DGZ vs PAAS: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Pan American Silver Corp. (PAAS) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and PAAS?
Across a 3-year window, the weekly returns of DGZ and PAAS correlate at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.39 over 3. Stretching to 5 years gives -0.45, with an annualized covariance of -609.5 %².
By 3-year correlation, PAAS places #140 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with PAAS ahead by 94.5 points (-26.6% versus +67.9%). Risk is not evenly split, since PAAS carries 1.9 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 PAAS: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +67.9% |
| 5-year return | -50.3% | +135.6% |
| Volatility (ann.) | 28.3% | 54.5% |
| Beta vs S&P 500 | -0.18 | 1.11 |
| Max drawdown (3Y) | -59.5% | -38.8% |
| Market cap | – | $22.8B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | – | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | PAAS |
|---|---|---|
| 2022 | +4.9% | -33.0% |
| 2023 | -4.7% | +2.5% |
| 2024 | -16.5% | +26.6% |
| 2025 | -32.5% | +158.4% |
| 2026 | -10.0% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and PAAS good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and PAAS?
As of 2026-08-27, the correlation of weekly returns between DGZ and PAAS is -0.39 over 3 years, -0.36 over 1 year and -0.45 over 5 years.
Is PAAS a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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.
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Related comparisons
Hubs: DGZ correlations · PAAS correlations
