DGZ vs SWX: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Southwest Gas Holdings, Inc. (SWX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and SWX?
Across a 3-year window, the weekly returns of DGZ and SWX correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.13, with an annualized covariance of -135.0 %².
Within DGZ's tracked universe of 156 assets, SWX comes in at #64 by 3-year correlation. The last year tells two different stories: SWX led by 44.3 percentage points, -26.6% for DGZ against +17.7% for SWX.
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 SWX: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | SWX (Southwest Gas Holdings, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +17.7% |
| 5-year return | -50.3% | +51.6% |
| Volatility (ann.) | 28.3% | 21.1% |
| Beta vs S&P 500 | -0.18 | 0.35 |
| Max drawdown (3Y) | -59.5% | -14.8% |
| Market cap | – | $6.5B |
| P/E (trailing) | – | 23.3 |
| Dividend yield | – | 2.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | SWX |
|---|---|---|
| 2022 | +4.9% | -8.7% |
| 2023 | -4.7% | +6.6% |
| 2024 | -16.5% | +15.7% |
| 2025 | -32.5% | +16.9% |
| 2026 | -10.0% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and SWX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and SWX?
As of 2026-08-27, the correlation of weekly returns between DGZ and SWX is -0.23 over 3 years, -0.18 over 1 year and -0.13 over 5 years.
Is SWX a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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-swx.json
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[](https://www.pairbook.io/pair/dgz-vs-swx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · SWX correlations
