ASA vs DGZ: Correlation
ASA Gold and Precious Metals Limited (ASA) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and DGZ?
Across a 3-year window, the weekly returns of ASA and DGZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.39 over 3. Stretching to 5 years gives -0.46, with an annualized covariance of -463.7 %².
Among the 59 assets we track against ASA, DGZ sits near the bottom by co-movement, at rank #59. The last year tells two different stories: ASA led by 103.6 percentage points, +77.0% for ASA against -26.6% for DGZ. Risk is not evenly split, since ASA carries 1.5 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.
ASA vs DGZ: side by side
| ASA (ASA Gold and Precious Metals Limited) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +77.0% | -26.6% |
| 5-year return | +218.5% | -50.3% |
| Volatility (ann.) | 42.5% | 28.3% |
| Beta vs S&P 500 | 0.92 | -0.18 |
| Max drawdown (3Y) | -40.8% | -59.5% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | DGZ |
|---|---|---|
| 2022 | -32.1% | +4.9% |
| 2023 | +5.4% | -4.7% |
| 2024 | +34.5% | -16.5% |
| 2025 | +195.6% | -32.5% |
| 2026 | +9.5% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and DGZ good diversifiers for each other?
Yes. With a correlation of -0.39, ASA and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASA and DGZ?
The ASA/DGZ correlation stands at -0.39 on a 3-year window (1 year: -0.30, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is DGZ a good diversifier for ASA?
Yes. With a correlation of -0.39, ASA and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
A reading of -0.39 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/asa-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASA correlations · DGZ correlations
