DGZ vs MCO: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Moody's Corporation (MCO) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and MCO?
Across a 3-year window, the weekly returns of DGZ and MCO correlate at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Stretching to 5 years gives -0.23, with an annualized covariance of -171.8 %².
Among the 156 assets we track against DGZ, MCO ranks #71 by 3-year correlation. The last year tells two different stories: MCO led by 27.3 percentage points, -26.6% for DGZ against +0.7% for MCO.
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 MCO: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | MCO (Moody's Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +0.7% |
| 5-year return | -50.3% | +39.4% |
| Volatility (ann.) | 28.3% | 25.8% |
| Beta vs S&P 500 | -0.18 | 1.08 |
| Max drawdown (3Y) | -59.5% | -24.7% |
| Market cap | – | $88.2B |
| P/E (trailing) | – | 32.7 |
| Dividend yield | – | 0.77% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | MCO |
|---|---|---|
| 2022 | +4.9% | -28.0% |
| 2023 | -4.7% | +41.5% |
| 2024 | -16.5% | +22.2% |
| 2025 | -32.5% | +8.7% |
| 2026 | -10.0% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and MCO good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and MCO?
The DGZ/MCO correlation stands at -0.24 on a 3-year window (1 year: -0.33, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is MCO a good diversifier for DGZ?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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-mco.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-mco/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · MCO correlations
