DGZ vs SPYV: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of -0.13, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SPYV?
Over the past 3 years, DGZ and SPYV moved with a correlation of -0.13, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -44.1 %².
Among the 156 assets we track against DGZ, SPYV ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYV ahead by 45.1 points (-26.6% versus +18.5%). One caveat on sizing: DGZ is 2.3 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 SPYV: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -26.6% | +18.5% |
| 5-year return | -50.3% | +73.5% |
| Volatility (ann.) | 28.3% | 12.1% |
| Beta vs S&P 500 | -0.18 | 0.70 |
| Max drawdown (3Y) | -59.5% | -17.5% |
| Dividend yield | – | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | DGZ | SPYV |
|---|---|---|
| 2022 | +4.9% | -5.3% |
| 2023 | -4.7% | +22.2% |
| 2024 | -16.5% | +12.2% |
| 2025 | -32.5% | +13.2% |
| 2026 | -10.0% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SPYV good diversifiers for each other?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and SPYV?
The DGZ/SPYV correlation stands at -0.13 on a 3-year window (1 year: -0.22, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for DGZ?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.13 mean?
On the −1 to +1 scale, -0.13 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · SPYV correlations
