DGZ vs PHAR: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Pharming Group N.V. (PHAR) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and PHAR?
Over the past 3 years, DGZ and PHAR moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.23). Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -345.4 %².
By 3-year correlation, PHAR places #62 of the 156 assets tracked against DGZ. The trailing year gives PHAR the advantage: -26.6% versus -15.7%, a 10.9-point spread. One caveat on sizing: PHAR is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PHAR: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | PHAR (Pharming Group N.V.) | |
|---|---|---|
| 1-year return | -26.6% | -15.7% |
| 5-year return | -50.3% | +11.7% |
| Volatility (ann.) | 28.3% | 52.7% |
| Beta vs S&P 500 | -0.18 | 0.52 |
| Max drawdown (3Y) | -59.5% | -57.3% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 84.1 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | PHAR |
|---|---|---|
| 2022 | +4.9% | +23.4% |
| 2023 | -4.7% | +3.6% |
| 2024 | -16.5% | -11.9% |
| 2025 | -32.5% | +75.6% |
| 2026 | -10.0% | -33.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and PHAR good diversifiers for each other?
Yes. With a correlation of -0.23, DGZ and PHAR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and PHAR?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.39 over the last year and -0.22 over 5 years.
Is PHAR a good diversifier for DGZ?
Yes. With a correlation of -0.23, DGZ and PHAR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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-phar.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-phar/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · PHAR correlations
