DGZ vs SBAC: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and SBA Communications (SBAC) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SBAC?
Across a 3-year window, the weekly returns of DGZ and SBAC correlate at -0.18, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Stretching to 5 years gives -0.20, with an annualized covariance of -153.5 %².
By 3-year correlation, SBAC places #22 of the 156 assets tracked against DGZ. The last year tells two different stories: SBAC led by 18.7 percentage points, -26.6% for DGZ against -7.9% for SBAC.
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 SBAC: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | -26.6% | -7.9% |
| 5-year return | -50.3% | -43.3% |
| Volatility (ann.) | 28.3% | 30.1% |
| Beta vs S&P 500 | -0.18 | 0.42 |
| Max drawdown (3Y) | -59.5% | -32.2% |
| Market cap | – | $19.8B |
| P/E (trailing) | – | 20.0 |
| Dividend yield | – | 2.54% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | DGZ | SBAC |
|---|---|---|
| 2022 | +4.9% | -27.3% |
| 2023 | -4.7% | -8.2% |
| 2024 | -16.5% | -18.2% |
| 2025 | -32.5% | -3.1% |
| 2026 | -10.0% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SBAC good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and SBAC?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.18 over the last year and -0.20 over 5 years.
Is SBAC a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-sbac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-sbac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · SBAC correlations
