CLB vs DZZ: Correlation
How closely do Core Laboratories Inc. (CLB) and DB Gold Double Short ETN due February 15, 2038 (DZZ) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLB and DZZ?
On 3 years of weekly data the CLB/DZZ correlation comes out at 0.32, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.51 versus 0.32 over 3 years. The 5-year figure is 0.20, and annualized covariance runs at 1527.5 %².
By 3-year correlation, DZZ places #10 of the 15 assets tracked against CLB. The last year tells two different stories: CLB led by 19.2 percentage points, +10.6% for CLB against -8.6% for DZZ. One caveat on sizing: DZZ is 1.7 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.
CLB vs DZZ: side by side
| CLB (Core Laboratories Inc.) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +10.6% | -8.6% |
| 5-year return | -55.8% | -40.0% |
| Volatility (ann.) | 53.1% | 89.0% |
| Beta vs S&P 500 | 0.91 | 0.36 |
| Max drawdown (3Y) | -62.5% | -83.1% |
| Market cap | $0.6B | – |
| P/E (trailing) | 23.2 | – |
| Dividend yield | 0.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLB | DZZ |
|---|---|---|
| 2022 | -9.0% | +3.0% |
| 2023 | -12.7% | -8.3% |
| 2024 | -1.8% | -35.0% |
| 2025 | -7.1% | +132.7% |
| 2026 | -23.2% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLB and DZZ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLB and DZZ?
As of 2026-08-27, the correlation of weekly returns between CLB and DZZ is 0.32 over 3 years, 0.51 over 1 year and 0.20 over 5 years.
Is DZZ a good diversifier for CLB?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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/clb-vs-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clb-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLB correlations · DZZ correlations
