AEM vs DGP: Correlation
Measured on weekly returns over the past three years, Agnico Eagle Mines Limited (AEM) and DB Gold Double Long ETN due February 15, 2038 (DGP) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and DGP?
Across a 3-year window, the weekly returns of AEM and DGP correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 1260.2 %².
Among the 36 assets we track against AEM, DGP ranks #15 by 3-year correlation. The trailing year gives DGP the advantage: +55.9% versus +61.9%, a 6.0-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AEM vs DGP: side by side
| AEM (Agnico Eagle Mines Limited) | DGP (DB Gold Double Long ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +55.9% | +61.9% |
| 5-year return | +323.8% | +336.5% |
| Volatility (ann.) | 40.9% | 37.4% |
| Beta vs S&P 500 | 0.70 | 0.38 |
| Max drawdown (3Y) | -45.8% | -47.6% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | DGP |
|---|---|---|
| 2022 | +1.1% | -5.5% |
| 2023 | +9.0% | +17.0% |
| 2024 | +46.0% | +53.2% |
| 2025 | +119.5% | +141.4% |
| 2026 | +27.6% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and DGP good diversifiers for each other?
No: a correlation of 0.82 means AEM and DGP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AEM and DGP?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.84 over the last year and 0.77 over 5 years.
Is DGP a good diversifier for AEM?
No: a correlation of 0.82 means AEM and DGP tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-dgp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-dgp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · DGP correlations
