DGZ vs SPY: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SPY?
Across a 3-year window, the weekly returns of DGZ and SPY correlate at -0.09, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.16) sits close to the 3-year figure. Stretching to 5 years gives -0.13, with an annualized covariance of -37.4 %².
Within DGZ's tracked universe of 156 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 47.2 points (-26.6% versus +20.6%). One caveat on sizing: DGZ is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -26.6% | +20.6% |
| 5-year return | -50.3% | +82.4% |
| Volatility (ann.) | 28.3% | 14.5% |
| Beta vs S&P 500 | -0.18 | 1.00 |
| Max drawdown (3Y) | -59.5% | -18.8% |
| Dividend yield | – | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | DGZ | SPY |
|---|---|---|
| 2022 | +4.9% | -18.2% |
| 2023 | -4.7% | +26.2% |
| 2024 | -16.5% | +24.9% |
| 2025 | -32.5% | +17.7% |
| 2026 | -10.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SPY good diversifiers for each other?
Yes. With a correlation of -0.09, DGZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and SPY?
As of 2026-08-27, the correlation of weekly returns between DGZ and SPY is -0.09 over 3 years, -0.16 over 1 year and -0.13 over 5 years.
Is SPY a good diversifier for DGZ?
Yes. With a correlation of -0.09, DGZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.09 mean?
On the −1 to +1 scale, -0.09 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DGZ correlations · SPY correlations
