DGZ vs PANL: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Pangaea Logistics Solutions Ltd. (PANL) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and PANL?
On 3 years of weekly data the DGZ/PANL correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.27). The 5-year figure is -0.25, and annualized covariance runs at -328.3 %².
Among the 156 assets we track against DGZ, PANL ranks #95 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PANL outperformed by 76.3 percentage points (-26.6% for DGZ against +49.7% for PANL).
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 PANL: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | PANL (Pangaea Logistics Solutions Ltd.) | |
|---|---|---|
| 1-year return | -26.6% | +49.7% |
| 5-year return | -50.3% | +109.8% |
| Volatility (ann.) | 28.3% | 42.2% |
| Beta vs S&P 500 | -0.18 | 0.96 |
| Max drawdown (3Y) | -59.5% | -54.8% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 10.8 |
| Dividend yield | – | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | PANL |
|---|---|---|
| 2022 | +4.9% | +44.2% |
| 2023 | -4.7% | +70.6% |
| 2024 | -16.5% | -31.1% |
| 2025 | -32.5% | +34.6% |
| 2026 | -10.0% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and PANL good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and PANL?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.43 over the last year and -0.25 over 5 years.
Is PANL a good diversifier for DGZ?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-panl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-panl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · PANL correlations
