DGZ vs GRMN: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Garmin (GRMN) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GRMN?
On 3 years of weekly data the DGZ/GRMN correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.32) runs below the 3-year figure (-0.19). The 5-year figure is -0.18, and annualized covariance runs at -189.4 %².
Among the 156 assets we track against DGZ, GRMN ranks #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GRMN outperformed by 51.7 percentage points (-26.6% for DGZ against +25.1% for GRMN).
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 GRMN: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GRMN (Garmin) | |
|---|---|---|
| 1-year return | -26.6% | +25.1% |
| 5-year return | -50.3% | +80.9% |
| Volatility (ann.) | 28.3% | 34.7% |
| Beta vs S&P 500 | -0.18 | 1.06 |
| Max drawdown (3Y) | -59.5% | -28.0% |
| Market cap | – | $55.9B |
| P/E (trailing) | – | 29.9 |
| Dividend yield | – | 1.45% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | DGZ | GRMN |
|---|---|---|
| 2022 | +4.9% | -30.2% |
| 2023 | -4.7% | +43.1% |
| 2024 | -16.5% | +63.3% |
| 2025 | -32.5% | -0.1% |
| 2026 | -10.0% | +44.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GRMN good diversifiers for each other?
Yes. With a correlation of -0.19, DGZ and GRMN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and GRMN?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.32 over the last year and -0.18 over 5 years.
Is GRMN a good diversifier for DGZ?
Yes. With a correlation of -0.19, DGZ and GRMN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-grmn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-grmn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · GRMN correlations
