AG vs DGZ: Correlation
First Majestic Silver Corp. (AG) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and DGZ?
Over the past 3 years, AG and DGZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -556.5 %².
DGZ is close to the least connected end of AG's tracked universe, ranking #27 of 27. Correlation aside, the last 12 months split them widely, with AG ahead by 166.5 points (+139.9% versus -26.6%). One caveat on sizing: AG is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AG vs DGZ: side by side
| AG (First Majestic Silver Corp.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +139.9% | -26.6% |
| 5-year return | +74.1% | -50.3% |
| Volatility (ann.) | 70.1% | 28.3% |
| Beta vs S&P 500 | 1.45 | -0.18 |
| Max drawdown (3Y) | -53.0% | -59.5% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | DGZ |
|---|---|---|
| 2022 | -24.7% | +4.9% |
| 2023 | -26.0% | -4.7% |
| 2024 | -10.5% | -16.5% |
| 2025 | +204.1% | -32.5% |
| 2026 | +30.7% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and DGZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AG and DGZ?
As of 2026-08-27, the correlation of weekly returns between AG and DGZ is -0.28 over 3 years, -0.30 over 1 year and -0.34 over 5 years.
Is DGZ a good diversifier for AG?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/ag-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ag-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AG correlations · DGZ correlations
