DGZ vs FRO: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Frontline Plc (FRO) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and FRO?
Over the past 3 years, DGZ and FRO moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -288.5 %².
Among the 156 assets we track against DGZ, FRO ranks #50 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FRO ahead by 156.2 points (-26.6% versus +129.6%). One caveat on sizing: FRO is 1.6 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 FRO: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | FRO (Frontline Plc) | |
|---|---|---|
| 1-year return | -26.6% | +129.6% |
| 5-year return | -50.3% | +771.5% |
| Volatility (ann.) | 28.3% | 46.1% |
| Beta vs S&P 500 | -0.18 | 0.57 |
| Max drawdown (3Y) | -59.5% | -52.0% |
| Market cap | – | $9.7B |
| P/E (trailing) | – | 10.2 |
| Dividend yield | – | 7.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | FRO |
|---|---|---|
| 2022 | +4.9% | +73.7% |
| 2023 | -4.7% | +96.2% |
| 2024 | -16.5% | -22.5% |
| 2025 | -32.5% | +57.3% |
| 2026 | -10.0% | +115.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and FRO good diversifiers for each other?
Yes. With a correlation of -0.22, DGZ and FRO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and FRO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.24 over the last year and -0.18 over 5 years.
Is FRO a good diversifier for DGZ?
Yes. With a correlation of -0.22, DGZ and FRO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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-fro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-fro/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · FRO correlations
