BAR vs DGZ: Correlation
Measured on weekly returns over the past three years, GraniteShares Gold Trust Shares of Beneficial Interest (BAR) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.54, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAR and DGZ?
Across a 3-year window, the weekly returns of BAR and DGZ correlate at -0.54, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.54 over 3. Stretching to 5 years gives -0.61, with an annualized covariance of -286.2 %².
Among the 14 assets we track against BAR, DGZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months BAR outperformed by 62.1 percentage points (+35.5% for BAR against -26.6% for DGZ). Note the risk asymmetry: DGZ runs 1.5 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 DGZ: side by side
| BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +35.5% | -26.6% |
| 5-year return | +152.4% | -50.3% |
| Volatility (ann.) | 18.6% | 28.3% |
| Beta vs S&P 500 | 0.17 | -0.18 |
| Max drawdown (3Y) | -26.3% | -59.5% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAR | DGZ |
|---|---|---|
| 2022 | -0.6% | +4.9% |
| 2023 | +13.0% | -4.7% |
| 2024 | +27.0% | -16.5% |
| 2025 | +64.1% | -32.5% |
| 2026 | +6.8% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAR and DGZ good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BAR and DGZ?
As of 2026-08-27, the correlation of weekly returns between BAR and DGZ is -0.54 over 3 years, -0.48 over 1 year and -0.61 over 5 years.
Is DGZ a good diversifier for BAR?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 mean?
A reading of -0.54 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-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bar-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BAR correlations · DGZ correlations
