DGZ vs EGO: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Eldorado Gold Corporation (EGO) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and EGO?
Over the past 3 years, DGZ and EGO moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.30). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -424.2 %².
By 3-year correlation, EGO places #109 of the 156 assets tracked against DGZ. The last year tells two different stories: EGO led by 125.2 percentage points, -26.6% for DGZ against +98.6% for EGO. Risk is not evenly split, since EGO 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 EGO: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | EGO (Eldorado Gold Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +98.6% |
| 5-year return | -50.3% | +463.3% |
| Volatility (ann.) | 28.3% | 50.3% |
| Beta vs S&P 500 | -0.18 | 0.73 |
| Max drawdown (3Y) | -59.5% | -44.0% |
| Market cap | – | $12.5B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | – | 0.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | EGO |
|---|---|---|
| 2022 | +4.9% | -10.6% |
| 2023 | -4.7% | +55.1% |
| 2024 | -16.5% | +14.6% |
| 2025 | -32.5% | +141.6% |
| 2026 | -10.0% | +34.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and EGO good diversifiers for each other?
Yes. With a correlation of -0.30, DGZ and EGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and EGO?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.19 over the last year and -0.37 over 5 years.
Is EGO a good diversifier for DGZ?
Yes. With a correlation of -0.30, DGZ and EGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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.
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Related comparisons
Hubs: DGZ correlations · EGO correlations
