DGZ vs DZZ: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and DB Gold Double Short ETN due February 15, 2038 (DZZ) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and DZZ?
Across a 3-year window, the weekly returns of DGZ and DZZ correlate at 0.25, weak. Little has changed lately, as the 1-year reading of 0.25 lands near the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 633.9 %².
Among the 156 assets we track against DGZ, DZZ ranks #4 by 3-year correlation. The last year tells two different stories: DZZ led by 18.0 percentage points, -26.6% for DGZ against -8.6% for DZZ. Note the risk asymmetry: DZZ runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 DZZ: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | DZZ (DB Gold Double Short ETN due February 15, 2038) | |
|---|---|---|
| 1-year return | -26.6% | -8.6% |
| 5-year return | -50.3% | -40.0% |
| Volatility (ann.) | 28.3% | 89.0% |
| Beta vs S&P 500 | -0.18 | 0.36 |
| Max drawdown (3Y) | -59.5% | -83.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | DZZ |
|---|---|---|
| 2022 | +4.9% | +3.0% |
| 2023 | -4.7% | -8.3% |
| 2024 | -16.5% | -35.0% |
| 2025 | -32.5% | +132.7% |
| 2026 | -10.0% | -57.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and DZZ good diversifiers for each other?
Reasonably. At 0.25, DGZ and DZZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DGZ and DZZ?
As of 2026-08-27, the correlation of weekly returns between DGZ and DZZ is 0.25 over 3 years, 0.25 over 1 year and 0.30 over 5 years.
Is DZZ a good diversifier for DGZ?
Reasonably. At 0.25, DGZ and DZZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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-dzz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-dzz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · DZZ correlations
