DGZ vs NEM: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Newmont (NEM) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and NEM?
On 3 years of weekly data the DGZ/NEM correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. The 5-year figure is -0.42, and annualized covariance runs at -444.0 %².
By 3-year correlation, NEM places #132 of the 156 assets tracked against DGZ. The last year tells two different stories: NEM led by 111.3 percentage points, -26.6% for DGZ against +84.7% for NEM. Risk is not evenly split, since NEM carries 1.5 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 NEM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NEM (Newmont) | |
|---|---|---|
| 1-year return | -26.6% | +84.7% |
| 5-year return | -50.3% | +165.9% |
| Volatility (ann.) | 28.3% | 43.0% |
| Beta vs S&P 500 | -0.18 | 0.87 |
| Max drawdown (3Y) | -59.5% | -36.6% |
| Market cap | – | $139.4B |
| P/E (trailing) | – | 16.6 |
| Dividend yield | – | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DGZ | NEM |
|---|---|---|
| 2022 | +4.9% | -20.8% |
| 2023 | -4.7% | -8.8% |
| 2024 | -16.5% | -7.8% |
| 2025 | -32.5% | +172.8% |
| 2026 | -10.0% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NEM good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and NEM?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.29 over the last year and -0.42 over 5 years.
Is NEM a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · NEM correlations
