ASA vs DZZ: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and DB Gold Double Short ETN due February 15, 2038 (DZZ) 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 ASA and DZZ?
Over the past 3 years, ASA and DZZ moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -1138.0 %².
DZZ is close to the least connected end of ASA's tracked universe, ranking #58 of 59. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 85.6 percentage points (+77.0% for ASA against -8.6% for DZZ). One caveat on sizing: DZZ is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 DZZ: side by side
| ASA (ASA Gold and Precious Metals Limited) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +77.0% | -8.6% |
| 5-year return | +218.5% | -40.0% |
| Volatility (ann.) | 42.5% | 89.0% |
| Beta vs S&P 500 | 0.92 | 0.36 |
| Max drawdown (3Y) | -40.8% | -83.1% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | DZZ |
|---|---|---|
| 2022 | -32.1% | +3.0% |
| 2023 | +5.4% | -8.3% |
| 2024 | +34.5% | -35.0% |
| 2025 | +195.6% | +132.7% |
| 2026 | +9.5% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and DZZ good diversifiers for each other?
Yes. With a correlation of -0.30, ASA and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASA and DZZ?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.30 over the last year and -0.34 over 5 years.
Is DZZ a good diversifier for ASA?
Yes. With a correlation of -0.30, ASA and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/asa-vs-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asa-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASA correlations · DZZ correlations
