DGZ vs VGZ: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Vista Gold Corp (VGZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and VGZ?
Across a 3-year window, the weekly returns of DGZ and VGZ correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.30, with an annualized covariance of -548.3 %².
By 3-year correlation, VGZ places #83 of the 156 assets tracked against DGZ. The last year tells two different stories: VGZ led by 130.9 percentage points, -26.6% for DGZ against +104.3% for VGZ. Risk is not evenly split, since VGZ carries 2.7 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 VGZ: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | VGZ (Vista Gold Corp) | |
|---|---|---|
| 1-year return | -26.6% | +104.3% |
| 5-year return | -50.3% | +197.5% |
| Volatility (ann.) | 28.3% | 77.0% |
| Beta vs S&P 500 | -0.18 | 1.31 |
| Max drawdown (3Y) | -59.5% | -49.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | VGZ |
|---|---|---|
| 2022 | +4.9% | -29.6% |
| 2023 | -4.7% | -10.0% |
| 2024 | -16.5% | +24.4% |
| 2025 | -32.5% | +251.8% |
| 2026 | -10.0% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and VGZ good diversifiers for each other?
Yes. With a correlation of -0.25, DGZ and VGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and VGZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.23 over the last year and -0.30 over 5 years.
Is VGZ a good diversifier for DGZ?
Yes. With a correlation of -0.25, DGZ and VGZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-vgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-vgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · VGZ correlations
