DGZ vs IEFA: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and iShares Core MSCI EAFE ETF (IEFA) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and IEFA?
Over the past 3 years, DGZ and IEFA moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -80.4 %².
Within DGZ's tracked universe of 156 assets, IEFA comes in at #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IEFA ahead by 48.4 points (-26.6% versus +21.8%). Risk is not evenly split, since DGZ carries 1.9 times the volatility of the other side.
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 IEFA: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | -26.6% | +21.8% |
| 5-year return | -50.3% | +54.5% |
| Volatility (ann.) | 28.3% | 15.0% |
| Beta vs S&P 500 | -0.18 | 0.77 |
| Max drawdown (3Y) | -59.5% | -13.8% |
| Dividend yield | – | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | US Listed | ETF · International |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | DGZ | IEFA |
|---|---|---|
| 2022 | +4.9% | -15.2% |
| 2023 | -4.7% | +18.0% |
| 2024 | -16.5% | +3.3% |
| 2025 | -32.5% | +32.1% |
| 2026 | -10.0% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and IEFA good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and IEFA?
As of 2026-08-27, the correlation of weekly returns between DGZ and IEFA is -0.19 over 3 years, -0.24 over 1 year and -0.20 over 5 years.
Is IEFA a good diversifier for DGZ?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · IEFA correlations
