DGZ vs PSA: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Public Storage (PSA) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and PSA?
Over the past 3 years, DGZ and PSA moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -110.3 %².
By 3-year correlation, PSA places #18 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with PSA ahead by 37.9 points (-26.6% versus +11.3%).
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 PSA: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | PSA (Public Storage) | |
|---|---|---|
| 1-year return | -26.6% | +11.3% |
| 5-year return | -50.3% | +20.9% |
| Volatility (ann.) | 28.3% | 23.0% |
| Beta vs S&P 500 | -0.18 | 0.59 |
| Max drawdown (3Y) | -59.5% | -25.6% |
| Market cap | – | $58.1B |
| P/E (trailing) | – | 30.3 |
| Dividend yield | – | 3.78% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | DGZ | PSA |
|---|---|---|
| 2022 | +4.9% | -20.2% |
| 2023 | -4.7% | +13.6% |
| 2024 | -16.5% | +2.1% |
| 2025 | -32.5% | -9.7% |
| 2026 | -10.0% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and PSA good diversifiers for each other?
Yes. With a correlation of -0.17, DGZ and PSA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and PSA?
The DGZ/PSA correlation stands at -0.17 on a 3-year window (1 year: -0.24, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is PSA a good diversifier for DGZ?
Yes. With a correlation of -0.17, DGZ and PSA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 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-psa.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-psa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · PSA correlations
