DGZ vs VNQ: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and VNQ?
Over the past 3 years, DGZ and VNQ moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -76.5 %².
By 3-year correlation, VNQ places #15 of the 156 assets tracked against DGZ. Correlation aside, the last 12 months split them widely, with VNQ ahead by 36.9 points (-26.6% versus +10.3%). Note the risk asymmetry: DGZ runs 1.7 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 VNQ: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -26.6% | +10.3% |
| 5-year return | -50.3% | +9.5% |
| Volatility (ann.) | 28.3% | 16.6% |
| Beta vs S&P 500 | -0.18 | 0.59 |
| Max drawdown (3Y) | -59.5% | -17.5% |
| Dividend yield | – | 3.51% |
| Expense ratio | – | 0.13% |
| Assets under management | – | $73.1B |
| Sector / category | US Listed | ETF · Real Estate |
VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Year-by-year returns
| Year | DGZ | VNQ |
|---|---|---|
| 2022 | +4.9% | -26.3% |
| 2023 | -4.7% | +11.9% |
| 2024 | -16.5% | +4.8% |
| 2025 | -32.5% | +3.2% |
| 2026 | -10.0% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and VNQ good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and VNQ?
The DGZ/VNQ correlation stands at -0.16 on a 3-year window (1 year: -0.21, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for DGZ?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgz-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · VNQ correlations
