DGZ vs GOLD: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Gold.com, Inc. (GOLD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GOLD?
Over the past 3 years, DGZ and GOLD moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.12 over 1 year against -0.19 over 3. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -254.0 %².
Within DGZ's tracked universe of 156 assets, GOLD comes in at #27 by 3-year correlation. The last year tells two different stories: GOLD led by 130.6 percentage points, -26.6% for DGZ against +104.0% for GOLD. Risk is not evenly split, since GOLD carries 1.7 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 GOLD: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GOLD (Gold.com, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +104.0% |
| 5-year return | -50.3% | +128.6% |
| Volatility (ann.) | 28.3% | 46.9% |
| Beta vs S&P 500 | -0.18 | 0.85 |
| Max drawdown (3Y) | -59.5% | -57.1% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 14.8 |
| Dividend yield | – | 1.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GOLD |
|---|---|---|
| 2022 | +4.9% | +18.4% |
| 2023 | -4.7% | -8.4% |
| 2024 | -16.5% | -7.4% |
| 2025 | -32.5% | +28.4% |
| 2026 | -10.0% | +36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GOLD good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and GOLD?
The DGZ/GOLD correlation stands at -0.19 on a 3-year window (1 year: -0.12, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is GOLD a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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-gold.json
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[](https://www.pairbook.io/pair/dgz-vs-gold/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · GOLD correlations
