DGZ vs DHT: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and DHT Holdings, Inc. (DHT) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and DHT?
On 3 years of weekly data the DGZ/DHT correlation comes out at -0.28, 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. The 5-year figure is -0.17, and annualized covariance runs at -264.2 %².
Among the 156 assets we track against DGZ, DHT ranks #100 by 3-year correlation. The last year tells two different stories: DHT led by 116.3 percentage points, -26.6% for DGZ against +89.7% for DHT.
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.
DGZ vs DHT: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | DHT (DHT Holdings, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +89.7% |
| 5-year return | -50.3% | +422.1% |
| Volatility (ann.) | 28.3% | 33.2% |
| Beta vs S&P 500 | -0.18 | 0.29 |
| Max drawdown (3Y) | -59.5% | -25.0% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 6.6 |
| Dividend yield | – | 13.37% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | DHT |
|---|---|---|
| 2022 | +4.9% | +73.9% |
| 2023 | -4.7% | +24.1% |
| 2024 | -16.5% | +3.6% |
| 2025 | -32.5% | +35.2% |
| 2026 | -10.0% | +79.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and DHT good diversifiers for each other?
Yes. With a correlation of -0.28, DGZ and DHT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and DHT?
As of 2026-08-27, the correlation of weekly returns between DGZ and DHT is -0.28 over 3 years, -0.34 over 1 year and -0.17 over 5 years.
Is DHT a good diversifier for DGZ?
Yes. With a correlation of -0.28, DGZ and DHT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/dgz-vs-dht.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-dht/)
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Related comparisons
Hubs: DGZ correlations · DHT correlations
