AU vs DZZ: Correlation
AngloGold Ashanti PLC (AU) and DB Gold Double Short ETN due February 15, 2038 (DZZ) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AU and DZZ?
Over the past 3 years, AU and DZZ moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -1477.0 %².
Out of 13 assets tracked against AU, DZZ lands near the bottom at #12. The last year tells two different stories: AU led by 132.4 percentage points, +123.8% for AU against -8.6% for DZZ. Note the risk asymmetry: DZZ runs 1.6 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.
AU vs DZZ: side by side
| AU (AngloGold Ashanti PLC) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +123.8% | -8.6% |
| 5-year return | +725.4% | -40.0% |
| Volatility (ann.) | 56.7% | 89.0% |
| Beta vs S&P 500 | 0.92 | 0.36 |
| Max drawdown (3Y) | -39.9% | -83.1% |
| Market cap | $59.9B | – |
| P/E (trailing) | 15.8 | – |
| Dividend yield | 3.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AU | DZZ |
|---|---|---|
| 2022 | -5.1% | +3.0% |
| 2023 | -2.7% | -8.3% |
| 2024 | +26.5% | -35.0% |
| 2025 | +288.2% | +132.7% |
| 2026 | +43.8% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AU and DZZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between AU and DZZ?
As of 2026-08-27, the correlation of weekly returns between AU and DZZ is -0.29 over 3 years, -0.31 over 1 year and -0.33 over 5 years.
Is DZZ a good diversifier for AU?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
A reading of -0.29 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-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/au-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AU correlations · DZZ correlations
