DGZ vs THM: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and International Tower Hill Mines, Ltd. (THM) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and THM?
Across a 3-year window, the weekly returns of DGZ and THM correlate at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.34 over 3. Stretching to 5 years gives -0.37, with an annualized covariance of -869.3 %².
By 3-year correlation, THM places #129 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months THM outperformed by 127.3 percentage points (-26.6% for DGZ against +100.7% for THM). Risk is not evenly split, since THM carries 3.2 times the volatility of the other side.
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 THM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | THM (International Tower Hill Mines, Ltd.) | |
|---|---|---|
| 1-year return | -26.6% | +100.7% |
| 5-year return | -50.3% | +222.1% |
| Volatility (ann.) | 28.3% | 89.9% |
| Beta vs S&P 500 | -0.18 | 1.27 |
| Max drawdown (3Y) | -59.5% | -51.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | THM |
|---|---|---|
| 2022 | +4.9% | -41.1% |
| 2023 | -4.7% | +37.2% |
| 2024 | -16.5% | -22.0% |
| 2025 | -32.5% | +304.3% |
| 2026 | -10.0% | +48.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and THM good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and THM?
The DGZ/THM correlation stands at -0.34 on a 3-year window (1 year: -0.27, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is THM a good diversifier for DGZ?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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-thm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-thm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · THM correlations
