DGZ vs HYMC: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Hycroft Mining Holding Corporation (HYMC) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and HYMC?
On 3 years of weekly data the DGZ/HYMC correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.28 over 3. The 5-year figure is -0.12, and annualized covariance runs at -758.7 %².
By 3-year correlation, HYMC places #102 of the 156 assets tracked against DGZ. The last year tells two different stories: HYMC led by 549.1 percentage points, -26.6% for DGZ against +522.5% for HYMC. One caveat on sizing: HYMC is 3.4 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 HYMC: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | HYMC (Hycroft Mining Holding Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +522.5% |
| 5-year return | -50.3% | +28.5% |
| Volatility (ann.) | 28.3% | 96.6% |
| Beta vs S&P 500 | -0.18 | 0.99 |
| Max drawdown (3Y) | -59.5% | -66.9% |
| Market cap | – | $2.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | HYMC |
|---|---|---|
| 2022 | +4.9% | -13.4% |
| 2023 | -4.7% | -53.9% |
| 2024 | -16.5% | -9.8% |
| 2025 | -32.5% | +975.6% |
| 2026 | -10.0% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and HYMC good diversifiers for each other?
Yes. With a correlation of -0.28, DGZ and HYMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and HYMC?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.35 over the last year and -0.12 over 5 years.
Is HYMC a good diversifier for DGZ?
Yes. With a correlation of -0.28, DGZ and HYMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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-hymc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-hymc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · HYMC correlations
