DGZ vs GGN: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and GAMCO Global Gold, Natural Resources & Income Trust (GGN) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GGN?
Across a 3-year window, the weekly returns of DGZ and GGN correlate at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.40 over 3. Stretching to 5 years gives -0.44, with an annualized covariance of -211.4 %².
By 3-year correlation, GGN places #143 of the 156 assets tracked against DGZ. The last year tells two different stories: GGN led by 55.2 percentage points, -26.6% for DGZ against +28.6% for GGN. Note the risk asymmetry: DGZ runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GGN: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GGN (GAMCO Global Gold, Natural Resources & Income Trust) | |
|---|---|---|
| 1-year return | -26.6% | +28.6% |
| 5-year return | -50.3% | +128.2% |
| Volatility (ann.) | 28.3% | 18.5% |
| Beta vs S&P 500 | -0.18 | 0.36 |
| Max drawdown (3Y) | -59.5% | -16.9% |
| Market cap | – | – |
| P/E (trailing) | – | 2.8 |
| Dividend yield | – | 6.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GGN |
|---|---|---|
| 2022 | +4.9% | +6.8% |
| 2023 | -4.7% | +14.1% |
| 2024 | -16.5% | +9.6% |
| 2025 | -32.5% | +48.2% |
| 2026 | -10.0% | +15.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GGN good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and GGN?
The DGZ/GGN correlation stands at -0.40 on a 3-year window (1 year: -0.37, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is GGN a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-ggn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-ggn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · GGN correlations
