ATO vs DGZ: Correlation
Measured on weekly returns over the past three years, Atmos Energy (ATO) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and DGZ?
Across a 3-year window, the weekly returns of ATO and DGZ correlate at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives -0.23, with an annualized covariance of -105.2 %².
DGZ is close to the least connected end of ATO's tracked universe, ranking #28 of 32. Their recent paths diverged sharply: over the last 12 months ATO outperformed by 29.5 percentage points (+2.9% for ATO against -26.6% for DGZ). One caveat on sizing: DGZ is 1.8 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.
ATO vs DGZ: side by side
| ATO (Atmos Energy) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +2.9% | -26.6% |
| 5-year return | +94.1% | -50.3% |
| Volatility (ann.) | 15.9% | 28.3% |
| Beta vs S&P 500 | 0.15 | -0.18 |
| Max drawdown (3Y) | -12.7% | -59.5% |
| Market cap | $28.3B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 2.28% | – |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ATO | DGZ |
|---|---|---|
| 2022 | +9.6% | +4.9% |
| 2023 | +6.2% | -4.7% |
| 2024 | +23.4% | -16.5% |
| 2025 | +23.1% | -32.5% |
| 2026 | +1.5% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and DGZ good diversifiers for each other?
Yes. With a correlation of -0.23, ATO and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ATO and DGZ?
The ATO/DGZ correlation stands at -0.23 on a 3-year window (1 year: -0.27, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is DGZ a good diversifier for ATO?
Yes. With a correlation of -0.23, ATO and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/ato-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ato-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ATO correlations · DGZ correlations
