DGZ vs MTVA: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and MetaVia Inc. (MTVA) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and MTVA?
On 3 years of weekly data the DGZ/MTVA correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. The 5-year figure is -0.16, and annualized covariance runs at -1353.3 %².
Within DGZ's tracked universe of 156 assets, MTVA comes in at #103 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DGZ outperformed by 49.6 percentage points (-26.6% for DGZ against -76.2% for MTVA). Risk is not evenly split, since MTVA carries 6.1 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 MTVA: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | MTVA (MetaVia Inc.) | |
|---|---|---|
| 1-year return | -26.6% | -76.2% |
| 5-year return | -50.3% | -100.0% |
| Volatility (ann.) | 28.3% | 173.6% |
| Beta vs S&P 500 | -0.18 | 1.46 |
| Max drawdown (3Y) | -59.5% | -98.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | MTVA |
|---|---|---|
| 2022 | +4.9% | -98.0% |
| 2023 | -4.7% | -35.6% |
| 2024 | -16.5% | -45.1% |
| 2025 | -32.5% | -62.3% |
| 2026 | -10.0% | -80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and MTVA good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and MTVA?
The DGZ/MTVA correlation stands at -0.28 on a 3-year window (1 year: -0.32, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is MTVA a good diversifier for DGZ?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-mtva.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-mtva/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · MTVA correlations
