BLZE vs DGZ: Correlation
Backblaze, Inc. (BLZE) and DB Gold Short ETN due February 15, 2038 (DGZ) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and DGZ?
Over the past 3 years, BLZE and DGZ moved with a correlation of 0.25, which is weak. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 654.7 %².
By 3-year correlation, DGZ places #14 of the 20 assets tracked against BLZE. Correlation aside, the last 12 months split them widely, with BLZE ahead by 112.5 points (+85.9% versus -26.6%). One caveat on sizing: BLZE is 3.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BLZE vs DGZ: side by side
| BLZE (Backblaze, Inc.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +85.9% | -26.6% |
| 5-year return | -23.4% | -50.3% |
| Volatility (ann.) | 92.9% | 28.3% |
| Beta vs S&P 500 | 1.92 | -0.18 |
| Max drawdown (3Y) | -72.0% | -59.5% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | DGZ |
|---|---|---|
| 2022 | -63.6% | +4.9% |
| 2023 | +23.4% | -4.7% |
| 2024 | -20.7% | -16.5% |
| 2025 | -22.6% | -32.5% |
| 2026 | +227.0% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and DGZ good diversifiers for each other?
Reasonably. At 0.25, BLZE and DGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BLZE and DGZ?
The BLZE/DGZ correlation stands at 0.25 on a 3-year window (1 year: 0.35, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is DGZ a good diversifier for BLZE?
Reasonably. At 0.25, BLZE and DGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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/blze-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blze-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BLZE correlations · DGZ correlations
