DGP vs DZZ: Correlation
DB Gold Double Long ETN due February 15, 2038 (DGP) and DB Gold Double Short ETN due February 15, 2038 (DZZ) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGP and DZZ?
Across a 3-year window, the weekly returns of DGP and DZZ correlate at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.33 over 3. Stretching to 5 years gives -0.37, with an annualized covariance of -1112.1 %².
Out of 13 assets tracked against DGP, DZZ lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months DGP outperformed by 70.5 percentage points (+61.9% for DGP against -8.6% for DZZ). One caveat on sizing: DZZ is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 DZZ: side by side
| DGP (DB Gold Double Long ETN due February 15, 2038) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | +61.9% | -8.6% |
| 5-year return | +336.5% | -40.0% |
| Volatility (ann.) | 37.4% | 89.0% |
| Beta vs S&P 500 | 0.38 | 0.36 |
| Max drawdown (3Y) | -47.6% | -83.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGP | DZZ |
|---|---|---|
| 2022 | -5.5% | +3.0% |
| 2023 | +17.0% | -8.3% |
| 2024 | +53.2% | -35.0% |
| 2025 | +141.4% | +132.7% |
| 2026 | +5.6% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGP and DZZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGP and DZZ?
The DGP/DZZ correlation stands at -0.33 on a 3-year window (1 year: -0.28, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is DZZ a good diversifier for DGP?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/dgp-vs-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgp-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGP correlations · DZZ correlations
