CMCL vs DGZ: Correlation
Caledonia Mining Corporation Plc (CMCL) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative 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 CMCL and DGZ?
Across a 3-year window, the weekly returns of CMCL and DGZ correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -393.9 %².
DGZ is close to the least connected end of CMCL's tracked universe, ranking #13 of 13. The last year tells two different stories: CMCL led by 32.0 percentage points, +5.4% for CMCL against -26.6% for DGZ. Risk is not evenly split, since CMCL carries 1.9 times the volatility of the other side.
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.
CMCL vs DGZ: side by side
| CMCL (Caledonia Mining Corporation Plc) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +5.4% | -26.6% |
| 5-year return | +156.5% | -50.3% |
| Volatility (ann.) | 52.7% | 28.3% |
| Beta vs S&P 500 | 1.10 | -0.18 |
| Max drawdown (3Y) | -55.2% | -59.5% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCL | DGZ |
|---|---|---|
| 2022 | +11.4% | +4.9% |
| 2023 | +2.6% | -4.7% |
| 2024 | -18.9% | -16.5% |
| 2025 | +183.7% | -32.5% |
| 2026 | -1.4% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and DGZ good diversifiers for each other?
Yes. With a correlation of -0.26, CMCL and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CMCL and DGZ?
As of 2026-08-27, the correlation of weekly returns between CMCL and DGZ is -0.26 over 3 years, -0.29 over 1 year and -0.33 over 5 years.
Is DGZ a good diversifier for CMCL?
Yes. With a correlation of -0.26, CMCL and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/cmcl-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmcl-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMCL correlations · DGZ correlations
