DGZ vs HTZ: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Hertz Global Holdings, Inc (HTZ) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and HTZ?
Over the past 3 years, DGZ and HTZ moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -536.2 %².
Within DGZ's tracked universe of 156 assets, HTZ comes in at #29 by 3-year correlation. The last year tells two different stories: DGZ led by 38.5 percentage points, -26.6% for DGZ against -65.1% for HTZ. One caveat on sizing: HTZ is 3.6 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 HTZ: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | HTZ (Hertz Global Holdings, Inc) | |
|---|---|---|
| 1-year return | -26.6% | -65.1% |
| 5-year return | -50.3% | -87.9% |
| Volatility (ann.) | 28.3% | 102.2% |
| Beta vs S&P 500 | -0.18 | 1.27 |
| Max drawdown (3Y) | -59.5% | -91.2% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | HTZ |
|---|---|---|
| 2022 | +4.9% | -38.4% |
| 2023 | -4.7% | -32.5% |
| 2024 | -16.5% | -64.8% |
| 2025 | -32.5% | +40.4% |
| 2026 | -10.0% | -60.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and HTZ good diversifiers for each other?
Yes. With a correlation of -0.19, DGZ and HTZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and HTZ?
As of 2026-08-27, the correlation of weekly returns between DGZ and HTZ is -0.19 over 3 years, -0.29 over 1 year and -0.15 over 5 years.
Is HTZ a good diversifier for DGZ?
Yes. With a correlation of -0.19, DGZ and HTZ 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-htz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-htz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · HTZ correlations
