BAR vs DZZ: Correlation
GraniteShares Gold Trust Shares of Beneficial Interest (BAR) and DB Gold Double Short ETN due February 15, 2038 (DZZ) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAR and DZZ?
Across a 3-year window, the weekly returns of BAR and DZZ correlate at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -567.0 %².
DZZ is close to the least connected end of BAR's tracked universe, ranking #13 of 14. Correlation aside, the last 12 months split them widely, with BAR ahead by 44.1 points (+35.5% versus -8.6%). Risk is not evenly split, since DZZ carries 4.8 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.
BAR vs DZZ: side by side
| BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +35.5% | -8.6% |
| 5-year return | +152.4% | -40.0% |
| Volatility (ann.) | 18.6% | 89.0% |
| Beta vs S&P 500 | 0.17 | 0.36 |
| Max drawdown (3Y) | -26.3% | -83.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAR | DZZ |
|---|---|---|
| 2022 | -0.6% | +3.0% |
| 2023 | +13.0% | -8.3% |
| 2024 | +27.0% | -35.0% |
| 2025 | +64.1% | +132.7% |
| 2026 | +6.8% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAR and DZZ good diversifiers for each other?
Yes. With a correlation of -0.34, BAR and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BAR and DZZ?
The BAR/DZZ correlation stands at -0.34 on a 3-year window (1 year: -0.29, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is DZZ a good diversifier for BAR?
Yes. With a correlation of -0.34, BAR and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bar-vs-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bar-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAR correlations · DZZ correlations
