ALC vs DGZ: Correlation
Measured on weekly returns over the past three years, Alcon Inc. (ALC) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALC and DGZ?
On 3 years of weekly data the ALC/DGZ correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.30). The 5-year figure is -0.25, and annualized covariance runs at -222.6 %².
Among the 13 assets we track against ALC, DGZ sits near the bottom by co-movement, at rank #11. The last year tells two different stories: ALC led by 15.8 percentage points, -10.8% for ALC against -26.6% for DGZ.
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.
ALC vs DGZ: side by side
| ALC (Alcon Inc.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | -10.8% | -26.6% |
| 5-year return | -10.3% | -50.3% |
| Volatility (ann.) | 26.0% | 28.3% |
| Beta vs S&P 500 | 0.77 | -0.18 |
| Max drawdown (3Y) | -37.9% | -59.5% |
| Market cap | $34.9B | – |
| P/E (trailing) | 55.6 | – |
| Dividend yield | 0.49% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALC | DGZ |
|---|---|---|
| 2022 | -21.1% | +4.9% |
| 2023 | +14.3% | -4.7% |
| 2024 | +9.0% | -16.5% |
| 2025 | -6.8% | -32.5% |
| 2026 | -7.9% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALC and DGZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALC and DGZ?
The ALC/DGZ correlation stands at -0.30 on a 3-year window (1 year: -0.43, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is DGZ a good diversifier for ALC?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 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
$ curl https://www.pairbook.io/api/v1/pairs/alc-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alc-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALC correlations · DGZ correlations
