DGP vs DGZ: Correlation
DB Gold Double Long ETN due February 15, 2038 (DGP) and DB Gold Short ETN due February 15, 2038 (DGZ) show a negative relationship: their 3-year correlation of weekly returns is -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGP and DGZ?
Across a 3-year window, the weekly returns of DGP and DGZ correlate at -0.53, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.46) sits close to the 3-year figure. Stretching to 5 years gives -0.59, with an annualized covariance of -566.0 %².
Among the 13 assets we track against DGP, DGZ sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months DGP outperformed by 88.5 percentage points (+61.9% for DGP 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.
DGP vs DGZ: side by side
| DGP (DB Gold Double Long ETN due February 15, 2038) | DGZ (DB Gold Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +61.9% | -26.6% |
| 5-year return | +336.5% | -50.3% |
| Volatility (ann.) | 37.4% | 28.3% |
| Beta vs S&P 500 | 0.38 | -0.18 |
| Max drawdown (3Y) | -47.6% | -59.5% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGP | DGZ |
|---|---|---|
| 2022 | -5.5% | +4.9% |
| 2023 | +17.0% | -4.7% |
| 2024 | +53.2% | -16.5% |
| 2025 | +141.4% | -32.5% |
| 2026 | +5.6% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGP and DGZ good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGP and DGZ?
As of 2026-08-27, the correlation of weekly returns between DGP and DGZ is -0.53 over 3 years, -0.46 over 1 year and -0.59 over 5 years.
Is DGZ a good diversifier for DGP?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 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/dgp-vs-dgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgp-vs-dgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGP correlations · DGZ correlations
