DGZ vs IAG: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Iamgold Corporation (IAG) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and IAG?
On 3 years of weekly data the DGZ/IAG correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.39 over 3. The 5-year figure is -0.41, and annualized covariance runs at -683.5 %².
Within DGZ's tracked universe of 156 assets, IAG comes in at #139 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IAG ahead by 161.8 points (-26.6% versus +135.2%). Note the risk asymmetry: IAG runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IAG: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | IAG (Iamgold Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +135.2% |
| 5-year return | -50.3% | +832.5% |
| Volatility (ann.) | 28.3% | 61.7% |
| Beta vs S&P 500 | -0.18 | 1.24 |
| Max drawdown (3Y) | -59.5% | -43.3% |
| Market cap | – | $12.3B |
| P/E (trailing) | – | 10.9 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | IAG |
|---|---|---|
| 2022 | +4.9% | -17.6% |
| 2023 | -4.7% | -1.9% |
| 2024 | -16.5% | +104.0% |
| 2025 | -32.5% | +219.6% |
| 2026 | -10.0% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and IAG good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and IAG?
The DGZ/IAG correlation stands at -0.39 on a 3-year window (1 year: -0.35, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is IAG a good diversifier for DGZ?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 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-iag.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-iag/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · IAG correlations
