DGZ vs TRX: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and TRX Gold Corporation (TRX) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and TRX?
Across a 3-year window, the weekly returns of DGZ and TRX correlate at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -437.2 %².
By 3-year correlation, TRX places #82 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with TRX ahead by 265.5 points (-26.6% versus +238.9%). Risk is not evenly split, since TRX carries 2.2 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 TRX: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | TRX (TRX Gold Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +238.9% |
| 5-year return | -50.3% | +197.6% |
| Volatility (ann.) | 28.3% | 61.2% |
| Beta vs S&P 500 | -0.18 | 0.56 |
| Max drawdown (3Y) | -59.5% | -68.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | TRX |
|---|---|---|
| 2022 | +4.9% | -15.0% |
| 2023 | -4.7% | +11.8% |
| 2024 | -16.5% | -18.4% |
| 2025 | -32.5% | +196.8% |
| 2026 | -10.0% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and TRX good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and TRX?
As of 2026-08-27, the correlation of weekly returns between DGZ and TRX is -0.25 over 3 years, -0.26 over 1 year and -0.29 over 5 years.
Is TRX a good diversifier for DGZ?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-trx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-trx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · TRX correlations
