DGZ vs GNT: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and GAMCO Natural Resources, Gold & Income Trust (GNT) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GNT?
Over the past 3 years, DGZ and GNT moved with a correlation of -0.40, which is 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. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -240.0 %².
By 3-year correlation, GNT places #144 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with GNT ahead by 77.7 points (-26.6% versus +51.1%).
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 GNT: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GNT (GAMCO Natural Resources, Gold & Income Trust) | |
|---|---|---|
| 1-year return | -26.6% | +51.1% |
| 5-year return | -50.3% | +152.2% |
| Volatility (ann.) | 28.3% | 21.0% |
| Beta vs S&P 500 | -0.18 | 0.40 |
| Max drawdown (3Y) | -59.5% | -15.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 3.2 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GNT |
|---|---|---|
| 2022 | +4.9% | +2.8% |
| 2023 | -4.7% | +7.8% |
| 2024 | -16.5% | +10.5% |
| 2025 | -32.5% | +52.4% |
| 2026 | -10.0% | +32.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GNT 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 GNT?
As of 2026-08-27, the correlation of weekly returns between DGZ and GNT is -0.40 over 3 years, -0.37 over 1 year and -0.44 over 5 years.
Is GNT 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-gnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-gnt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · GNT correlations
