DGZ vs SLV: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and iShares Silver Trust (SLV) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SLV?
Across a 3-year window, the weekly returns of DGZ and SLV correlate at -0.49, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.49 lands near the 3-year figure. Stretching to 5 years gives -0.53, with an annualized covariance of -531.2 %².
SLV is close to the least connected end of DGZ's tracked universe, ranking #153 of 156. Correlation aside, the last 12 months split them widely, with SLV ahead by 106.0 points (-26.6% versus +79.4%).
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 SLV: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | -26.6% | +79.4% |
| 5-year return | -50.3% | +182.0% |
| Volatility (ann.) | 28.3% | 38.6% |
| Beta vs S&P 500 | -0.18 | 0.80 |
| Max drawdown (3Y) | -59.5% | -52.3% |
| Dividend yield | – | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | US Listed | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | DGZ | SLV |
|---|---|---|
| 2022 | +4.9% | +2.4% |
| 2023 | -4.7% | -1.1% |
| 2024 | -16.5% | +20.9% |
| 2025 | -32.5% | +144.7% |
| 2026 | -10.0% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SLV good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and SLV?
As of 2026-08-27, the correlation of weekly returns between DGZ and SLV is -0.49 over 3 years, -0.49 over 1 year and -0.53 over 5 years.
Is SLV a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 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-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · SLV correlations
