DGZ vs EQT: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and EQT Corporation (EQT) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and EQT?
On 3 years of weekly data the DGZ/EQT correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. The 5-year figure is -0.20, and annualized covariance runs at -188.3 %².
Within DGZ's tracked universe of 156 assets, EQT comes in at #34 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQT ahead by 34.5 points (-26.6% versus +7.9%).
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 EQT: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | EQT (EQT Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +7.9% |
| 5-year return | -50.3% | +224.8% |
| Volatility (ann.) | 28.3% | 34.1% |
| Beta vs S&P 500 | -0.18 | 0.52 |
| Max drawdown (3Y) | -59.5% | -31.6% |
| Market cap | – | $34.3B |
| P/E (trailing) | – | 12.7 |
| Dividend yield | – | 1.19% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | DGZ | EQT |
|---|---|---|
| 2022 | +4.9% | +57.6% |
| 2023 | -4.7% | +16.2% |
| 2024 | -16.5% | +21.4% |
| 2025 | -32.5% | +17.6% |
| 2026 | -10.0% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and EQT good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and EQT?
As of 2026-08-27, the correlation of weekly returns between DGZ and EQT is -0.20 over 3 years, -0.19 over 1 year and -0.20 over 5 years.
Is EQT a good diversifier for DGZ?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-eqt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-eqt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · EQT correlations
