DGZ vs NVS: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Novartis AG (NVS) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and NVS?
On 3 years of weekly data the DGZ/NVS correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.20 over 3. The 5-year figure is -0.20, and annualized covariance runs at -112.1 %².
By 3-year correlation, NVS places #38 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with NVS ahead by 52.2 points (-26.6% versus +25.6%).
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 NVS: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | NVS (Novartis AG) | |
|---|---|---|
| 1-year return | -26.6% | +25.6% |
| 5-year return | -50.3% | +103.5% |
| Volatility (ann.) | 28.3% | 19.6% |
| Beta vs S&P 500 | -0.18 | 0.25 |
| Max drawdown (3Y) | -59.5% | -20.0% |
| Market cap | – | $293.9B |
| P/E (trailing) | – | 23.4 |
| Dividend yield | – | 2.96% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | NVS |
|---|---|---|
| 2022 | +4.9% | +8.1% |
| 2023 | -4.7% | +16.1% |
| 2024 | -16.5% | +0.0% |
| 2025 | -32.5% | +47.0% |
| 2026 | -10.0% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and NVS good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and NVS?
The DGZ/NVS correlation stands at -0.20 on a 3-year window (1 year: -0.25, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is NVS a good diversifier for DGZ?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
A reading of -0.20 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-nvs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-nvs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · NVS correlations
