DGZ vs OIS: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Oil States International, Inc. (OIS) 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 OIS?
Over the past 3 years, DGZ and OIS moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus -0.21 over 3 years. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -326.3 %².
By 3-year correlation, OIS places #46 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with OIS ahead by 83.4 points (-26.6% versus +56.8%). One caveat on sizing: OIS is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 OIS: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | OIS (Oil States International, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +56.8% |
| 5-year return | -50.3% | +48.7% |
| Volatility (ann.) | 28.3% | 55.2% |
| Beta vs S&P 500 | -0.18 | 0.78 |
| Max drawdown (3Y) | -59.5% | -62.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | OIS |
|---|---|---|
| 2022 | +4.9% | +50.1% |
| 2023 | -4.7% | -9.0% |
| 2024 | -16.5% | -25.5% |
| 2025 | -32.5% | +33.8% |
| 2026 | -10.0% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and OIS good diversifiers for each other?
Yes. With a correlation of -0.21, DGZ and OIS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and OIS?
The DGZ/OIS correlation stands at -0.21 on a 3-year window (1 year: -0.33, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is OIS a good diversifier for DGZ?
Yes. With a correlation of -0.21, DGZ and OIS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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-ois.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-ois/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · OIS correlations
