DGZ vs NEXM: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and NexMetals Mining Corp. (NEXM) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and NEXM?
Across a 3-year window, the weekly returns of DGZ and NEXM correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.22). Stretching to 5 years gives -0.18, with an annualized covariance of -448.9 %².
By 3-year correlation, NEXM places #52 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months DGZ outperformed by 27.2 percentage points (-26.6% for DGZ against -53.8% for NEXM). Risk is not evenly split, since NEXM carries 2.6 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 NEXM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NEXM (NexMetals Mining Corp.) | |
|---|---|---|
| 1-year return | -26.6% | -53.8% |
| 5-year return | -50.3% | -87.5% |
| Volatility (ann.) | 28.3% | 73.4% |
| Beta vs S&P 500 | -0.18 | 1.07 |
| Max drawdown (3Y) | -59.5% | -92.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | NEXM |
|---|---|---|
| 2022 | +4.9% | -29.6% |
| 2023 | -4.7% | -22.1% |
| 2024 | -16.5% | -67.8% |
| 2025 | -32.5% | -34.8% |
| 2026 | -10.0% | -36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NEXM good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and NEXM?
As of 2026-08-27, the correlation of weekly returns between DGZ and NEXM is -0.22 over 3 years, -0.33 over 1 year and -0.18 over 5 years.
Is NEXM a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-nexm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-nexm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · NEXM correlations
