CHR vs DGZ: Correlation
Cheer Holding, Inc. - Class A (CHR) and DB Gold Short ETN due February 15, 2038 (DGZ) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHR and DGZ?
Across a 3-year window, the weekly returns of CHR and DGZ correlate at 0.26, weak. Recent behaviour matches the longer record: 0.26 over 1 year against 0.26 over 3. Stretching to 5 years gives 0.22, with an annualized covariance of 667.5 %².
Among the 20 assets we track against CHR, DGZ ranks #5 by 3-year correlation. The last year tells two different stories: DGZ led by 72.3 percentage points, -98.9% for CHR against -26.6% for DGZ. One caveat on sizing: CHR is 3.2 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.
CHR vs DGZ: side by side
| CHR (Cheer Holding, Inc. - Class A) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | -98.9% | -26.6% |
| 5-year return | -100.0% | -50.3% |
| Volatility (ann.) | 89.2% | 28.3% |
| Beta vs S&P 500 | 0.17 | -0.18 |
| Max drawdown (3Y) | -99.8% | -59.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHR | DGZ |
|---|---|---|
| 2022 | +23.7% | +4.9% |
| 2023 | -78.5% | -4.7% |
| 2024 | -20.7% | -16.5% |
| 2025 | -99.0% | -32.5% |
| 2026 | -52.6% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHR and DGZ good diversifiers for each other?
Reasonably. At 0.26, CHR and DGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CHR and DGZ?
As of 2026-08-27, the correlation of weekly returns between CHR and DGZ is 0.26 over 3 years, 0.26 over 1 year and 0.22 over 5 years.
Is DGZ a good diversifier for CHR?
Reasonably. At 0.26, CHR and DGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 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/chr-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chr-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHR correlations · DGZ correlations
