BAR vs DGP: Correlation
Measured on weekly returns over the past three years, GraniteShares Gold Trust Shares of Beneficial Interest (BAR) and DB Gold Double Long ETN due February 15, 2038 (DGP) carry a correlation of 0.99, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAR and DGP?
On 3 years of weekly data the BAR/DGP correlation comes out at 0.99, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.99 lands near the 3-year figure. The 5-year figure is 0.96, and annualized covariance runs at 690.2 %².
In BAR's tracked universe of 14 assets, DGP sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months DGP outperformed by 26.4 percentage points (+35.5% for BAR against +61.9% for DGP). Note the risk asymmetry: DGP runs 2.0 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.
BAR vs DGP: side by side
| BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | DGP (DB Gold Double Long ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +35.5% | +61.9% |
| 5-year return | +152.4% | +336.5% |
| Volatility (ann.) | 18.6% | 37.4% |
| Beta vs S&P 500 | 0.17 | 0.38 |
| Max drawdown (3Y) | -26.3% | -47.6% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAR | DGP |
|---|---|---|
| 2022 | -0.6% | -5.5% |
| 2023 | +13.0% | +17.0% |
| 2024 | +27.0% | +53.2% |
| 2025 | +64.1% | +141.4% |
| 2026 | +6.8% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAR and DGP good diversifiers for each other?
No: a correlation of 0.99 means BAR and DGP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BAR and DGP?
As of 2026-08-27, the correlation of weekly returns between BAR and DGP is 0.99 over 3 years, 0.99 over 1 year and 0.96 over 5 years.
Is DGP a good diversifier for BAR?
No: a correlation of 0.99 means BAR and DGP tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.99 mean?
A reading of 0.99 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/bar-vs-dgp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bar-vs-dgp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BAR correlations · DGP correlations
