DGZ vs GROY: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Gold Royalty Corp. (GROY) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GROY?
On 3 years of weekly data the DGZ/GROY correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -390.1 %².
Among the 156 assets we track against DGZ, GROY ranks #77 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GROY outperformed by 30.9 percentage points (-26.6% for DGZ against +4.3% for GROY). Risk is not evenly split, since GROY carries 2.0 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 GROY: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GROY (Gold Royalty Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +4.3% |
| 5-year return | -50.3% | -15.6% |
| Volatility (ann.) | 28.3% | 55.2% |
| Beta vs S&P 500 | -0.18 | 1.04 |
| Max drawdown (3Y) | -59.5% | -51.6% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GROY |
|---|---|---|
| 2022 | +4.9% | -52.0% |
| 2023 | -4.7% | -36.3% |
| 2024 | -16.5% | -17.7% |
| 2025 | -32.5% | +233.9% |
| 2026 | -10.0% | -15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GROY good diversifiers for each other?
Yes. With a correlation of -0.25, DGZ and GROY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and GROY?
As of 2026-08-27, the correlation of weekly returns between DGZ and GROY is -0.25 over 3 years, -0.20 over 1 year and -0.26 over 5 years.
Is GROY a good diversifier for DGZ?
Yes. With a correlation of -0.25, DGZ and GROY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-groy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-groy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · GROY correlations
