DC vs DGZ: Correlation
Measured on weekly returns over the past three years, Dakota Gold Corp. (DC) and DB Gold Short ETN due February 15, 2038 (DGZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DC and DGZ?
Across a 3-year window, the weekly returns of DC and DGZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -476.7 %².
Among the 12 assets we track against DC, DGZ sits near the bottom by co-movement, at rank #11. The last year tells two different stories: DC led by 75.9 percentage points, +49.3% for DC against -26.6% for DGZ. Risk is not evenly split, since DC carries 2.2 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.
DC vs DGZ: side by side
| DC (Dakota Gold Corp.) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +49.3% | -26.6% |
| 5-year return | -9.6% | -50.3% |
| Volatility (ann.) | 61.3% | 28.3% |
| Beta vs S&P 500 | 1.26 | -0.18 |
| Max drawdown (3Y) | -41.7% | -59.5% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DC | DGZ |
|---|---|---|
| 2022 | – | +4.9% |
| 2023 | -14.1% | -4.7% |
| 2024 | -16.0% | -16.5% |
| 2025 | +158.2% | -32.5% |
| 2026 | +9.9% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DC and DGZ good diversifiers for each other?
Yes. With a correlation of -0.27, DC and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DC and DGZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.34 over the last year and -0.31 over 5 years.
Is DGZ a good diversifier for DC?
Yes. With a correlation of -0.27, DC and DGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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/dc-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dc-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DC correlations · DGZ correlations
