DGZ vs FIGS: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and FIGS, Inc. (FIGS) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and FIGS?
On 3 years of weekly data the DGZ/FIGS correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.26). The 5-year figure is -0.22, and annualized covariance runs at -474.1 %².
Among the 156 assets we track against DGZ, FIGS ranks #87 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FIGS ahead by 139.9 points (-26.6% versus +113.3%). One caveat on sizing: FIGS is 2.3 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 FIGS: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | FIGS (FIGS, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +113.3% |
| 5-year return | -50.3% | -63.9% |
| Volatility (ann.) | 28.3% | 63.9% |
| Beta vs S&P 500 | -0.18 | 0.92 |
| Max drawdown (3Y) | -59.5% | -54.4% |
| Market cap | – | $2.5B |
| P/E (trailing) | – | 45.8 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | FIGS |
|---|---|---|
| 2022 | +4.9% | -75.6% |
| 2023 | -4.7% | +3.3% |
| 2024 | -16.5% | -10.9% |
| 2025 | -32.5% | +83.5% |
| 2026 | -10.0% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and FIGS good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and FIGS?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.39 over the last year and -0.22 over 5 years.
Is FIGS a good diversifier for DGZ?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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-figs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-figs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · FIGS correlations
