DGZ vs PEN: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Penumbra, Inc. (PEN) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and PEN?
Across a 3-year window, the weekly returns of DGZ and PEN correlate at -0.20, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.20). Stretching to 5 years gives -0.19, with an annualized covariance of -208.6 %².
Within DGZ's tracked universe of 156 assets, PEN comes in at #39 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PEN ahead by 46.9 points (-26.6% versus +20.3%).
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 PEN: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | PEN (Penumbra, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +20.3% |
| 5-year return | -50.3% | +18.7% |
| Volatility (ann.) | 28.3% | 36.0% |
| Beta vs S&P 500 | -0.18 | 0.30 |
| Max drawdown (3Y) | -59.5% | -45.5% |
| Market cap | – | $12.6B |
| P/E (trailing) | – | 79.5 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | PEN |
|---|---|---|
| 2022 | +4.9% | -22.6% |
| 2023 | -4.7% | +13.1% |
| 2024 | -16.5% | -5.6% |
| 2025 | -32.5% | +30.9% |
| 2026 | -10.0% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and PEN good diversifiers for each other?
Yes. With a correlation of -0.20, DGZ and PEN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and PEN?
The DGZ/PEN correlation stands at -0.20 on a 3-year window (1 year: -0.41, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is PEN a good diversifier for DGZ?
Yes. With a correlation of -0.20, DGZ and PEN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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-pen.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-pen/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · PEN correlations
