DGZ vs MUX: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and McEwen Inc. (MUX) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and MUX?
Over the past 3 years, DGZ and MUX moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.31 over 3. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -503.7 %².
By 3-year correlation, MUX places #120 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months MUX outperformed by 123.9 percentage points (-26.6% for DGZ against +97.3% for MUX). One caveat on sizing: MUX is 2.0 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 MUX: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | MUX (McEwen Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +97.3% |
| 5-year return | -50.3% | +90.0% |
| Volatility (ann.) | 28.3% | 56.7% |
| Beta vs S&P 500 | -0.18 | 1.41 |
| Max drawdown (3Y) | -59.5% | -46.5% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | MUX |
|---|---|---|
| 2022 | +4.9% | -33.9% |
| 2023 | -4.7% | +23.0% |
| 2024 | -16.5% | +7.9% |
| 2025 | -32.5% | +137.9% |
| 2026 | -10.0% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and MUX good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and MUX?
The DGZ/MUX correlation stands at -0.31 on a 3-year window (1 year: -0.27, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is MUX a good diversifier for DGZ?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DGZ correlations · MUX correlations
