BKH vs DGZ: Correlation
Black Hills Corporation (BKH) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKH and DGZ?
Over the past 3 years, BKH and DGZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -158.4 %².
DGZ is close to the least connected end of BKH's tracked universe, ranking #13 of 13. Correlation aside, the last 12 months split them widely, with BKH ahead by 53.1 points (+26.5% versus -26.6%).
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.
BKH vs DGZ: side by side
| BKH (Black Hills Corporation) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +26.5% | -26.6% |
| 5-year return | +27.4% | -50.3% |
| Volatility (ann.) | 21.5% | 28.3% |
| Beta vs S&P 500 | 0.32 | -0.18 |
| Max drawdown (3Y) | -14.1% | -59.5% |
| Market cap | $5.6B | – |
| P/E (trailing) | 18.5 | – |
| Dividend yield | 3.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKH | DGZ |
|---|---|---|
| 2022 | +3.1% | +4.9% |
| 2023 | -19.9% | -4.7% |
| 2024 | +13.6% | -16.5% |
| 2025 | +23.9% | -32.5% |
| 2026 | +8.8% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKH and DGZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between BKH and DGZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.30 over the last year and -0.25 over 5 years.
Is DGZ a good diversifier for BKH?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/bkh-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bkh-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BKH correlations · DGZ correlations
