DGZ vs PYPL: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and PayPal (PYPL) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and PYPL?
On 3 years of weekly data the DGZ/PYPL correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.28) runs below the 3-year figure (-0.16). The 5-year figure is -0.13, and annualized covariance runs at -171.2 %².
Within DGZ's tracked universe of 156 assets, PYPL comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PYPL outperformed by 15.6 percentage points (-26.6% for DGZ against -11.0% for PYPL).
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 PYPL: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | PYPL (PayPal) | |
|---|---|---|
| 1-year return | -26.6% | -11.0% |
| 5-year return | -50.3% | -78.5% |
| Volatility (ann.) | 28.3% | 37.1% |
| Beta vs S&P 500 | -0.18 | 1.15 |
| Max drawdown (3Y) | -59.5% | -57.3% |
| Market cap | – | $52.6B |
| P/E (trailing) | – | 11.7 |
| Dividend yield | – | 0.91% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | PYPL |
|---|---|---|
| 2022 | +4.9% | -62.2% |
| 2023 | -4.7% | -13.8% |
| 2024 | -16.5% | +39.0% |
| 2025 | -32.5% | -31.4% |
| 2026 | -10.0% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and PYPL good diversifiers for each other?
Yes. With a correlation of -0.16, DGZ and PYPL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and PYPL?
The DGZ/PYPL correlation stands at -0.16 on a 3-year window (1 year: -0.28, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is PYPL a good diversifier for DGZ?
Yes. With a correlation of -0.16, DGZ and PYPL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
A reading of -0.16 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-pypl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-pypl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · PYPL correlations
