DGZ vs NEWP: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and New Pacific Metals Corp. (NEWP) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and NEWP?
Over the past 3 years, DGZ and NEWP moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -786.9 %².
Within DGZ's tracked universe of 156 assets, NEWP comes in at #133 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NEWP ahead by 345.2 points (-26.6% versus +318.6%). Note the risk asymmetry: NEWP runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NEWP: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NEWP (New Pacific Metals Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +318.6% |
| 5-year return | -50.3% | +96.6% |
| Volatility (ann.) | 28.3% | 76.6% |
| Beta vs S&P 500 | -0.18 | 1.96 |
| Max drawdown (3Y) | -59.5% | -64.6% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | NEWP |
|---|---|---|
| 2022 | +4.9% | -23.5% |
| 2023 | -4.7% | -15.1% |
| 2024 | -16.5% | -38.2% |
| 2025 | -32.5% | +197.5% |
| 2026 | -10.0% | +111.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NEWP good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and NEWP?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.33 over the last year and -0.38 over 5 years.
Is NEWP a good diversifier for DGZ?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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-newp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-newp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · NEWP correlations
