DGZ vs EG: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Everest Group (EG) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and EG?
On 3 years of weekly data the DGZ/EG correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.19). The 5-year figure is -0.12, and annualized covariance runs at -118.5 %².
Among the 156 assets we track against DGZ, EG ranks #26 by 3-year correlation. The last year tells two different stories: EG led by 37.9 percentage points, -26.6% for DGZ against +11.3% for EG.
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 EG: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | EG (Everest Group) | |
|---|---|---|
| 1-year return | -26.6% | +11.3% |
| 5-year return | -50.3% | +57.2% |
| Volatility (ann.) | 28.3% | 22.2% |
| Beta vs S&P 500 | -0.18 | 0.28 |
| Max drawdown (3Y) | -59.5% | -23.8% |
| Market cap | – | $14.5B |
| P/E (trailing) | – | 8.0 |
| Dividend yield | – | 2.11% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | EG |
|---|---|---|
| 2022 | +4.9% | +23.7% |
| 2023 | -4.7% | +8.7% |
| 2024 | -16.5% | +4.6% |
| 2025 | -32.5% | -5.3% |
| 2026 | -10.0% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and EG good diversifiers for each other?
Yes. With a correlation of -0.19, DGZ and EG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and EG?
The DGZ/EG correlation stands at -0.19 on a 3-year window (1 year: -0.33, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is EG a good diversifier for DGZ?
Yes. With a correlation of -0.19, DGZ and EG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-eg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-eg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · EG correlations
