DGZ vs ICE: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Intercontinental Exchange (ICE) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and ICE?
Over the past 3 years, DGZ and ICE moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.27 over 3 years. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -162.6 %².
By 3-year correlation, ICE places #94 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with ICE ahead by 18.7 points (-26.6% versus -7.9%).
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 ICE: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | ICE (Intercontinental Exchange) | |
|---|---|---|
| 1-year return | -26.6% | -7.9% |
| 5-year return | -50.3% | +44.2% |
| Volatility (ann.) | 28.3% | 21.2% |
| Beta vs S&P 500 | -0.18 | 0.62 |
| Max drawdown (3Y) | -59.5% | -33.9% |
| Market cap | – | $90.5B |
| P/E (trailing) | – | 22.7 |
| Dividend yield | – | 1.24% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | ICE |
|---|---|---|
| 2022 | +4.9% | -23.9% |
| 2023 | -4.7% | +27.1% |
| 2024 | -16.5% | +17.5% |
| 2025 | -32.5% | +9.9% |
| 2026 | -10.0% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and ICE good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and ICE?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.38 over the last year and -0.24 over 5 years.
Is ICE a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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-ice.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-ice/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · ICE correlations
