ARE vs DZZ: Correlation
Alexandria Real Estate Equities (ARE) and DB Gold Double Short ETN due February 15, 2038 (DZZ) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and DZZ?
On 3 years of weekly data the ARE/DZZ correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.17 over 3. The 5-year figure is -0.16, and annualized covariance runs at -588.5 %².
Among the 34 assets we track against ARE, DZZ ranks #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DZZ outperformed by 23.5 percentage points (-32.1% for ARE against -8.6% for DZZ). Risk is not evenly split, since DZZ carries 2.3 times the volatility of the other side.
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.
ARE vs DZZ: side by side
| ARE (Alexandria Real Estate Equities) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | -32.1% | -8.6% |
| 5-year return | -68.3% | -40.0% |
| Volatility (ann.) | 38.3% | 89.0% |
| Beta vs S&P 500 | 0.91 | 0.36 |
| Max drawdown (3Y) | -65.6% | -83.1% |
| Market cap | $9.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | DZZ |
|---|---|---|
| 2022 | -32.6% | +3.0% |
| 2023 | -9.1% | -8.3% |
| 2024 | -19.4% | -35.0% |
| 2025 | -46.6% | +132.7% |
| 2026 | +9.9% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and DZZ good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARE and DZZ?
The ARE/DZZ correlation stands at -0.17 on a 3-year window (1 year: -0.20, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is DZZ a good diversifier for ARE?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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/are-vs-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/are-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARE correlations · DZZ correlations
