CPAY vs DGZ: Correlation
How closely do Corpay (CPAY) and DB Gold Short ETN due February 15, 2038 (DGZ) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and DGZ?
Over the past 3 years, CPAY and DGZ moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.17 over 3. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -152.4 %².
Among the 32 assets we track against CPAY, DGZ sits near the bottom by co-movement, at rank #28. Correlation aside, the last 12 months split them widely, with CPAY ahead by 50.7 points (+24.1% versus -26.6%).
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.
CPAY vs DGZ: side by side
| CPAY (Corpay) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +24.1% | -26.6% |
| 5-year return | +55.2% | -50.3% |
| Volatility (ann.) | 31.7% | 28.3% |
| Beta vs S&P 500 | 1.22 | -0.18 |
| Max drawdown (3Y) | -34.5% | -59.5% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CPAY | DGZ |
|---|---|---|
| 2022 | -17.9% | +4.9% |
| 2023 | +53.9% | -4.7% |
| 2024 | +19.7% | -16.5% |
| 2025 | -11.1% | -32.5% |
| 2026 | +34.1% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and DGZ good diversifiers for each other?
Yes. With a correlation of -0.17, CPAY and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPAY and DGZ?
As of 2026-08-27, the correlation of weekly returns between CPAY and DGZ is -0.17 over 3 years, -0.25 over 1 year and -0.15 over 5 years.
Is DGZ a good diversifier for CPAY?
Yes. With a correlation of -0.17, CPAY and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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/cpay-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpay-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CPAY correlations · DGZ correlations
