DGZ vs JKHY: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Jack Henry & Associates (JKHY) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and JKHY?
Over the past 3 years, DGZ and JKHY moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.23 over 3 years. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -148.9 %².
Within DGZ's tracked universe of 156 assets, JKHY comes in at #60 by 3-year correlation. Correlation aside, the last 12 months split them widely, with JKHY ahead by 32.4 points (-26.6% versus +5.8%).
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 JKHY: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | JKHY (Jack Henry & Associates) | |
|---|---|---|
| 1-year return | -26.6% | +5.8% |
| 5-year return | -50.3% | +2.6% |
| Volatility (ann.) | 28.3% | 23.0% |
| Beta vs S&P 500 | -0.18 | 0.21 |
| Max drawdown (3Y) | -59.5% | -35.4% |
| Market cap | – | $12.1B |
| P/E (trailing) | – | 24.7 |
| Dividend yield | – | 1.38% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | JKHY |
|---|---|---|
| 2022 | +4.9% | +6.2% |
| 2023 | -4.7% | -5.7% |
| 2024 | -16.5% | +8.7% |
| 2025 | -32.5% | +5.5% |
| 2026 | -10.0% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and JKHY good diversifiers for each other?
Yes. With a correlation of -0.23, DGZ and JKHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and JKHY?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.35 over the last year and -0.19 over 5 years.
Is JKHY a good diversifier for DGZ?
Yes. With a correlation of -0.23, DGZ and JKHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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-jkhy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-jkhy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · JKHY correlations
