CNL vs DGZ: Correlation
Collective Mining Ltd. (CNL) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNL and DGZ?
Across a 3-year window, the weekly returns of CNL and DGZ correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.24 over 3. Stretching to 5 years gives -0.15, with an annualized covariance of -400.3 %².
Out of 10 assets tracked against CNL, DGZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months CNL outperformed by 57.6 percentage points (+31.0% for CNL against -26.6% for DGZ). Risk is not evenly split, since CNL carries 2.1 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.
CNL vs DGZ: side by side
| CNL (Collective Mining Ltd.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +31.0% | -26.6% |
| 5-year return | +565.6% | -50.3% |
| Volatility (ann.) | 59.9% | 28.3% |
| Beta vs S&P 500 | 0.70 | -0.18 |
| Max drawdown (3Y) | -51.6% | -59.5% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNL | DGZ |
|---|---|---|
| 2022 | -12.8% | +4.9% |
| 2023 | +67.4% | -4.7% |
| 2024 | +29.6% | -16.5% |
| 2025 | +250.7% | -32.5% |
| 2026 | +9.8% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNL and DGZ good diversifiers for each other?
Yes. With a correlation of -0.24, CNL and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNL and DGZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.32 over the last year and -0.15 over 5 years.
Is DGZ a good diversifier for CNL?
Yes. With a correlation of -0.24, CNL and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/cnl-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnl-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNL correlations · DGZ correlations
