX: DGL - News)	Double Long (NYSEArca: DGP - News)	Short Gold (NYSE: DGZ - News)	Double Short (NYSE: DZZ - News)
Return	0.44%	-0.05%	-0.39%	0.37%	0.21%
Volatility	22.00%	23.89%	48.36%	28.15%	46.14%
Correlation (vs. GCJ)	1.00	0.98	0.99	-0.92	-0.97
Beta (vs. GCJ)	.00	1.29	2.60	-1.62	-2.51

There are only eight trading days represented here, so this is infancy for the new notes. Still, that's 40% of a trading month. There'll be a LOT of ground for these notes to cover.

One thing is plainly evident, though: Beta is a more reliable metric than cumulative returns. DGP delivers twice the positive beta of DGL. DZZ gets close, yielding 1.5 times DGZ's negative beta correlation to gold futures.