DGZ vs EFA: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and iShares MSCI EAFE ETF (EFA) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and EFA?
Over the past 3 years, DGZ and EFA moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -79.3 %².
Within DGZ's tracked universe of 156 assets, EFA comes in at #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EFA outperformed by 48.5 percentage points (-26.6% for DGZ against +21.9% for EFA). One caveat on sizing: DGZ is 1.9 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 EFA: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | -26.6% | +21.9% |
| 5-year return | -50.3% | +56.7% |
| Volatility (ann.) | 28.3% | 14.9% |
| Beta vs S&P 500 | -0.18 | 0.77 |
| Max drawdown (3Y) | -59.5% | -14.1% |
| Dividend yield | – | 3.19% |
| Expense ratio | – | 0.32% |
| Assets under management | – | $78.0B |
| Sector / category | US Listed | ETF · International |
EFA is a Foreign Large Blend fund from iShares: $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% trailing dividend yield.
Year-by-year returns
| Year | DGZ | EFA |
|---|---|---|
| 2022 | +4.9% | -14.4% |
| 2023 | -4.7% | +18.4% |
| 2024 | -16.5% | +3.5% |
| 2025 | -32.5% | +31.5% |
| 2026 | -10.0% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and EFA good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and EFA?
The DGZ/EFA correlation stands at -0.19 on a 3-year window (1 year: -0.23, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is EFA a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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
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Related comparisons
Hubs: DGZ correlations · EFA correlations
