DGZ vs OR: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and OR Royalties Inc. (OR) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and OR?
Across a 3-year window, the weekly returns of DGZ and OR correlate at -0.41, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.47, with an annualized covariance of -436.5 %².
Among the 156 assets we track against DGZ, OR ranks #146 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OR outperformed by 51.3 percentage points (-26.6% for DGZ against +24.7% for OR).
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 OR: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | OR (OR Royalties Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +24.7% |
| 5-year return | -50.3% | +236.7% |
| Volatility (ann.) | 28.3% | 37.9% |
| Beta vs S&P 500 | -0.18 | 0.77 |
| Max drawdown (3Y) | -59.5% | -41.0% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 28.6 |
| Dividend yield | – | 0.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | OR |
|---|---|---|
| 2022 | +4.9% | +0.0% |
| 2023 | -4.7% | +19.8% |
| 2024 | -16.5% | +28.1% |
| 2025 | -32.5% | +96.4% |
| 2026 | -10.0% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and OR good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and OR?
The DGZ/OR correlation stands at -0.41 on a 3-year window (1 year: -0.34, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is OR a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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-or.json
Markdown for the live badge, attribution link included:
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Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · OR correlations
