DGZ vs USAU: Correlation
DB Gold Short ETN due February 15, 2038 (DGZ) and U.S. Gold Corp. (USAU) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and USAU?
On 3 years of weekly data the DGZ/USAU correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.33 over 3. The 5-year figure is -0.35, and annualized covariance runs at -653.1 %².
By 3-year correlation, USAU places #125 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with USAU ahead by 50.2 points (-26.6% versus +23.6%). Note the risk asymmetry: USAU runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 USAU: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | USAU (U.S. Gold Corp.) | |
|---|---|---|
| 1-year return | -26.6% | +23.6% |
| 5-year return | -50.3% | +73.0% |
| Volatility (ann.) | 28.3% | 69.5% |
| Beta vs S&P 500 | -0.18 | 1.73 |
| Max drawdown (3Y) | -59.5% | -44.0% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | USAU |
|---|---|---|
| 2022 | +4.9% | -46.5% |
| 2023 | -4.7% | -11.5% |
| 2024 | -16.5% | +44.2% |
| 2025 | -32.5% | +216.6% |
| 2026 | -10.0% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and USAU good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGZ and USAU?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.39 over the last year and -0.35 over 5 years.
Is USAU a good diversifier for DGZ?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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.
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Related comparisons
Hubs: DGZ correlations · USAU correlations
