DGZ vs GMED: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Globus Medical, Inc. (GMED) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GMED?
Across a 3-year window, the weekly returns of DGZ and GMED correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.25). Stretching to 5 years gives -0.25, with an annualized covariance of -300.1 %².
By 3-year correlation, GMED places #76 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with GMED ahead by 60.8 points (-26.6% versus +34.2%).
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 GMED: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GMED (Globus Medical, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +34.2% |
| 5-year return | -50.3% | +0.4% |
| Volatility (ann.) | 28.3% | 41.6% |
| Beta vs S&P 500 | -0.18 | 0.74 |
| Max drawdown (3Y) | -59.5% | -44.4% |
| Market cap | – | $11.1B |
| P/E (trailing) | – | 21.1 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GMED |
|---|---|---|
| 2022 | +4.9% | +2.9% |
| 2023 | -4.7% | -28.2% |
| 2024 | -16.5% | +55.2% |
| 2025 | -32.5% | +5.6% |
| 2026 | -10.0% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GMED good diversifiers for each other?
Yes. With a correlation of -0.25, DGZ and GMED have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and GMED?
As of 2026-08-27, the correlation of weekly returns between DGZ and GMED is -0.25 over 3 years, -0.40 over 1 year and -0.25 over 5 years.
Is GMED a good diversifier for DGZ?
Yes. With a correlation of -0.25, DGZ and GMED have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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.
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Related comparisons
Hubs: DGZ correlations · GMED correlations
