DGZ vs NDAQ: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Nasdaq, Inc. (NDAQ) 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 NDAQ?
On 3 years of weekly data the DGZ/NDAQ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.28 over 3 years. The 5-year figure is -0.26, and annualized covariance runs at -182.1 %².
Among the 156 assets we track against DGZ, NDAQ ranks #104 by 3-year correlation. The last year tells two different stories: NDAQ led by 32.7 percentage points, -26.6% for DGZ against +6.1% for NDAQ.
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 NDAQ: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +6.1% |
| 5-year return | -50.3% | +64.4% |
| Volatility (ann.) | 28.3% | 23.2% |
| Beta vs S&P 500 | -0.18 | 0.80 |
| Max drawdown (3Y) | -59.5% | -23.4% |
| Market cap | – | $55.5B |
| P/E (trailing) | – | 29.0 |
| Dividend yield | – | 1.13% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | NDAQ |
|---|---|---|
| 2022 | +4.9% | -11.2% |
| 2023 | -4.7% | -3.7% |
| 2024 | -16.5% | +34.8% |
| 2025 | -32.5% | +27.2% |
| 2026 | -10.0% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NDAQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and NDAQ?
As of 2026-08-27, the correlation of weekly returns between DGZ and NDAQ is -0.28 over 3 years, -0.39 over 1 year and -0.26 over 5 years.
Is NDAQ a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · NDAQ correlations
