DGZ vs DXCM: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Dexcom (DXCM) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and DXCM?
Across a 3-year window, the weekly returns of DGZ and DXCM correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.29) runs below the 3-year figure (-0.17). Stretching to 5 years gives -0.16, with an annualized covariance of -228.4 %².
By 3-year correlation, DXCM places #17 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months DXCM outperformed by 43.5 percentage points (-26.6% for DGZ against +16.9% for DXCM). One caveat on sizing: DXCM is 1.7 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.
DGZ vs DXCM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | DXCM (Dexcom) | |
|---|---|---|
| 1-year return | -26.6% | +16.9% |
| 5-year return | -50.3% | -31.5% |
| Volatility (ann.) | 28.3% | 46.7% |
| Beta vs S&P 500 | -0.18 | 1.02 |
| Max drawdown (3Y) | -59.5% | -61.0% |
| Market cap | – | $33.7B |
| P/E (trailing) | – | 35.2 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | DGZ | DXCM |
|---|---|---|
| 2022 | +4.9% | -15.6% |
| 2023 | -4.7% | +9.6% |
| 2024 | -16.5% | -37.3% |
| 2025 | -32.5% | -14.7% |
| 2026 | -10.0% | +34.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and DXCM good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and DXCM?
As of 2026-08-27, the correlation of weekly returns between DGZ and DXCM is -0.17 over 3 years, -0.29 over 1 year and -0.16 over 5 years.
Is DXCM a good diversifier for DGZ?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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-dxcm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-dxcm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · DXCM correlations
