DGZ vs GLD: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and SPDR Gold Shares (GLD) show a negative relationship: their 3-year correlation of weekly returns is -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GLD?
Across a 3-year window, the weekly returns of DGZ and GLD correlate at -0.54, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.47 lands near the 3-year figure. Stretching to 5 years gives -0.61, with an annualized covariance of -285.4 %².
Out of 156 assets tracked against DGZ, GLD lands near the bottom at #156. Their recent paths diverged sharply: over the last 12 months GLD outperformed by 61.7 percentage points (-26.6% for DGZ against +35.1% for GLD). Risk is not evenly split, since DGZ carries 1.5 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 GLD: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | -26.6% | +35.1% |
| 5-year return | -50.3% | +149.5% |
| Volatility (ann.) | 28.3% | 18.7% |
| Beta vs S&P 500 | -0.18 | 0.18 |
| Max drawdown (3Y) | -59.5% | -26.4% |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DGZ | GLD |
|---|---|---|
| 2022 | +4.9% | -0.8% |
| 2023 | -4.7% | +12.7% |
| 2024 | -16.5% | +26.7% |
| 2025 | -32.5% | +63.7% |
| 2026 | -10.0% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GLD good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and GLD?
The DGZ/GLD correlation stands at -0.54 on a 3-year window (1 year: -0.47, 5 years: -0.61), computed from weekly returns as of 2026-08-27.
Is GLD a good diversifier for DGZ?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 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-gld.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-gld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · GLD correlations
