DGZ vs SVM: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Silvercorp Metals Inc. (SVM) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SVM?
Across a 3-year window, the weekly returns of DGZ and SVM correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -386.3 %².
By 3-year correlation, SVM places #63 of the 156 assets tracked against DGZ. The last year tells two different stories: SVM led by 214.5 percentage points, -26.6% for DGZ against +187.9% for SVM. One caveat on sizing: SVM is 2.1 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 SVM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SVM (Silvercorp Metals Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +187.9% |
| 5-year return | -50.3% | +222.0% |
| Volatility (ann.) | 28.3% | 59.2% |
| Beta vs S&P 500 | -0.18 | 1.33 |
| Max drawdown (3Y) | -59.5% | -43.8% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 122.4 |
| Dividend yield | – | 0.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | SVM |
|---|---|---|
| 2022 | +4.9% | -20.6% |
| 2023 | -4.7% | -10.3% |
| 2024 | -16.5% | +14.9% |
| 2025 | -32.5% | +178.8% |
| 2026 | -10.0% | +61.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SVM good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and SVM?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.19 over the last year and -0.33 over 5 years.
Is SVM a good diversifier for DGZ?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-svm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-svm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · SVM correlations
