DGZ vs TRV: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Travelers Companies (The) (TRV) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and TRV?
Over the past 3 years, DGZ and TRV moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -126.7 %².
By 3-year correlation, TRV places #54 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months TRV outperformed by 64.4 percentage points (-26.6% for DGZ against +37.8% for TRV).
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 TRV: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | TRV (Travelers Companies (The)) | |
|---|---|---|
| 1-year return | -26.6% | +37.8% |
| 5-year return | -50.3% | +155.3% |
| Volatility (ann.) | 28.3% | 20.8% |
| Beta vs S&P 500 | -0.18 | 0.36 |
| Max drawdown (3Y) | -59.5% | -12.5% |
| Market cap | – | $77.0B |
| P/E (trailing) | – | 10.0 |
| Dividend yield | – | 1.23% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGZ | TRV |
|---|---|---|
| 2022 | +4.9% | +22.4% |
| 2023 | -4.7% | +3.9% |
| 2024 | -16.5% | +28.8% |
| 2025 | -32.5% | +22.4% |
| 2026 | -10.0% | +28.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and TRV good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and TRV?
As of 2026-08-27, the correlation of weekly returns between DGZ and TRV is -0.22 over 3 years, -0.26 over 1 year and -0.17 over 5 years.
Is TRV a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-trv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-trv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · TRV correlations
