CPAY vs DZZ: Correlation
Corpay (CPAY) and DB Gold Double Short ETN due February 15, 2038 (DZZ) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and DZZ?
Across a 3-year window, the weekly returns of CPAY and DZZ correlate at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.20 over 3 years. Stretching to 5 years gives -0.16, with an annualized covariance of -575.0 %².
Out of 32 assets tracked against CPAY, DZZ lands near the bottom at #29. Correlation aside, the last 12 months split them widely, with CPAY ahead by 32.7 points (+24.1% versus -8.6%). Note the risk asymmetry: DZZ runs 2.8 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.
CPAY vs DZZ: side by side
| CPAY (Corpay) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +24.1% | -8.6% |
| 5-year return | +55.2% | -40.0% |
| Volatility (ann.) | 31.7% | 89.0% |
| Beta vs S&P 500 | 1.22 | 0.36 |
| Max drawdown (3Y) | -34.5% | -83.1% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CPAY | DZZ |
|---|---|---|
| 2022 | -17.9% | +3.0% |
| 2023 | +53.9% | -8.3% |
| 2024 | +19.7% | -35.0% |
| 2025 | -11.1% | +132.7% |
| 2026 | +34.1% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and DZZ good diversifiers for each other?
Yes. With a correlation of -0.20, CPAY and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPAY and DZZ?
As of 2026-08-27, the correlation of weekly returns between CPAY and DZZ is -0.20 over 3 years, -0.38 over 1 year and -0.16 over 5 years.
Is DZZ a good diversifier for CPAY?
Yes. With a correlation of -0.20, CPAY and DZZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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
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Related comparisons
Hubs: CPAY correlations · DZZ correlations
