CTAS vs DGZ: Correlation
Cintas (CTAS) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTAS and DGZ?
Over the past 3 years, CTAS and DGZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.31 over 3. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -203.0 %².
DGZ is close to the least connected end of CTAS's tracked universe, ranking #36 of 38. Their recent paths diverged sharply: over the last 12 months CTAS outperformed by 23.3 percentage points (-3.3% for CTAS against -26.6% for DGZ).
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.
CTAS vs DGZ: side by side
| CTAS (Cintas) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | -3.3% | -26.6% |
| 5-year return | +117.4% | -50.3% |
| Volatility (ann.) | 23.2% | 28.3% |
| Beta vs S&P 500 | 0.71 | -0.18 |
| Max drawdown (3Y) | -27.7% | -59.5% |
| Market cap | $81.7B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.87% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CTAS | DGZ |
|---|---|---|
| 2022 | +3.0% | +4.9% |
| 2023 | +34.8% | -4.7% |
| 2024 | +22.2% | -16.5% |
| 2025 | +3.8% | -32.5% |
| 2026 | +9.4% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTAS and DGZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CTAS and DGZ?
The CTAS/DGZ correlation stands at -0.31 on a 3-year window (1 year: -0.33, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is DGZ a good diversifier for CTAS?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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/ctas-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ctas-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CTAS correlations · DGZ correlations
