DGZ vs EQX: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Equinox Gold Corp. (EQX) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and EQX?
Over the past 3 years, DGZ and EQX moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -580.3 %².
Within DGZ's tracked universe of 156 assets, EQX comes in at #131 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQX ahead by 91.3 points (-26.6% versus +64.7%). One caveat on sizing: EQX is 2.0 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 EQX: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | EQX (Equinox Gold Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +64.7% |
| 5-year return | -50.3% | +98.0% |
| Volatility (ann.) | 28.3% | 56.6% |
| Beta vs S&P 500 | -0.18 | 1.19 |
| Max drawdown (3Y) | -59.5% | -54.0% |
| Market cap | – | $15.7B |
| P/E (trailing) | – | 21.0 |
| Dividend yield | – | 0.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | EQX |
|---|---|---|
| 2022 | +4.9% | -51.5% |
| 2023 | -4.7% | +49.1% |
| 2024 | -16.5% | +2.7% |
| 2025 | -32.5% | +179.7% |
| 2026 | -10.0% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and EQX good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and EQX?
The DGZ/EQX correlation stands at -0.36 on a 3-year window (1 year: -0.39, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is EQX a good diversifier for DGZ?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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-eqx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-eqx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · EQX correlations
