CMBT vs DGZ: Correlation
CMB.TECH NV (CMBT) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMBT and DGZ?
Over the past 3 years, CMBT and DGZ moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -237.0 %².
Among the 10 assets we track against CMBT, DGZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: CMBT led by 170.6 percentage points, +144.0% for CMBT against -26.6% for DGZ.
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.
CMBT vs DGZ: side by side
| CMBT (CMB.TECH NV) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +144.0% | -26.6% |
| 5-year return | +306.2% | -50.3% |
| Volatility (ann.) | 38.0% | 28.3% |
| Beta vs S&P 500 | 0.67 | -0.18 |
| Max drawdown (3Y) | -57.2% | -59.5% |
| Market cap | $5.3B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMBT | DGZ |
|---|---|---|
| 2022 | +93.2% | +4.9% |
| 2023 | +26.3% | -4.7% |
| 2024 | -22.7% | -16.5% |
| 2025 | -2.8% | -32.5% |
| 2026 | +100.0% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMBT and DGZ good diversifiers for each other?
Yes. With a correlation of -0.22, CMBT and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CMBT and DGZ?
As of 2026-08-27, the correlation of weekly returns between CMBT and DGZ is -0.22 over 3 years, -0.32 over 1 year and -0.16 over 5 years.
Is DGZ a good diversifier for CMBT?
Yes. With a correlation of -0.22, CMBT and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/cmbt-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmbt-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMBT correlations · DGZ correlations
