DGZ vs OGC: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and OceanaGold Corporation (OGC) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and OGC?
Across a 3-year window, the weekly returns of DGZ and OGC correlate at -0.34, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -483.7 %².
Within DGZ's tracked universe of 156 assets, OGC comes in at #127 by 3-year correlation. The last year tells two different stories: OGC led by 109.2 percentage points, -26.6% for DGZ against +82.6% for OGC. Risk is not evenly split, since OGC carries 1.8 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 OGC: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | OGC (OceanaGold Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +82.6% |
| 5-year return | -50.3% | +489.5% |
| Volatility (ann.) | 28.3% | 50.1% |
| Beta vs S&P 500 | -0.18 | 0.86 |
| Max drawdown (3Y) | -59.5% | -47.7% |
| Market cap | – | $7.0B |
| P/E (trailing) | – | 8.1 |
| Dividend yield | – | 0.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | OGC |
|---|---|---|
| 2022 | +4.9% | +9.8% |
| 2023 | -4.7% | +2.1% |
| 2024 | -16.5% | +45.1% |
| 2025 | -32.5% | +243.9% |
| 2026 | -10.0% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and OGC good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and OGC?
As of 2026-08-27, the correlation of weekly returns between DGZ and OGC is -0.34 over 3 years, -0.32 over 1 year and -0.39 over 5 years.
Is OGC a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 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-ogc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-ogc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · OGC correlations
