DGZ vs GDX: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and VanEck Gold Miners ETF (GDX) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GDX?
On 3 years of weekly data the DGZ/GDX correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.43 over 3. The 5-year figure is -0.50, and annualized covariance runs at -500.9 %².
Among the 156 assets we track against DGZ, GDX ranks #151 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GDX ahead by 96.5 points (-26.6% versus +69.9%).
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 GDX: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | -26.6% | +69.9% |
| 5-year return | -50.3% | +245.5% |
| Volatility (ann.) | 28.3% | 40.9% |
| Beta vs S&P 500 | -0.18 | 0.88 |
| Max drawdown (3Y) | -59.5% | -38.9% |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DGZ | GDX |
|---|---|---|
| 2022 | +4.9% | -9.0% |
| 2023 | -4.7% | +10.0% |
| 2024 | -16.5% | +10.6% |
| 2025 | -32.5% | +154.8% |
| 2026 | -10.0% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GDX good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and GDX?
As of 2026-08-27, the correlation of weekly returns between DGZ and GDX is -0.43 over 3 years, -0.34 over 1 year and -0.50 over 5 years.
Is GDX a good diversifier for DGZ?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
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-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · GDX correlations
