AEM vs DGZ: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and DB Gold Short ETN due February 15, 2038 (DGZ) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and DGZ?
Across a 3-year window, the weekly returns of AEM and DGZ correlate at -0.46, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Stretching to 5 years gives -0.51, with an annualized covariance of -535.6 %².
DGZ is close to the least connected end of AEM's tracked universe, ranking #36 of 36. Correlation aside, the last 12 months split them widely, with AEM ahead by 82.5 points (+55.9% versus -26.6%).
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 DGZ: side by side
| AEM (Agnico Eagle Mines Limited) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +55.9% | -26.6% |
| 5-year return | +323.8% | -50.3% |
| Volatility (ann.) | 40.9% | 28.3% |
| Beta vs S&P 500 | 0.70 | -0.18 |
| Max drawdown (3Y) | -45.8% | -59.5% |
| 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 | DGZ |
|---|---|---|
| 2022 | +1.1% | +4.9% |
| 2023 | +9.0% | -4.7% |
| 2024 | +46.0% | -16.5% |
| 2025 | +119.5% | -32.5% |
| 2026 | +27.6% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and DGZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between AEM and DGZ?
As of 2026-08-27, the correlation of weekly returns between AEM and DGZ is -0.46 over 3 years, -0.38 over 1 year and -0.51 over 5 years.
Is DGZ a good diversifier for AEM?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEM correlations · DGZ correlations
