DGZ vs G: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Genpact Limited (G) 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 G?
On 3 years of weekly data the DGZ/G correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.24). The 5-year figure is -0.19, and annualized covariance runs at -226.0 %².
Within DGZ's tracked universe of 156 assets, G comes in at #70 by 3-year correlation. Over the last 12 months G came out ahead by 10.5 percentage points (-26.6% against -16.1%).
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 G: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | G (Genpact Limited) | |
|---|---|---|
| 1-year return | -26.6% | -16.1% |
| 5-year return | -50.3% | -22.8% |
| Volatility (ann.) | 28.3% | 34.0% |
| Beta vs S&P 500 | -0.18 | 0.61 |
| Max drawdown (3Y) | -59.5% | -49.4% |
| Market cap | – | $6.3B |
| P/E (trailing) | – | 11.0 |
| Dividend yield | – | 1.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | G |
|---|---|---|
| 2022 | +4.9% | -11.7% |
| 2023 | -4.7% | -24.0% |
| 2024 | -16.5% | +25.8% |
| 2025 | -32.5% | +10.2% |
| 2026 | -10.0% | -18.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and G good diversifiers for each other?
Yes. With a correlation of -0.24, DGZ and G have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and G?
The DGZ/G correlation stands at -0.24 on a 3-year window (1 year: -0.41, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is G a good diversifier for DGZ?
Yes. With a correlation of -0.24, DGZ and G have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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-g.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-g/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · G correlations
