DGZ vs SKE: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Skeena Resources Limited (SKE) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SKE?
Across a 3-year window, the weekly returns of DGZ and SKE correlate at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Stretching to 5 years gives -0.37, with an annualized covariance of -554.9 %².
By 3-year correlation, SKE places #121 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months SKE outperformed by 149.4 percentage points (-26.6% for DGZ against +122.8% for SKE). Risk is not evenly split, since SKE carries 2.2 times the volatility of the other side.
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 SKE: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SKE (Skeena Resources Limited) | |
|---|---|---|
| 1-year return | -26.6% | +122.8% |
| 5-year return | -50.3% | +205.9% |
| Volatility (ann.) | 28.3% | 62.6% |
| Beta vs S&P 500 | -0.18 | 1.42 |
| Max drawdown (3Y) | -59.5% | -36.1% |
| Market cap | – | $4.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | SKE |
|---|---|---|
| 2022 | +4.9% | -49.0% |
| 2023 | -4.7% | -8.3% |
| 2024 | -16.5% | +78.7% |
| 2025 | -32.5% | +172.1% |
| 2026 | -10.0% | +48.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SKE good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and SKE?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.29 over the last year and -0.37 over 5 years.
Is SKE a good diversifier for DGZ?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 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-ske.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-ske/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · SKE correlations
