DGZ vs OGS: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and ONE Gas, Inc. (OGS) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and OGS?
Across a 3-year window, the weekly returns of DGZ and OGS correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.19, with an annualized covariance of -129.4 %².
Within DGZ's tracked universe of 156 assets, OGS comes in at #61 by 3-year correlation. The last year tells two different stories: OGS led by 34.1 percentage points, -26.6% for DGZ against +7.5% for OGS.
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 OGS: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +7.5% |
| 5-year return | -50.3% | +32.3% |
| Volatility (ann.) | 28.3% | 20.2% |
| Beta vs S&P 500 | -0.18 | 0.17 |
| Max drawdown (3Y) | -59.5% | -23.0% |
| Market cap | – | $5.0B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | – | 3.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | OGS |
|---|---|---|
| 2022 | +4.9% | +0.6% |
| 2023 | -4.7% | -12.8% |
| 2024 | -16.5% | +13.1% |
| 2025 | -32.5% | +15.6% |
| 2026 | -10.0% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and OGS good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and OGS?
The DGZ/OGS correlation stands at -0.23 on a 3-year window (1 year: -0.28, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is OGS a good diversifier for DGZ?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-ogs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-ogs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · OGS correlations
