DGZ vs OGG: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Osisko Gold Group Inc. (OGG) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and OGG?
Across a 3-year window, the weekly returns of DGZ and OGG correlate at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Stretching to 5 years gives -0.25, with an annualized covariance of -373.8 %².
Among the 156 assets we track against DGZ, OGG ranks #45 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OGG outperformed by 39.8 percentage points (-26.6% for DGZ against +13.2% for OGG). Risk is not evenly split, since OGG carries 2.2 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 OGG: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | OGG (Osisko Gold Group Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +13.2% |
| 5-year return | -50.3% | -73.6% |
| Volatility (ann.) | 28.3% | 63.4% |
| Beta vs S&P 500 | -0.18 | 1.12 |
| Max drawdown (3Y) | -59.5% | -65.8% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | OGG |
|---|---|---|
| 2022 | +4.9% | -55.5% |
| 2023 | -4.7% | -32.3% |
| 2024 | -16.5% | -44.0% |
| 2025 | -32.5% | +114.1% |
| 2026 | -10.0% | -9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and OGG good diversifiers for each other?
Yes. With a correlation of -0.21, DGZ and OGG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and OGG?
As of 2026-08-27, the correlation of weekly returns between DGZ and OGG is -0.21 over 3 years, -0.28 over 1 year and -0.25 over 5 years.
Is OGG a good diversifier for DGZ?
Yes. With a correlation of -0.21, DGZ and OGG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DGZ correlations · OGG correlations
