DGP vs GDX: Correlation
Measured on weekly returns over the past three years, DB Gold Double Long ETN due February 15, 2038 (DGP) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGP and GDX?
Over the past 3 years, DGP and GDX moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 1282.5 %².
GDX is one of the assets that tracks DGP most closely: it ranks #3 out of the 13 assets we track against DGP. The trailing year gives GDX the advantage: +61.9% versus +69.9%, a 8.0-point spread.
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 GDX: side by side
| DGP (DB Gold Double Long ETN due February 15, 2038) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +61.9% | +69.9% |
| 5-year return | +336.5% | +245.5% |
| Volatility (ann.) | 37.4% | 40.9% |
| Beta vs S&P 500 | 0.38 | 0.88 |
| Max drawdown (3Y) | -47.6% | -38.9% |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DGP | GDX |
|---|---|---|
| 2022 | -5.5% | -9.0% |
| 2023 | +17.0% | +10.0% |
| 2024 | +53.2% | +10.6% |
| 2025 | +141.4% | +154.8% |
| 2026 | +5.6% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGP and GDX good diversifiers for each other?
No: a correlation of 0.84 means DGP and GDX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DGP and GDX?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.85 over the last year and 0.81 over 5 years.
Is GDX a good diversifier for DGP?
No: a correlation of 0.84 means DGP and GDX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 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
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Related comparisons
Hubs: DGP correlations · GDX correlations
