DGZ vs GTE: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Gran Tierra Energy Inc. (GTE) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and GTE?
Across a 3-year window, the weekly returns of DGZ and GTE correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.23). Stretching to 5 years gives -0.24, with an annualized covariance of -401.8 %².
By 3-year correlation, GTE places #59 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with GTE ahead by 169.6 points (-26.6% versus +143.0%). Risk is not evenly split, since GTE carries 2.1 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 GTE: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | GTE (Gran Tierra Energy Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +143.0% |
| 5-year return | -50.3% | +90.8% |
| Volatility (ann.) | 28.3% | 60.6% |
| Beta vs S&P 500 | -0.18 | 0.32 |
| Max drawdown (3Y) | -59.5% | -66.9% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | GTE |
|---|---|---|
| 2022 | +4.9% | +30.3% |
| 2023 | -4.7% | -43.0% |
| 2024 | -16.5% | +28.2% |
| 2025 | -32.5% | -41.4% |
| 2026 | -10.0% | +138.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and GTE good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and GTE?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.34 over the last year and -0.24 over 5 years.
Is GTE a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-gte.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-gte/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · GTE correlations
