AUST vs DGZ: Correlation
Measured on weekly returns over the past three years, Austin Gold Corp. (AUST) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AUST and DGZ?
On 3 years of weekly data the AUST/DGZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.28 over 3. The 5-year figure is -0.32, and annualized covariance runs at -703.4 %².
Among the 13 assets we track against AUST, DGZ sits near the bottom by co-movement, at rank #13. Over the last 12 months AUST came out ahead by 6.7 percentage points (-19.9% against -26.6%). One caveat on sizing: AUST is 3.2 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.
AUST vs DGZ: side by side
| AUST (Austin Gold Corp.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | -19.9% | -26.6% |
| 5-year return | -71.4% | -50.3% |
| Volatility (ann.) | 89.9% | 28.3% |
| Beta vs S&P 500 | 0.92 | -0.18 |
| Max drawdown (3Y) | -70.3% | -59.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AUST | DGZ |
|---|---|---|
| 2022 | – | +4.9% |
| 2023 | -21.6% | -4.7% |
| 2024 | +69.6% | -16.5% |
| 2025 | +17.9% | -32.5% |
| 2026 | -15.5% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AUST and DGZ good diversifiers for each other?
Yes. With a correlation of -0.28, AUST and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AUST and DGZ?
The AUST/DGZ correlation stands at -0.28 on a 3-year window (1 year: -0.38, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is DGZ a good diversifier for AUST?
Yes. With a correlation of -0.28, AUST and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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/aust-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aust-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AUST correlations · DGZ correlations
