DGZ vs MCD: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and McDonald's (MCD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and MCD?
Over the past 3 years, DGZ and MCD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -125.8 %².
Within DGZ's tracked universe of 156 assets, MCD comes in at #79 by 3-year correlation. The trailing year gives MCD the advantage: -26.6% versus -14.5%, a 12.1-point spread. Risk is not evenly split, since DGZ carries 1.6 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 MCD: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | MCD (McDonald's) | |
|---|---|---|
| 1-year return | -26.6% | -14.5% |
| 5-year return | -50.3% | +23.3% |
| Volatility (ann.) | 28.3% | 17.8% |
| Beta vs S&P 500 | -0.18 | 0.30 |
| Max drawdown (3Y) | -59.5% | -22.8% |
| Market cap | – | $184.0B |
| P/E (trailing) | – | 21.7 |
| Dividend yield | – | 2.75% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | DGZ | MCD |
|---|---|---|
| 2022 | +4.9% | +0.5% |
| 2023 | -4.7% | +15.1% |
| 2024 | -16.5% | +0.1% |
| 2025 | -32.5% | +7.9% |
| 2026 | -10.0% | -13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and MCD good diversifiers for each other?
Yes. With a correlation of -0.25, DGZ and MCD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and MCD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.33 over the last year and -0.16 over 5 years.
Is MCD a good diversifier for DGZ?
Yes. With a correlation of -0.25, DGZ and MCD 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-mcd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-mcd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · MCD correlations
