CMCL vs DZZ: Correlation
Measured on weekly returns over the past three years, Caledonia Mining Corporation Plc (CMCL) and DB Gold Double Short ETN due February 15, 2038 (DZZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and DZZ?
On 3 years of weekly data the CMCL/DZZ correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -1164.1 %².
DZZ is close to the least connected end of CMCL's tracked universe, ranking #11 of 13. Over the last 12 months CMCL came out ahead by 14.0 percentage points (+5.4% against -8.6%). Note the risk asymmetry: DZZ runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 DZZ: side by side
| CMCL (Caledonia Mining Corporation Plc) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +5.4% | -8.6% |
| 5-year return | +156.5% | -40.0% |
| Volatility (ann.) | 52.7% | 89.0% |
| Beta vs S&P 500 | 1.10 | 0.36 |
| Max drawdown (3Y) | -55.2% | -83.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCL | DZZ |
|---|---|---|
| 2022 | +11.4% | +3.0% |
| 2023 | +2.6% | -8.3% |
| 2024 | -18.9% | -35.0% |
| 2025 | +183.7% | +132.7% |
| 2026 | -1.4% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and DZZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CMCL and DZZ?
As of 2026-08-27, the correlation of weekly returns between CMCL and DZZ is -0.25 over 3 years, -0.28 over 1 year and -0.27 over 5 years.
Is DZZ a good diversifier for CMCL?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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/cmcl-vs-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmcl-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMCL correlations · DZZ correlations
