DGZ vs ITRG: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Integra Resources Corp. (ITRG) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and ITRG?
On 3 years of weekly data the DGZ/ITRG correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. The 5-year figure is -0.20, and annualized covariance runs at -562.7 %².
Within DGZ's tracked universe of 156 assets, ITRG comes in at #119 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ITRG ahead by 65.9 points (-26.6% versus +39.3%). Note the risk asymmetry: ITRG 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 ITRG: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | ITRG (Integra Resources Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +39.3% |
| 5-year return | -50.3% | +6.9% |
| Volatility (ann.) | 28.3% | 63.1% |
| Beta vs S&P 500 | -0.18 | 1.11 |
| Max drawdown (3Y) | -59.5% | -55.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 73.5 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | ITRG |
|---|---|---|
| 2022 | +4.9% | -70.6% |
| 2023 | -4.7% | +67.5% |
| 2024 | -16.5% | -17.9% |
| 2025 | -32.5% | +360.9% |
| 2026 | -10.0% | -26.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and ITRG good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and ITRG?
The DGZ/ITRG correlation stands at -0.31 on a 3-year window (1 year: -0.34, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is ITRG a good diversifier for DGZ?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 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
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Related comparisons
Hubs: DGZ correlations · ITRG correlations
