DGZ vs EDRY: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and EuroDry Ltd. (EDRY) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and EDRY?
Across a 3-year window, the weekly returns of DGZ and EDRY correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.27). Stretching to 5 years gives -0.24, with an annualized covariance of -389.1 %².
Within DGZ's tracked universe of 156 assets, EDRY comes in at #92 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EDRY ahead by 391.3 points (-26.6% versus +364.7%). Risk is not evenly split, since EDRY carries 1.8 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 EDRY: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | EDRY (EuroDry Ltd.) | |
|---|---|---|
| 1-year return | -26.6% | +364.7% |
| 5-year return | -50.3% | +66.1% |
| Volatility (ann.) | 28.3% | 50.8% |
| Beta vs S&P 500 | -0.18 | 0.68 |
| Max drawdown (3Y) | -59.5% | -67.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 14.6 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | EDRY |
|---|---|---|
| 2022 | +4.9% | -9.7% |
| 2023 | -4.7% | +10.9% |
| 2024 | -16.5% | -41.2% |
| 2025 | -32.5% | +14.6% |
| 2026 | -10.0% | +284.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and EDRY good diversifiers for each other?
Yes. With a correlation of -0.27, DGZ and EDRY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and EDRY?
As of 2026-08-27, the correlation of weekly returns between DGZ and EDRY is -0.27 over 3 years, -0.42 over 1 year and -0.24 over 5 years.
Is EDRY a good diversifier for DGZ?
Yes. With a correlation of -0.27, DGZ and EDRY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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-edry.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-edry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · EDRY correlations
