DGZ vs GLDG: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and GoldMining Inc. (GLDG) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GLDG?
Over the past 3 years, DGZ and GLDG 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 (-0.36) sits close to the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -453.3 %².
Among the 156 assets we track against DGZ, GLDG ranks #117 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GLDG outperformed by 49.2 percentage points (-26.6% for DGZ against +22.6% for GLDG). Risk is not evenly split, since GLDG carries 1.8 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 GLDG: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GLDG (GoldMining Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +22.6% |
| 5-year return | -50.3% | -8.1% |
| Volatility (ann.) | 28.3% | 52.0% |
| Beta vs S&P 500 | -0.18 | 0.47 |
| Max drawdown (3Y) | -59.5% | -61.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GLDG |
|---|---|---|
| 2022 | +4.9% | -5.8% |
| 2023 | -4.7% | -14.2% |
| 2024 | -16.5% | -16.5% |
| 2025 | -32.5% | +54.3% |
| 2026 | -10.0% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GLDG good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and GLDG?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.36 over the last year and -0.33 over 5 years.
Is GLDG a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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-gldg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-gldg/)
No key needed, free to use. Full endpoint list in the API documentation.
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Hubs: DGZ correlations · GLDG correlations
