DGZ vs VEA: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Vanguard FTSE Developed Markets ETF (VEA) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and VEA?
On 3 years of weekly data the DGZ/VEA correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. The 5-year figure is -0.21, and annualized covariance runs at -77.7 %².
Among the 156 assets we track against DGZ, VEA ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VEA outperformed by 55.1 percentage points (-26.6% for DGZ against +28.5% for VEA). One caveat on sizing: DGZ is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VEA: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | VEA (Vanguard FTSE Developed Markets ETF) | |
|---|---|---|
| 1-year return | -26.6% | +28.5% |
| 5-year return | -50.3% | +63.5% |
| Volatility (ann.) | 28.3% | 15.1% |
| Beta vs S&P 500 | -0.18 | 0.79 |
| Max drawdown (3Y) | -59.5% | -13.5% |
| Dividend yield | – | 2.56% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $314.9B |
| Sector / category | US Listed | ETF · International |
VEA is a Foreign Large Blend fund from Vanguard: $314.9B under management, 3769 holdings, a 0.03% expense ratio, a 2.56% trailing dividend yield.
Year-by-year returns
| Year | DGZ | VEA |
|---|---|---|
| 2022 | +4.9% | -15.3% |
| 2023 | -4.7% | +17.9% |
| 2024 | -16.5% | +3.1% |
| 2025 | -32.5% | +35.2% |
| 2026 | -10.0% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and VEA good diversifiers for each other?
Yes. With a correlation of -0.18, DGZ and VEA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and VEA?
As of 2026-08-27, the correlation of weekly returns between DGZ and VEA is -0.18 over 3 years, -0.20 over 1 year and -0.21 over 5 years.
Is VEA a good diversifier for DGZ?
Yes. With a correlation of -0.18, DGZ and VEA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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-vea.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-vea/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · VEA correlations
