DJP vs GBR: Correlation
How closely do iPath Bloomberg Commodity Index Total Return ETN (DJP) and New Concept Energy, Inc (GBR) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and GBR?
Across a 3-year window, the weekly returns of DJP and GBR correlate at 0.35, moderate. The link has tightened recently: the 1-year correlation (0.45) runs above the 3-year figure (0.35). Stretching to 5 years gives 0.45, with an annualized covariance of 330.5 %².
Within DJP's tracked universe of 42 assets, GBR comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DJP outperformed by 61.7 percentage points (+49.2% for DJP against -12.5% for GBR). Note the risk asymmetry: GBR runs 3.6 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.
DJP vs GBR: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | GBR (New Concept Energy, Inc) | |
|---|---|---|
| 1-year return | +49.2% | -12.5% |
| 5-year return | +82.1% | -81.2% |
| Volatility (ann.) | 16.3% | 58.4% |
| Beta vs S&P 500 | 0.11 | 0.50 |
| Max drawdown (3Y) | -16.4% | -65.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DJP | GBR |
|---|---|---|
| 2022 | +17.5% | -54.2% |
| 2023 | -9.8% | -8.3% |
| 2024 | +5.6% | +16.0% |
| 2025 | +17.2% | -35.3% |
| 2026 | +34.7% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and GBR good diversifiers for each other?
Reasonably. At 0.35, DJP and GBR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DJP and GBR?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.45 over the last year and 0.45 over 5 years.
Is GBR a good diversifier for DJP?
Reasonably. At 0.35, DJP and GBR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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.
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Related comparisons
Hubs: DJP correlations · GBR correlations
