DGZ vs SA: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Seabridge Gold, Inc. (SA) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SA?
On 3 years of weekly data the DGZ/SA correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.34). The 5-year figure is -0.40, and annualized covariance runs at -541.9 %².
Within DGZ's tracked universe of 156 assets, SA comes in at #128 by 3-year correlation. The last year tells two different stories: SA led by 131.7 percentage points, -26.6% for DGZ against +105.1% for SA. One caveat on sizing: SA is 2.0 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 SA: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +105.1% |
| 5-year return | -50.3% | +93.2% |
| Volatility (ann.) | 28.3% | 56.7% |
| Beta vs S&P 500 | -0.18 | 1.46 |
| Max drawdown (3Y) | -59.5% | -52.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | 179.3 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | SA |
|---|---|---|
| 2022 | +4.9% | -23.7% |
| 2023 | -4.7% | -3.6% |
| 2024 | -16.5% | -5.9% |
| 2025 | -32.5% | +159.3% |
| 2026 | -10.0% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SA good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and SA?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.24 over the last year and -0.40 over 5 years.
Is SA a good diversifier for DGZ?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 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-sa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-sa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · SA correlations
