DGZ vs EXR: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Extra Space Storage (EXR) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and EXR?
Across a 3-year window, the weekly returns of DGZ and EXR correlate at -0.16, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.29) than the 3-year average (-0.16). Stretching to 5 years gives -0.17, with an annualized covariance of -114.6 %².
By 3-year correlation, EXR places #13 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months EXR outperformed by 32.2 percentage points (-26.6% for DGZ against +5.6% for EXR).
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 EXR: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | EXR (Extra Space Storage) | |
|---|---|---|
| 1-year return | -26.6% | +5.6% |
| 5-year return | -50.3% | -6.1% |
| Volatility (ann.) | 28.3% | 26.0% |
| Beta vs S&P 500 | -0.18 | 0.68 |
| Max drawdown (3Y) | -59.5% | -29.4% |
| Market cap | – | $31.5B |
| P/E (trailing) | – | 31.6 |
| Dividend yield | – | 4.50% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | DGZ | EXR |
|---|---|---|
| 2022 | +4.9% | -32.8% |
| 2023 | -4.7% | +13.9% |
| 2024 | -16.5% | -2.8% |
| 2025 | -32.5% | -8.9% |
| 2026 | -10.0% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and EXR good diversifiers for each other?
Yes. With a correlation of -0.16, DGZ and EXR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and EXR?
The DGZ/EXR correlation stands at -0.16 on a 3-year window (1 year: -0.29, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is EXR a good diversifier for DGZ?
Yes. With a correlation of -0.16, DGZ and EXR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 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-exr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-exr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · EXR correlations
