CASY vs DZZ: Correlation
Measured on weekly returns over the past three years, Casey's (CASY) and DB Gold Double Short ETN due February 15, 2038 (DZZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CASY and DZZ?
Over the past 3 years, CASY and DZZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.24 over 3 years. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -613.9 %².
Among the 30 assets we track against CASY, DZZ sits near the bottom by co-movement, at rank #26. Their recent paths diverged sharply: over the last 12 months CASY outperformed by 62.3 percentage points (+53.7% for CASY against -8.6% for DZZ). One caveat on sizing: DZZ is 3.1 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.
CASY vs DZZ: side by side
| CASY (Casey's) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +53.7% | -8.6% |
| 5-year return | +284.3% | -40.0% |
| Volatility (ann.) | 28.9% | 89.0% |
| Beta vs S&P 500 | 0.39 | 0.36 |
| Max drawdown (3Y) | -16.6% | -83.1% |
| Market cap | $28.2B | – |
| P/E (trailing) | 42.2 | – |
| Dividend yield | 0.28% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | CASY | DZZ |
|---|---|---|
| 2022 | +14.5% | +3.0% |
| 2023 | +23.3% | -8.3% |
| 2024 | +45.0% | -35.0% |
| 2025 | +40.1% | +132.7% |
| 2026 | +38.4% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASY and DZZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between CASY and DZZ?
The CASY/DZZ correlation stands at -0.24 on a 3-year window (1 year: -0.35, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is DZZ a good diversifier for CASY?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/casy-vs-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/casy-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CASY correlations · DZZ correlations
