DGZ vs HL: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Hecla Mining Company (HL) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and HL?
Over the past 3 years, DGZ and HL moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -591.0 %².
Within DGZ's tracked universe of 156 assets, HL comes in at #118 by 3-year correlation. The last year tells two different stories: HL led by 193.7 percentage points, -26.6% for DGZ against +167.1% for HL. Risk is not evenly split, since HL carries 2.4 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 HL: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | HL (Hecla Mining Company) | |
|---|---|---|
| 1-year return | -26.6% | +167.1% |
| 5-year return | -50.3% | +265.0% |
| Volatility (ann.) | 28.3% | 66.9% |
| Beta vs S&P 500 | -0.18 | 1.50 |
| Max drawdown (3Y) | -59.5% | -55.8% |
| Market cap | – | $14.4B |
| P/E (trailing) | – | 24.9 |
| Dividend yield | – | 0.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | HL |
|---|---|---|
| 2022 | +4.9% | +7.0% |
| 2023 | -4.7% | -13.0% |
| 2024 | -16.5% | +2.8% |
| 2025 | -32.5% | +291.8% |
| 2026 | -10.0% | +11.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and HL good diversifiers for each other?
Yes. With a correlation of -0.31, DGZ and HL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and HL?
The DGZ/HL correlation stands at -0.31 on a 3-year window (1 year: -0.30, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is HL a good diversifier for DGZ?
Yes. With a correlation of -0.31, DGZ and HL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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-hl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-hl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · HL correlations
