DGZ vs KGC: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Kinross Gold Corporation (KGC) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and KGC?
Across a 3-year window, the weekly returns of DGZ and KGC correlate at -0.37, 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. Stretching to 5 years gives -0.44, with an annualized covariance of -500.4 %².
Among the 156 assets we track against DGZ, KGC ranks #134 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KGC outperformed by 88.1 percentage points (-26.6% for DGZ against +61.5% for KGC). One caveat on sizing: KGC is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 KGC: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | KGC (Kinross Gold Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +61.5% |
| 5-year return | -50.3% | +495.9% |
| Volatility (ann.) | 28.3% | 47.3% |
| Beta vs S&P 500 | -0.18 | 0.97 |
| Max drawdown (3Y) | -59.5% | -40.7% |
| Market cap | – | $38.6B |
| P/E (trailing) | – | 12.3 |
| Dividend yield | – | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | KGC |
|---|---|---|
| 2022 | +4.9% | -27.6% |
| 2023 | -4.7% | +51.8% |
| 2024 | -16.5% | +55.6% |
| 2025 | -32.5% | +205.7% |
| 2026 | -10.0% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and KGC good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and KGC?
As of 2026-08-27, the correlation of weekly returns between DGZ and KGC is -0.37 over 3 years, -0.34 over 1 year and -0.44 over 5 years.
Is KGC a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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-kgc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-kgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · KGC correlations
