BTG vs DZZ: Correlation
Measured on weekly returns over the past three years, B2Gold Corp (BTG) and DB Gold Double Short ETN due February 15, 2038 (DZZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and DZZ?
Over the past 3 years, BTG and DZZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -1517.6 %².
Among the 16 assets we track against BTG, DZZ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months BTG outperformed by 53.5 percentage points (+44.9% for BTG against -8.6% for DZZ). Note the risk asymmetry: DZZ runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 DZZ: side by side
| BTG (B2Gold Corp) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +44.9% | -8.6% |
| 5-year return | +85.7% | -40.0% |
| Volatility (ann.) | 55.7% | 89.0% |
| Beta vs S&P 500 | 1.12 | 0.36 |
| Max drawdown (3Y) | -40.7% | -83.1% |
| Market cap | $7.7B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTG | DZZ |
|---|---|---|
| 2022 | -5.1% | +3.0% |
| 2023 | -7.2% | -8.3% |
| 2024 | -18.1% | -35.0% |
| 2025 | +87.2% | +132.7% |
| 2026 | +30.4% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and DZZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BTG and DZZ?
As of 2026-08-27, the correlation of weekly returns between BTG and DZZ is -0.31 over 3 years, -0.31 over 1 year and -0.34 over 5 years.
Is DZZ a good diversifier for BTG?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BTG correlations · DZZ correlations
