DGZ vs WRN: Correlation
How closely do DB Gold Short ETN due February 15, 2038 (DGZ) and Western Copper and Gold Corporation (WRN) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGZ and WRN?
Across a 3-year window, the weekly returns of DGZ and WRN correlate at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.28 over 3. Stretching to 5 years gives -0.32, with an annualized covariance of -417.4 %².
By 3-year correlation, WRN places #106 of the 156 assets tracked against DGZ. The last year tells two different stories: WRN led by 109.0 percentage points, -26.6% for DGZ against +82.4% for WRN. Note the risk asymmetry: WRN runs 1.9 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 WRN: side by side
| DGZ (DB Gold Short ETN due February 15, 2038) | WRN (Western Copper and Gold Corporation) | |
|---|---|---|
| 1-year return | -26.6% | +82.4% |
| 5-year return | -50.3% | +50.6% |
| Volatility (ann.) | 28.3% | 53.2% |
| Beta vs S&P 500 | -0.18 | 0.99 |
| Max drawdown (3Y) | -59.5% | -50.1% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 259.0 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGZ | WRN |
|---|---|---|
| 2022 | +4.9% | +14.1% |
| 2023 | -4.7% | -25.3% |
| 2024 | -16.5% | -21.1% |
| 2025 | -32.5% | +154.3% |
| 2026 | -10.0% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGZ and WRN good diversifiers for each other?
Yes. With a correlation of -0.28, DGZ and WRN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGZ and WRN?
As of 2026-08-27, the correlation of weekly returns between DGZ and WRN is -0.28 over 3 years, -0.27 over 1 year and -0.32 over 5 years.
Is WRN a good diversifier for DGZ?
Yes. With a correlation of -0.28, DGZ and WRN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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-wrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgz-vs-wrn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGZ correlations · WRN correlations
