AGI vs DGZ: Correlation
Measured on weekly returns over the past three years, Alamos Gold Inc. Class A (AGI) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGI and DGZ?
Across a 3-year window, the weekly returns of AGI and DGZ correlate at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.43 over 3. Stretching to 5 years gives -0.48, with an annualized covariance of -563.5 %².
Among the 26 assets we track against AGI, DGZ sits near the bottom by co-movement, at rank #26. The last year tells two different stories: AGI led by 54.3 percentage points, +27.7% for AGI against -26.6% for DGZ. Note the risk asymmetry: AGI runs 1.6 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.
AGI vs DGZ: side by side
| AGI (Alamos Gold Inc. Class A) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +27.7% | -26.6% |
| 5-year return | +404.0% | -50.3% |
| Volatility (ann.) | 46.1% | 28.3% |
| Beta vs S&P 500 | 0.76 | -0.18 |
| Max drawdown (3Y) | -49.6% | -59.5% |
| Market cap | $15.9B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 0.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGI | DGZ |
|---|---|---|
| 2022 | +33.1% | +4.9% |
| 2023 | +34.3% | -4.7% |
| 2024 | +37.7% | -16.5% |
| 2025 | +109.6% | -32.5% |
| 2026 | -1.6% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGI and DGZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AGI and DGZ?
The AGI/DGZ correlation stands at -0.43 on a 3-year window (1 year: -0.37, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is DGZ a good diversifier for AGI?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/agi-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/agi-vs-dgz/)
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Related comparisons
Hubs: AGI correlations · DGZ correlations
