DGZ vs FNV: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Franco-Nevada Corporation (FNV) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and FNV?
Across a 3-year window, the weekly returns of DGZ and FNV correlate at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.43 over 3. Stretching to 5 years gives -0.49, with an annualized covariance of -391.3 %².
Among the 156 assets we track against DGZ, FNV ranks #150 by 3-year correlation. The last year tells two different stories: FNV led by 73.2 percentage points, -26.6% for DGZ against +46.6% for FNV.
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 FNV: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | FNV (Franco-Nevada Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +46.6% |
| 5-year return | -50.3% | +97.2% |
| Volatility (ann.) | 28.3% | 32.2% |
| Beta vs S&P 500 | -0.18 | 0.36 |
| Max drawdown (3Y) | -59.5% | -29.2% |
| Market cap | – | $52.3B |
| P/E (trailing) | – | 35.0 |
| Dividend yield | – | 0.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | FNV |
|---|---|---|
| 2022 | +4.9% | -0.4% |
| 2023 | -4.7% | -18.0% |
| 2024 | -16.5% | +7.4% |
| 2025 | -32.5% | +77.1% |
| 2026 | -10.0% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and FNV good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and FNV?
The DGZ/FNV correlation stands at -0.43 on a 3-year window (1 year: -0.37, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is FNV a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 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-fnv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-fnv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · FNV correlations
