DGZ vs FSM: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Fortuna Mining Corp. (FSM) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and FSM?
Over the past 3 years, DGZ and FSM moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -511.0 %².
By 3-year correlation, FSM places #110 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with FSM ahead by 95.6 points (-26.6% versus +69.0%). Risk is not evenly split, since FSM carries 2.1 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 FSM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | FSM (Fortuna Mining Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +69.0% |
| 5-year return | -50.3% | +196.5% |
| Volatility (ann.) | 28.3% | 59.4% |
| Beta vs S&P 500 | -0.18 | 1.22 |
| Max drawdown (3Y) | -59.5% | -41.2% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | 10.8 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | FSM |
|---|---|---|
| 2022 | +4.9% | -3.8% |
| 2023 | -4.7% | +2.9% |
| 2024 | -16.5% | +11.1% |
| 2025 | -32.5% | +128.7% |
| 2026 | -10.0% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and FSM good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and FSM?
As of 2026-08-27, the correlation of weekly returns between DGZ and FSM is -0.30 over 3 years, -0.34 over 1 year and -0.34 over 5 years.
Is FSM a good diversifier for DGZ?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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.
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Related comparisons
Hubs: DGZ correlations · FSM correlations
