AQN vs DGZ: Correlation
How closely do Algonquin Power & Utilities Corp. (AQN) and DB Gold Short ETN due February 15, 2038 (DGZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQN and DGZ?
Across a 3-year window, the weekly returns of AQN and DGZ correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.24 over 3. Stretching to 5 years gives -0.22, with an annualized covariance of -215.5 %².
Out of 12 assets tracked against AQN, DGZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with AQN ahead by 26.5 points (-0.1% 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.
AQN vs DGZ: side by side
| AQN (Algonquin Power & Utilities Corp.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | -0.1% | -26.6% |
| 5-year return | -52.8% | -50.3% |
| Volatility (ann.) | 31.1% | 28.3% |
| Beta vs S&P 500 | 0.42 | -0.18 |
| Max drawdown (3Y) | -38.7% | -59.5% |
| Market cap | $4.4B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 4.55% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQN | DGZ |
|---|---|---|
| 2022 | -51.7% | +4.9% |
| 2023 | +3.0% | -4.7% |
| 2024 | -25.0% | -16.5% |
| 2025 | +41.6% | -32.5% |
| 2026 | -5.6% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQN and DGZ good diversifiers for each other?
Yes. With a correlation of -0.24, AQN and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AQN and DGZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.31 over the last year and -0.22 over 5 years.
Is DGZ a good diversifier for AQN?
Yes. With a correlation of -0.24, AQN and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/aqn-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aqn-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AQN correlations · DGZ correlations
