DGZ vs ES: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Eversource Energy (ES) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and ES?
Over the past 3 years, DGZ and ES moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.20 over 3. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -128.8 %².
By 3-year correlation, ES places #35 of the 156 assets tracked against DGZ. The last year tells two different stories: ES led by 41.1 percentage points, -26.6% for DGZ against +14.5% for ES.
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 ES: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | ES (Eversource Energy) | |
|---|---|---|
| 1-year return | -26.6% | +14.5% |
| 5-year return | -50.3% | -5.0% |
| Volatility (ann.) | 28.3% | 22.9% |
| Beta vs S&P 500 | -0.18 | 0.20 |
| Max drawdown (3Y) | -59.5% | -18.8% |
| Market cap | – | $26.7B |
| P/E (trailing) | – | 18.6 |
| Dividend yield | – | 4.30% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | DGZ | ES |
|---|---|---|
| 2022 | +4.9% | -5.1% |
| 2023 | -4.7% | -23.4% |
| 2024 | -16.5% | -2.5% |
| 2025 | -32.5% | +22.9% |
| 2026 | -10.0% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and ES 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 ES?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.18 over the last year and -0.21 over 5 years.
Is ES 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?
A reading of -0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-es.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-es/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · ES correlations
