DGZ vs NG: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Novagold Resources Inc. (NG) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and NG?
On 3 years of weekly data the DGZ/NG correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -524.1 %².
Among the 156 assets we track against DGZ, NG ranks #88 by 3-year correlation. The last year tells two different stories: NG led by 65.0 percentage points, -26.6% for DGZ against +38.4% for NG. Note the risk asymmetry: NG runs 2.5 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 NG: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NG (Novagold Resources Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +38.4% |
| 5-year return | -50.3% | +28.8% |
| Volatility (ann.) | 28.3% | 72.0% |
| Beta vs S&P 500 | -0.18 | 1.55 |
| Max drawdown (3Y) | -59.5% | -63.5% |
| Market cap | – | $4.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | NG |
|---|---|---|
| 2022 | +4.9% | -12.8% |
| 2023 | -4.7% | -37.5% |
| 2024 | -16.5% | -11.0% |
| 2025 | -32.5% | +179.9% |
| 2026 | -10.0% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NG good diversifiers for each other?
Yes. With a correlation of -0.26, DGZ and NG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and NG?
The DGZ/NG correlation stands at -0.26 on a 3-year window (1 year: -0.32, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is NG a good diversifier for DGZ?
Yes. With a correlation of -0.26, DGZ and NG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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-ng.json
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[](https://www.pairbook.io/pair/dgz-vs-ng/)
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Related comparisons
Hubs: DGZ correlations · NG correlations
