DGZ vs SCZM: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Santacruz Silver Mining Ltd. (SCZM) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SCZM?
On 3 years of weekly data the DGZ/SCZM correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.30 over 3. The 5-year figure is -0.33, and annualized covariance runs at -814.1 %².
Within DGZ's tracked universe of 156 assets, SCZM comes in at #112 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SCZM outperformed by 135.4 percentage points (-26.6% for DGZ against +108.8% for SCZM). Note the risk asymmetry: SCZM runs 3.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SCZM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SCZM (Santacruz Silver Mining Ltd.) | |
|---|---|---|
| 1-year return | -26.6% | +108.8% |
| 5-year return | -50.3% | +818.6% |
| Volatility (ann.) | 28.3% | 96.4% |
| Beta vs S&P 500 | -0.18 | 1.72 |
| Max drawdown (3Y) | -59.5% | -63.2% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | 21.3 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | SCZM |
|---|---|---|
| 2022 | +4.9% | +25.0% |
| 2023 | -4.7% | -38.3% |
| 2024 | -16.5% | +5.5% |
| 2025 | -32.5% | +1137.2% |
| 2026 | -10.0% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SCZM good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and SCZM?
As of 2026-08-27, the correlation of weekly returns between DGZ and SCZM is -0.30 over 3 years, -0.34 over 1 year and -0.33 over 5 years.
Is SCZM a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 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-sczm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-sczm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · SCZM correlations
