BLK vs DGZ: Correlation
How closely do BlackRock (BLK) and DB Gold Short ETN due February 15, 2038 (DGZ) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLK and DGZ?
Across a 3-year window, the weekly returns of BLK and DGZ correlate at -0.18, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. Stretching to 5 years gives -0.17, with an annualized covariance of -123.0 %².
Among the 42 assets we track against BLK, DGZ ranks #36 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BLK outperformed by 31.9 percentage points (+5.3% for BLK against -26.6% for DGZ).
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.
BLK vs DGZ: side by side
| BLK (BlackRock) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +5.3% | -26.6% |
| 5-year return | +38.9% | -50.3% |
| Volatility (ann.) | 24.7% | 28.3% |
| Beta vs S&P 500 | 1.19 | -0.18 |
| Max drawdown (3Y) | -23.7% | -59.5% |
| Market cap | $189.7B | – |
| P/E (trailing) | 28.1 | – |
| Dividend yield | 1.86% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BLK | DGZ |
|---|---|---|
| 2022 | -20.4% | +4.9% |
| 2023 | +17.9% | -4.7% |
| 2024 | +29.3% | -16.5% |
| 2025 | +6.6% | -32.5% |
| 2026 | +10.3% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLK and DGZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between BLK and DGZ?
As of 2026-08-27, the correlation of weekly returns between BLK and DGZ is -0.18 over 3 years, -0.26 over 1 year and -0.17 over 5 years.
Is DGZ a good diversifier for BLK?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
A reading of -0.18 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/blk-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blk-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BLK correlations · DGZ correlations
