DGZ vs TFPM: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Triple Flag Precious Metals Corp. (TFPM) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and TFPM?
Across a 3-year window, the weekly returns of DGZ and TFPM correlate at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -388.3 %².
Within DGZ's tracked universe of 156 assets, TFPM comes in at #135 by 3-year correlation. The last year tells two different stories: TFPM led by 60.0 percentage points, -26.6% for DGZ against +33.4% for TFPM.
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 TFPM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +33.4% |
| 5-year return | -50.3% | n/a |
| Volatility (ann.) | 28.3% | 37.3% |
| Beta vs S&P 500 | -0.18 | 0.62 |
| Max drawdown (3Y) | -59.5% | -34.9% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | – | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | TFPM |
|---|---|---|
| 2022 | +4.9% | – |
| 2023 | -4.7% | -1.8% |
| 2024 | -16.5% | +14.6% |
| 2025 | -32.5% | +122.2% |
| 2026 | -10.0% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and TFPM good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and TFPM?
As of 2026-08-27, the correlation of weekly returns between DGZ and TFPM is -0.37 over 3 years, -0.34 over 1 year and -0.33 over 5 years.
Is TFPM a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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 · TFPM correlations
