It stands for dollar value dollar spot; a special case of DV01 that represents a change in the price of a fixed-income security (e.g., a bond) that results from a one basis point increase in all the spot rates (a parallel shift in the spot rate). DV01 captures the effect of a one-basis movement in interest rates on the value of an instrument or a portfolio. DV01 is defined as:

DV01=−ΔP/ Δr

Where:

Δr is the size of a parallel shift in the interest rate term structure, expressed in basis points, while ΔP is the change in the value of the position in question. In the denominator, the rate is the spot rate for a DVDZ.

It is also referred to as a dollar price dollar spot (DPDZ)