DGZ vs GAU: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Galiano Gold Inc. (GAU) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GAU?
Over the past 3 years, DGZ and GAU moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -610.2 %².
By 3-year correlation, GAU places #116 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months GAU outperformed by 39.7 percentage points (-26.6% for DGZ against +13.1% for GAU). One caveat on sizing: GAU is 2.5 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 GAU: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GAU (Galiano Gold Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +13.1% |
| 5-year return | -50.3% | +183.5% |
| Volatility (ann.) | 28.3% | 70.6% |
| Beta vs S&P 500 | -0.18 | 0.93 |
| Max drawdown (3Y) | -59.5% | -51.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 8.9 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GAU |
|---|---|---|
| 2022 | +4.9% | -25.7% |
| 2023 | -4.7% | +80.8% |
| 2024 | -16.5% | +30.9% |
| 2025 | -32.5% | +105.7% |
| 2026 | -10.0% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GAU good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and GAU?
The DGZ/GAU correlation stands at -0.31 on a 3-year window (1 year: -0.33, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is GAU a good diversifier for DGZ?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-gau.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-gau/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · GAU correlations
