ASM vs DGZ: Correlation
Measured on weekly returns over the past three years, Avino Silver & Gold Mines Ltd. (ASM) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASM and DGZ?
Across a 3-year window, the weekly returns of ASM and DGZ correlate at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -578.8 %².
Out of 14 assets tracked against ASM, DGZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with ASM ahead by 102.7 points (+76.1% versus -26.6%). Note the risk asymmetry: ASM runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ASM vs DGZ: side by side
| ASM (Avino Silver & Gold Mines Ltd.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +76.1% | -26.6% |
| 5-year return | +657.8% | -50.3% |
| Volatility (ann.) | 77.8% | 28.3% |
| Beta vs S&P 500 | 1.95 | -0.18 |
| Max drawdown (3Y) | -53.1% | -59.5% |
| Market cap | $1.3B | – |
| P/E (trailing) | 28.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASM | DGZ |
|---|---|---|
| 2022 | -20.9% | +4.9% |
| 2023 | -23.5% | -4.7% |
| 2024 | +69.2% | -16.5% |
| 2025 | +605.7% | -32.5% |
| 2026 | +24.5% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASM and DGZ good diversifiers for each other?
Yes. With a correlation of -0.26, ASM and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASM and DGZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.17 over the last year and -0.33 over 5 years.
Is DGZ a good diversifier for ASM?
Yes. With a correlation of -0.26, ASM and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/asm-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asm-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASM correlations · DGZ correlations
