DGZ vs OMC: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Omnicom Group (OMC) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and OMC?
On 3 years of weekly data the DGZ/OMC correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.49) runs below the 3-year figure (-0.35). The 5-year figure is -0.27, and annualized covariance runs at -276.6 %².
By 3-year correlation, OMC places #130 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months OMC outperformed by 43.1 percentage points (-26.6% for DGZ against +16.5% for OMC).
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 OMC: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | OMC (Omnicom Group) | |
|---|---|---|
| 1-year return | -26.6% | +16.5% |
| 5-year return | -50.3% | +45.6% |
| Volatility (ann.) | 28.3% | 28.0% |
| Beta vs S&P 500 | -0.18 | 0.76 |
| Max drawdown (3Y) | -59.5% | -33.3% |
| Market cap | – | $24.1B |
| P/E (trailing) | – | 237.5 |
| Dividend yield | – | 3.53% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | DGZ | OMC |
|---|---|---|
| 2022 | +4.9% | +15.7% |
| 2023 | -4.7% | +9.6% |
| 2024 | -16.5% | +2.5% |
| 2025 | -32.5% | -2.6% |
| 2026 | -10.0% | +11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and OMC good diversifiers for each other?
Yes. With a correlation of -0.35, DGZ and OMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and OMC?
The DGZ/OMC correlation stands at -0.35 on a 3-year window (1 year: -0.49, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is OMC a good diversifier for DGZ?
Yes. With a correlation of -0.35, DGZ and OMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 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-omc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-omc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · OMC correlations
