DGZ vs TNDM: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Tandem Diabetes Care, Inc. (TNDM) 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 TNDM?
Over the past 3 years, DGZ and TNDM moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -460.3 %².
Among the 156 assets we track against DGZ, TNDM ranks #65 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TNDM outperformed by 101.3 percentage points (-26.6% for DGZ against +74.7% for TNDM). One caveat on sizing: TNDM is 2.5 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 TNDM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | TNDM (Tandem Diabetes Care, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | +74.7% |
| 5-year return | -50.3% | -80.9% |
| Volatility (ann.) | 28.3% | 71.1% |
| Beta vs S&P 500 | -0.18 | 0.84 |
| Max drawdown (3Y) | -59.5% | -81.1% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | TNDM |
|---|---|---|
| 2022 | +4.9% | -70.1% |
| 2023 | -4.7% | -34.2% |
| 2024 | -16.5% | +21.8% |
| 2025 | -32.5% | -39.0% |
| 2026 | -10.0% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and TNDM good diversifiers for each other?
Yes. With a correlation of -0.23, DGZ and TNDM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and TNDM?
As of 2026-08-27, the correlation of weekly returns between DGZ and TNDM is -0.23 over 3 years, -0.32 over 1 year and -0.21 over 5 years.
Is TNDM a good diversifier for DGZ?
Yes. With a correlation of -0.23, DGZ and TNDM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-tndm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-tndm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · TNDM correlations
