DGZ vs WPM: Correlation
Measured on weekly returns over the past three years, DB Gold Short ETN due February 15, 2038 (DGZ) and Wheaton Precious Metals Corp (WPM) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and WPM?
Across a 3-year window, the weekly returns of DGZ and WPM correlate at -0.42, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.42 over 3. Stretching to 5 years gives -0.47, with an annualized covariance of -483.3 %².
Within DGZ's tracked universe of 156 assets, WPM comes in at #148 by 3-year correlation. The last year tells two different stories: WPM led by 90.9 percentage points, -26.6% for DGZ against +64.3% for WPM.
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 WPM: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | -26.6% | +64.3% |
| 5-year return | -50.3% | +275.2% |
| Volatility (ann.) | 28.3% | 41.1% |
| Beta vs S&P 500 | -0.18 | 0.82 |
| Max drawdown (3Y) | -59.5% | -37.4% |
| Market cap | – | $71.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | – | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | WPM |
|---|---|---|
| 2022 | +4.9% | -7.5% |
| 2023 | -4.7% | +27.9% |
| 2024 | -16.5% | +15.2% |
| 2025 | -32.5% | +109.8% |
| 2026 | -10.0% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and WPM good diversifiers for each other?
Yes. With a correlation of -0.42, DGZ and WPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and WPM?
As of 2026-08-27, the correlation of weekly returns between DGZ and WPM is -0.42 over 3 years, -0.34 over 1 year and -0.47 over 5 years.
Is WPM a good diversifier for DGZ?
Yes. With a correlation of -0.42, DGZ and WPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgz-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgz-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGZ correlations · WPM correlations
