DGZ vs FCX: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Freeport-McMoRan (FCX) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and FCX?
Across a 3-year window, the weekly returns of DGZ and FCX correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -288.5 %².
Among the 156 assets we track against DGZ, FCX ranks #69 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FCX outperformed by 107.3 percentage points (-26.6% for DGZ against +80.7% for FCX). One caveat on sizing: FCX is 1.5 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 FCX: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | FCX (Freeport-McMoRan) | |
|---|---|---|
| 1-year return | -26.6% | +80.7% |
| 5-year return | -50.3% | +129.3% |
| Volatility (ann.) | 28.3% | 43.2% |
| Beta vs S&P 500 | -0.18 | 1.55 |
| Max drawdown (3Y) | -59.5% | -46.3% |
| Market cap | – | $112.6B |
| P/E (trailing) | – | 38.8 |
| Dividend yield | – | 0.76% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DGZ | FCX |
|---|---|---|
| 2022 | +4.9% | -7.3% |
| 2023 | -4.7% | +13.7% |
| 2024 | -16.5% | -9.4% |
| 2025 | -32.5% | +35.4% |
| 2026 | -10.0% | +55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and FCX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and FCX?
The DGZ/FCX correlation stands at -0.24 on a 3-year window (1 year: -0.25, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is FCX a good diversifier for DGZ?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-fcx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-fcx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · FCX correlations
