BTG vs DGZ: Correlation
Measured on weekly returns over the past three years, B2Gold Corp (BTG) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and DGZ?
Over the past 3 years, BTG and DGZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -505.9 %².
DGZ is close to the least connected end of BTG's tracked universe, ranking #16 of 16. The last year tells two different stories: BTG led by 71.5 percentage points, +44.9% for BTG against -26.6% for DGZ. Risk is not evenly split, since BTG carries 2.0 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.
BTG vs DGZ: side by side
| BTG (B2Gold Corp) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +44.9% | -26.6% |
| 5-year return | +85.7% | -50.3% |
| Volatility (ann.) | 55.7% | 28.3% |
| Beta vs S&P 500 | 1.12 | -0.18 |
| Max drawdown (3Y) | -40.7% | -59.5% |
| Market cap | $7.7B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.39% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTG | DGZ |
|---|---|---|
| 2022 | -5.1% | +4.9% |
| 2023 | -7.2% | -4.7% |
| 2024 | -18.1% | -16.5% |
| 2025 | +87.2% | -32.5% |
| 2026 | +30.4% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and DGZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTG and DGZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.24 over the last year and -0.40 over 5 years.
Is DGZ a good diversifier for BTG?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/btg-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btg-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BTG correlations · DGZ correlations
