DGZ vs USMV: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and USMV?
Over the past 3 years, DGZ and USMV moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.31 versus -0.20 over 3 years. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -55.9 %².
Among the 156 assets we track against DGZ, USMV ranks #41 by 3-year correlation. The last year tells two different stories: USMV led by 36.7 percentage points, -26.6% for DGZ against +10.1% for USMV. Note the risk asymmetry: DGZ runs 2.9 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 USMV: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -26.6% | +10.1% |
| 5-year return | -50.3% | +42.3% |
| Volatility (ann.) | 28.3% | 9.9% |
| Beta vs S&P 500 | -0.18 | 0.51 |
| Max drawdown (3Y) | -59.5% | -9.4% |
| Dividend yield | – | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | US Listed | ETF · US Style |
USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Year-by-year returns
| Year | DGZ | USMV |
|---|---|---|
| 2022 | +4.9% | -9.4% |
| 2023 | -4.7% | +10.3% |
| 2024 | -16.5% | +15.7% |
| 2025 | -32.5% | +7.6% |
| 2026 | -10.0% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and USMV good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and USMV?
As of 2026-08-27, the correlation of weekly returns between DGZ and USMV is -0.20 over 3 years, -0.31 over 1 year and -0.19 over 5 years.
Is USMV a good diversifier for DGZ?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
A reading of -0.20 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-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · USMV correlations
