DGZ vs SPGI: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and S&P Global (SPGI) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SPGI?
Over the past 3 years, DGZ and SPGI moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.20 over 3. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -141.4 %².
Within DGZ's tracked universe of 156 assets, SPGI comes in at #40 by 3-year correlation. The trailing year gives SPGI the advantage: -26.6% versus -15.6%, a 11.0-point spread.
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 SPGI: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SPGI (S&P Global) | |
|---|---|---|
| 1-year return | -26.6% | -15.6% |
| 5-year return | -50.3% | +8.1% |
| Volatility (ann.) | 28.3% | 24.7% |
| Beta vs S&P 500 | -0.18 | 0.86 |
| Max drawdown (3Y) | -59.5% | -30.5% |
| Market cap | – | $128.4B |
| P/E (trailing) | – | 26.6 |
| Dividend yield | – | 0.88% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | SPGI |
|---|---|---|
| 2022 | +4.9% | -28.4% |
| 2023 | -4.7% | +32.8% |
| 2024 | -16.5% | +13.9% |
| 2025 | -32.5% | +5.7% |
| 2026 | -10.0% | -11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SPGI good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and SPGI?
As of 2026-08-27, the correlation of weekly returns between DGZ and SPGI is -0.20 over 3 years, -0.28 over 1 year and -0.20 over 5 years.
Is SPGI a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 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.
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Related comparisons
Hubs: DGZ correlations · SPGI correlations
