DGZ vs HMY: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Harmony Gold Mining Company Limited (HMY) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and HMY?
On 3 years of weekly data the DGZ/HMY correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -730.8 %².
Within DGZ's tracked universe of 156 assets, HMY comes in at #145 by 3-year correlation. The last year tells two different stories: HMY led by 72.7 percentage points, -26.6% for DGZ against +46.1% for HMY. One caveat on sizing: HMY is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 HMY: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | HMY (Harmony Gold Mining Company Limited) | |
|---|---|---|
| 1-year return | -26.6% | +46.1% |
| 5-year return | -50.3% | +492.0% |
| Volatility (ann.) | 28.3% | 63.5% |
| Beta vs S&P 500 | -0.18 | 1.18 |
| Max drawdown (3Y) | -59.5% | -48.8% |
| Market cap | – | – |
| P/E (trailing) | – | 13.9 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | HMY |
|---|---|---|
| 2022 | +4.9% | -16.4% |
| 2023 | -4.7% | +82.5% |
| 2024 | -16.5% | +35.4% |
| 2025 | -32.5% | +144.2% |
| 2026 | -10.0% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and HMY good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and HMY?
The DGZ/HMY correlation stands at -0.41 on a 3-year window (1 year: -0.35, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is HMY a good diversifier for DGZ?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 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-hmy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-hmy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · HMY correlations
