DGZ vs USAS: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and Americas Gold and Silver Corporation (USAS) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and USAS?
Across a 3-year window, the weekly returns of DGZ and USAS correlate at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -701.6 %².
By 3-year correlation, USAS places #113 of the 156 assets tracked against DGZ. Their recent paths diverged sharply: over the last 12 months USAS outperformed by 165.8 percentage points (-26.6% for DGZ against +139.2% for USAS). Risk is not evenly split, since USAS carries 2.9 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 USAS: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | USAS (Americas Gold and Silver Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +139.2% |
| 5-year return | -50.3% | +122.9% |
| Volatility (ann.) | 28.3% | 82.6% |
| Beta vs S&P 500 | -0.18 | 1.41 |
| Max drawdown (3Y) | -59.5% | -63.5% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | USAS |
|---|---|---|
| 2022 | +4.9% | -29.6% |
| 2023 | -4.7% | -56.1% |
| 2024 | -16.5% | +52.0% |
| 2025 | -32.5% | +437.9% |
| 2026 | -10.0% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and USAS good diversifiers for each other?
Yes. With a correlation of -0.30, DGZ and USAS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and USAS?
As of 2026-08-27, the correlation of weekly returns between DGZ and USAS is -0.30 over 3 years, -0.31 over 1 year and -0.33 over 5 years.
Is USAS a good diversifier for DGZ?
Yes. With a correlation of -0.30, DGZ and USAS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-usas.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-usas/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · USAS correlations
