AEM vs DZZ: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and DB Gold Double Short ETN due February 15, 2038 (DZZ) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and DZZ?
Over the past 3 years, AEM and DZZ moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.29 over 3. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -1051.1 %².
Among the 36 assets we track against AEM, DZZ sits near the bottom by co-movement, at rank #35. The last year tells two different stories: AEM led by 64.5 percentage points, +55.9% for AEM against -8.6% for DZZ. Note the risk asymmetry: DZZ runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 DZZ: side by side
| AEM (Agnico Eagle Mines Limited) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +55.9% | -8.6% |
| 5-year return | +323.8% | -40.0% |
| Volatility (ann.) | 40.9% | 89.0% |
| Beta vs S&P 500 | 0.70 | 0.36 |
| Max drawdown (3Y) | -45.8% | -83.1% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | DZZ |
|---|---|---|
| 2022 | +1.1% | +3.0% |
| 2023 | +9.0% | -8.3% |
| 2024 | +46.0% | -35.0% |
| 2025 | +119.5% | +132.7% |
| 2026 | +27.6% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and DZZ good diversifiers for each other?
Yes. With a correlation of -0.29, AEM and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AEM and DZZ?
As of 2026-08-27, the correlation of weekly returns between AEM and DZZ is -0.29 over 3 years, -0.27 over 1 year and -0.32 over 5 years.
Is DZZ a good diversifier for AEM?
Yes. With a correlation of -0.29, AEM and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: AEM correlations · DZZ correlations
