DGZ vs VGAS: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Verde Clean Fuels, Inc. (VGAS) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and VGAS?
Across a 3-year window, the weekly returns of DGZ and VGAS correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.37) runs below the 3-year figure (-0.26). Stretching to 5 years gives -0.17, with an annualized covariance of -702.0 %².
By 3-year correlation, VGAS places #90 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with DGZ ahead by 27.9 points (-26.6% versus -54.5%). One caveat on sizing: VGAS is 3.3 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 VGAS: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | VGAS (Verde Clean Fuels, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | -54.5% |
| 5-year return | -50.3% | -86.2% |
| Volatility (ann.) | 28.3% | 94.3% |
| Beta vs S&P 500 | -0.18 | 0.91 |
| Max drawdown (3Y) | -59.5% | -82.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | VGAS |
|---|---|---|
| 2022 | +4.9% | -8.2% |
| 2023 | -4.7% | -74.1% |
| 2024 | -16.5% | +72.2% |
| 2025 | -32.5% | -49.3% |
| 2026 | -10.0% | -34.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and VGAS good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and VGAS?
As of 2026-08-27, the correlation of weekly returns between DGZ and VGAS is -0.26 over 3 years, -0.37 over 1 year and -0.17 over 5 years.
Is VGAS a good diversifier for DGZ?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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-vgas.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-vgas/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · VGAS correlations
