DGZ vs RGLD: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Royal Gold, Inc. (RGLD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and RGLD?
Across a 3-year window, the weekly returns of DGZ and RGLD correlate at -0.39, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.39 over 3. Stretching to 5 years gives -0.44, with an annualized covariance of -395.3 %².
By 3-year correlation, RGLD places #141 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with RGLD ahead by 79.9 points (-26.6% versus +53.3%).
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 RGLD: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +53.3% |
| 5-year return | -50.3% | +156.8% |
| Volatility (ann.) | 28.3% | 35.8% |
| Beta vs S&P 500 | -0.18 | 0.64 |
| Max drawdown (3Y) | -59.5% | -38.2% |
| Market cap | – | $22.8B |
| P/E (trailing) | – | 29.5 |
| Dividend yield | – | 0.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | RGLD |
|---|---|---|
| 2022 | +4.9% | +8.5% |
| 2023 | -4.7% | +8.7% |
| 2024 | -16.5% | +10.4% |
| 2025 | -32.5% | +70.4% |
| 2026 | -10.0% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and RGLD good diversifiers for each other?
Yes. With a correlation of -0.39, DGZ and RGLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and RGLD?
The DGZ/RGLD correlation stands at -0.39 on a 3-year window (1 year: -0.32, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is RGLD a good diversifier for DGZ?
Yes. With a correlation of -0.39, DGZ and RGLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
A reading of -0.39 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-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · RGLD correlations
