DGZ vs SBSW: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and D/B/A Sibanye-Stillwater Limited (SBSW) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SBSW?
Over the past 3 years, DGZ and SBSW moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -592.8 %².
Among the 156 assets we track against DGZ, SBSW ranks #124 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SBSW ahead by 87.1 points (-26.6% versus +60.5%). One caveat on sizing: SBSW is 2.3 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 SBSW: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SBSW (D/B/A Sibanye-Stillwater Limited) | |
|---|---|---|
| 1-year return | -26.6% | +60.5% |
| 5-year return | -50.3% | -6.1% |
| Volatility (ann.) | 28.3% | 65.8% |
| Beta vs S&P 500 | -0.18 | 1.28 |
| Max drawdown (3Y) | -59.5% | -61.0% |
| Market cap | – | $8.9B |
| P/E (trailing) | – | – |
| Dividend yield | – | 10.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | SBSW |
|---|---|---|
| 2022 | +4.9% | -9.6% |
| 2023 | -4.7% | -46.6% |
| 2024 | -16.5% | -39.2% |
| 2025 | -32.5% | +331.8% |
| 2026 | -10.0% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SBSW good diversifiers for each other?
Yes. With a correlation of -0.32, DGZ and SBSW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and SBSW?
The DGZ/SBSW correlation stands at -0.32 on a 3-year window (1 year: -0.27, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is SBSW a good diversifier for DGZ?
Yes. With a correlation of -0.32, DGZ and SBSW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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-sbsw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-sbsw/)
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Related comparisons
Hubs: DGZ correlations · SBSW correlations
