DGZ vs SII: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Sprott Inc. (SII) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SII?
On 3 years of weekly data the DGZ/SII correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.47 over 1 year against -0.41 over 3. The 5-year figure is -0.43, and annualized covariance runs at -431.8 %².
Among the 156 assets we track against DGZ, SII ranks #147 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SII outperformed by 138.9 percentage points (-26.6% for DGZ against +112.3% for SII).
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 SII: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SII (Sprott Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +112.3% |
| 5-year return | -50.3% | +354.0% |
| Volatility (ann.) | 28.3% | 37.3% |
| Beta vs S&P 500 | -0.18 | 0.92 |
| Max drawdown (3Y) | -59.5% | -38.0% |
| Market cap | – | $3.5B |
| P/E (trailing) | – | 33.6 |
| Dividend yield | – | 1.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | SII |
|---|---|---|
| 2022 | +4.9% | -24.1% |
| 2023 | -4.7% | +5.0% |
| 2024 | -16.5% | +27.4% |
| 2025 | -32.5% | +135.0% |
| 2026 | -10.0% | +40.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SII good diversifiers for each other?
Yes. With a correlation of -0.41, DGZ and SII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and SII?
The DGZ/SII correlation stands at -0.41 on a 3-year window (1 year: -0.47, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is SII a good diversifier for DGZ?
Yes. With a correlation of -0.41, DGZ and SII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-sii.json
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[](https://www.pairbook.io/pair/dgz-vs-sii/)
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Related comparisons
Hubs: DGZ correlations · SII correlations
