DGZ vs IOVA: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Iovance Biotherapeutics, Inc. (IOVA) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and IOVA?
Across a 3-year window, the weekly returns of DGZ and IOVA correlate at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.48 versus -0.25 over 3 years. Stretching to 5 years gives -0.19, with an annualized covariance of -734.3 %².
Within DGZ's tracked universe of 156 assets, IOVA comes in at #78 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IOVA ahead by 267.9 points (-26.6% versus +241.3%). Note the risk asymmetry: IOVA runs 3.6 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 IOVA: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | IOVA (Iovance Biotherapeutics, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +241.3% |
| 5-year return | -50.3% | -64.9% |
| Volatility (ann.) | 28.3% | 103.2% |
| Beta vs S&P 500 | -0.18 | 1.90 |
| Max drawdown (3Y) | -59.5% | -90.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | IOVA |
|---|---|---|
| 2022 | +4.9% | -66.5% |
| 2023 | -4.7% | +27.2% |
| 2024 | -16.5% | -9.0% |
| 2025 | -32.5% | -63.1% |
| 2026 | -10.0% | +202.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and IOVA good diversifiers for each other?
Yes. With a correlation of -0.25, DGZ and IOVA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and IOVA?
As of 2026-08-27, the correlation of weekly returns between DGZ and IOVA is -0.25 over 3 years, -0.48 over 1 year and -0.19 over 5 years.
Is IOVA a good diversifier for DGZ?
Yes. With a correlation of -0.25, DGZ and IOVA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-iova.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-iova/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · IOVA correlations
