DGZ vs VYM: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Vanguard High Dividend Yield ETF (VYM) trade together? Their weekly returns over three years give a correlation of -0.13, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and VYM?
On 3 years of weekly data the DGZ/VYM correlation comes out at -0.13, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. The 5-year figure is -0.15, and annualized covariance runs at -46.5 %².
Among the 156 assets we track against DGZ, VYM ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VYM outperformed by 47.7 percentage points (-26.6% for DGZ against +21.1% for VYM). One caveat on sizing: DGZ is 2.3 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 VYM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | -26.6% | +21.1% |
| 5-year return | -50.3% | +76.6% |
| Volatility (ann.) | 28.3% | 12.3% |
| Beta vs S&P 500 | -0.18 | 0.69 |
| Max drawdown (3Y) | -59.5% | -14.5% |
| Dividend yield | – | 2.24% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $99.2B |
| Sector / category | US Listed | ETF · Dividend |
VYM, Vanguard's Large Value fund, carries $99.2B under management, 604 holdings, a 0.04% expense ratio, a 2.24% trailing dividend yield.
Year-by-year returns
| Year | DGZ | VYM |
|---|---|---|
| 2022 | +4.9% | -0.4% |
| 2023 | -4.7% | +6.6% |
| 2024 | -16.5% | +17.6% |
| 2025 | -32.5% | +15.4% |
| 2026 | -10.0% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and VYM good diversifiers for each other?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGZ and VYM?
Using weekly returns as of 2026-08-27: -0.13 over 3 years, with -0.16 over the last year and -0.15 over 5 years.
Is VYM a good diversifier for DGZ?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.13 mean?
A reading of -0.13 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-vym.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-vym/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGZ correlations · VYM correlations
