DJP vs FRBA: Correlation
iPath Bloomberg Commodity Index Total Return ETN (DJP) and First Bank (FRBA) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and FRBA?
Over the past 3 years, DJP and FRBA moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.23). Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -98.4 %².
By 3-year correlation, FRBA places #21 of the 42 assets tracked against DJP. Their recent paths diverged sharply: over the last 12 months DJP outperformed by 40.3 percentage points (+49.2% for DJP against +8.9% for FRBA). One caveat on sizing: FRBA is 1.6 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.
DJP vs FRBA: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | FRBA (First Bank) | |
|---|---|---|
| 1-year return | +49.2% | +8.9% |
| 5-year return | +82.1% | +47.4% |
| Volatility (ann.) | 16.3% | 26.6% |
| Beta vs S&P 500 | 0.11 | 0.61 |
| Max drawdown (3Y) | -16.4% | -22.0% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 10.4 |
| Dividend yield | – | 1.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DJP | FRBA |
|---|---|---|
| 2022 | +17.5% | -3.6% |
| 2023 | -9.8% | +9.1% |
| 2024 | +5.6% | -2.6% |
| 2025 | +17.2% | +18.8% |
| 2026 | +34.7% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and FRBA good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DJP and FRBA?
As of 2026-08-27, the correlation of weekly returns between DJP and FRBA is -0.23 over 3 years, -0.47 over 1 year and -0.03 over 5 years.
Is FRBA a good diversifier for DJP?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/djp-vs-frba.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/djp-vs-frba/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DJP correlations · FRBA correlations
