DGZ vs GPN: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Global Payments (GPN) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GPN?
Over the past 3 years, DGZ and GPN moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.22). Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -222.4 %².
Within DGZ's tracked universe of 156 assets, GPN comes in at #51 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GPN ahead by 33.6 points (-26.6% versus +7.0%).
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 GPN: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GPN (Global Payments) | |
|---|---|---|
| 1-year return | -26.6% | +7.0% |
| 5-year return | -50.3% | -39.6% |
| Volatility (ann.) | 28.3% | 35.9% |
| Beta vs S&P 500 | -0.18 | 1.22 |
| Max drawdown (3Y) | -59.5% | -54.0% |
| Market cap | – | $24.5B |
| P/E (trailing) | – | 44.0 |
| Dividend yield | – | 1.08% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | GPN |
|---|---|---|
| 2022 | +4.9% | -25.9% |
| 2023 | -4.7% | +29.0% |
| 2024 | -16.5% | -11.0% |
| 2025 | -32.5% | -30.1% |
| 2026 | -10.0% | +20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GPN good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and GPN?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.38 over the last year and -0.14 over 5 years.
Is GPN a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-gpn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-gpn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · GPN correlations
