DGZ vs FBYD: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Falcon's Beyond Global, Inc. (FBYD) 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 FBYD?
Over the past 3 years, DGZ and FBYD moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -798.5 %².
Among the 156 assets we track against DGZ, FBYD ranks #36 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FBYD ahead by 66.9 points (-26.6% versus +40.3%). Risk is not evenly split, since FBYD carries 4.9 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 FBYD: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | FBYD (Falcon's Beyond Global, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +40.3% |
| 5-year return | -50.3% | n/a |
| Volatility (ann.) | 28.3% | 137.7% |
| Beta vs S&P 500 | -0.18 | 0.37 |
| Max drawdown (3Y) | -59.5% | -81.2% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | FBYD |
|---|---|---|
| 2022 | +4.9% | – |
| 2023 | -4.7% | – |
| 2024 | -16.5% | -22.0% |
| 2025 | -32.5% | +87.8% |
| 2026 | -10.0% | -33.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and FBYD good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and FBYD?
The DGZ/FBYD correlation stands at -0.20 on a 3-year window (1 year: -0.22, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is FBYD a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
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.
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Related comparisons
Hubs: DGZ correlations · FBYD correlations
