ARIS vs DGZ: Correlation
Measured on weekly returns over the past three years, Aris Mining Corporation (ARIS) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARIS and DGZ?
On 3 years of weekly data the ARIS/DGZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. The 5-year figure is -0.41, and annualized covariance runs at -604.7 %².
Among the 11 assets we track against ARIS, DGZ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months ARIS outperformed by 187.8 percentage points (+161.2% for ARIS against -26.6% for DGZ). Risk is not evenly split, since ARIS carries 2.0 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.
ARIS vs DGZ: side by side
| ARIS (Aris Mining Corporation) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +161.2% | -26.6% |
| 5-year return | +482.3% | -50.3% |
| Volatility (ann.) | 56.8% | 28.3% |
| Beta vs S&P 500 | 0.93 | -0.18 |
| Max drawdown (3Y) | -41.1% | -59.5% |
| Market cap | $4.4B | – |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARIS | DGZ |
|---|---|---|
| 2022 | -39.6% | +4.9% |
| 2023 | +31.9% | -4.7% |
| 2024 | +6.5% | -16.5% |
| 2025 | +363.7% | -32.5% |
| 2026 | +31.0% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARIS and DGZ good diversifiers for each other?
Yes. With a correlation of -0.38, ARIS and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARIS and DGZ?
As of 2026-08-27, the correlation of weekly returns between ARIS and DGZ is -0.38 over 3 years, -0.33 over 1 year and -0.41 over 5 years.
Is DGZ a good diversifier for ARIS?
Yes. With a correlation of -0.38, ARIS and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/aris-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aris-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARIS correlations · DGZ correlations
