DGZ vs NOC: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Northrop Grumman (NOC) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and NOC?
Over the past 3 years, DGZ and NOC moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.21 lands near the 3-year figure. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -167.0 %².
Among the 156 assets we track against DGZ, NOC ranks #53 by 3-year correlation. The last year tells two different stories: NOC led by 21.0 percentage points, -26.6% for DGZ against -5.6% for NOC.
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 NOC: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NOC (Northrop Grumman) | |
|---|---|---|
| 1-year return | -26.6% | -5.6% |
| 5-year return | -50.3% | +60.1% |
| Volatility (ann.) | 28.3% | 26.7% |
| Beta vs S&P 500 | -0.18 | 0.24 |
| Max drawdown (3Y) | -59.5% | -35.1% |
| Market cap | – | $77.4B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | – | 1.71% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | DGZ | NOC |
|---|---|---|
| 2022 | +4.9% | +43.0% |
| 2023 | -4.7% | -12.8% |
| 2024 | -16.5% | +1.9% |
| 2025 | -32.5% | +23.6% |
| 2026 | -10.0% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NOC 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 NOC?
The DGZ/NOC correlation stands at -0.22 on a 3-year window (1 year: -0.21, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is NOC 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?
On the −1 to +1 scale, -0.22 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-noc.json
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Related comparisons
Hubs: DGZ correlations · NOC correlations
