DGP vs GLD: Correlation
How closely do DB Gold Double Long ETN due February 15, 2038 (DGP) and SPDR Gold Shares (GLD) trade together? Their weekly returns over three years give a correlation of 0.99, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGP and GLD?
Across a 3-year window, the weekly returns of DGP and GLD correlate at 0.99, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.99 over 1 year against 0.99 over 3. Stretching to 5 years gives 0.96, with an annualized covariance of 692.2 %².
GLD is one of the assets that tracks DGP most closely: it ranks #2 out of the 13 assets we track against DGP. The last year tells two different stories: DGP led by 26.8 percentage points, +61.9% for DGP against +35.1% for GLD. One caveat on sizing: DGP is 2.0 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 GLD: side by side
| DGP (DB Gold Double Long ETN due February 15, 2038) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | +61.9% | +35.1% |
| 5-year return | +336.5% | +149.5% |
| Volatility (ann.) | 37.4% | 18.7% |
| Beta vs S&P 500 | 0.38 | 0.18 |
| Max drawdown (3Y) | -47.6% | -26.4% |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DGP | GLD |
|---|---|---|
| 2022 | -5.5% | -0.8% |
| 2023 | +17.0% | +12.7% |
| 2024 | +53.2% | +26.7% |
| 2025 | +141.4% | +63.7% |
| 2026 | +5.6% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGP and GLD good diversifiers for each other?
Not really. At 0.99, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DGP and GLD?
As of 2026-08-27, the correlation of weekly returns between DGP and GLD is 0.99 over 3 years, 0.99 over 1 year and 0.96 over 5 years.
Is GLD a good diversifier for DGP?
Not really. At 0.99, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.99 mean?
A reading of 0.99 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DGP correlations · GLD correlations
