DGZ vs NTR: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Nutrien Ltd. (NTR) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and NTR?
On 3 years of weekly data the DGZ/NTR correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. The 5-year figure is -0.25, and annualized covariance runs at -188.7 %².
Among the 156 assets we track against DGZ, NTR ranks #72 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NTR outperformed by 54.3 percentage points (-26.6% for DGZ against +27.7% for NTR).
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 NTR: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NTR (Nutrien Ltd.) | |
|---|---|---|
| 1-year return | -26.6% | +27.7% |
| 5-year return | -50.3% | +39.5% |
| Volatility (ann.) | 28.3% | 28.2% |
| Beta vs S&P 500 | -0.18 | 0.22 |
| Max drawdown (3Y) | -59.5% | -28.3% |
| Market cap | – | $34.9B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | – | 2.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | NTR |
|---|---|---|
| 2022 | +4.9% | -0.7% |
| 2023 | -4.7% | -20.2% |
| 2024 | -16.5% | -17.0% |
| 2025 | -32.5% | +40.8% |
| 2026 | -10.0% | +20.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NTR good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and NTR?
As of 2026-08-27, the correlation of weekly returns between DGZ and NTR is -0.24 over 3 years, -0.26 over 1 year and -0.25 over 5 years.
Is NTR a good diversifier for DGZ?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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-ntr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-ntr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · NTR correlations
