DGZ vs DJP: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and iPath Bloomberg Commodity Index Total Return ETN (DJP) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and DJP?
On 3 years of weekly data the DGZ/DJP correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -157.6 %².
By 3-year correlation, DJP places #126 of the 156 assets tracked against DGZ. The last year tells two different stories: DJP led by 75.8 percentage points, -26.6% for DGZ against +49.2% for DJP. Risk is not evenly split, since DGZ carries 1.7 times the volatility of the other side.
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 DJP: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | DJP (iPath Bloomberg Commodity Index Total Return ETN) | |
|---|---|---|
| 1-year return | -26.6% | +49.2% |
| 5-year return | -50.3% | +82.1% |
| Volatility (ann.) | 28.3% | 16.3% |
| Beta vs S&P 500 | -0.18 | 0.11 |
| Max drawdown (3Y) | -59.5% | -16.4% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | DJP |
|---|---|---|
| 2022 | +4.9% | +17.5% |
| 2023 | -4.7% | -9.8% |
| 2024 | -16.5% | +5.6% |
| 2025 | -32.5% | +17.2% |
| 2026 | -10.0% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and DJP good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and DJP?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.35 over the last year and -0.33 over 5 years.
Is DJP a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 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/dgz-vs-djp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-djp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · DJP correlations
