AU vs DGZ: Correlation
AngloGold Ashanti PLC (AU) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AU and DGZ?
Across a 3-year window, the weekly returns of AU and DGZ correlate at -0.40, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Stretching to 5 years gives -0.48, with an annualized covariance of -645.3 %².
Out of 13 assets tracked against AU, DGZ lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months AU outperformed by 150.4 percentage points (+123.8% for AU against -26.6% for DGZ). Risk is not evenly split, since AU 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.
AU vs DGZ: side by side
| AU (AngloGold Ashanti PLC) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +123.8% | -26.6% |
| 5-year return | +725.4% | -50.3% |
| Volatility (ann.) | 56.7% | 28.3% |
| Beta vs S&P 500 | 0.92 | -0.18 |
| Max drawdown (3Y) | -39.9% | -59.5% |
| Market cap | $59.9B | – |
| P/E (trailing) | 15.8 | – |
| Dividend yield | 3.83% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AU | DGZ |
|---|---|---|
| 2022 | -5.1% | +4.9% |
| 2023 | -2.7% | -4.7% |
| 2024 | +26.5% | -16.5% |
| 2025 | +288.2% | -32.5% |
| 2026 | +43.8% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AU and DGZ good diversifiers for each other?
Yes. With a correlation of -0.40, AU and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AU and DGZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.31 over the last year and -0.48 over 5 years.
Is DGZ a good diversifier for AU?
Yes. With a correlation of -0.40, AU and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
A reading of -0.40 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/au-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/au-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AU correlations · DGZ correlations
