DJP vs RPM: Correlation
Measured on weekly returns over the past three years, iPath Bloomberg Commodity Index Total Return ETN (DJP) and RPM International Inc. (RPM) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and RPM?
Across a 3-year window, the weekly returns of DJP and RPM correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.51) than the 3-year average (-0.32). Stretching to 5 years gives -0.08, with an annualized covariance of -132.1 %².
RPM is close to the least connected end of DJP's tracked universe, ranking #40 of 42. Correlation aside, the last 12 months split them widely, with DJP ahead by 63.5 points (+49.2% versus -14.3%). Note the risk asymmetry: RPM runs 1.5 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 RPM: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | RPM (RPM International Inc.) | |
|---|---|---|
| 1-year return | +49.2% | -14.3% |
| 5-year return | +82.1% | +38.7% |
| Volatility (ann.) | 16.3% | 25.0% |
| Beta vs S&P 500 | 0.11 | 0.85 |
| Max drawdown (3Y) | -16.4% | -32.0% |
| Market cap | – | $13.5B |
| P/E (trailing) | – | 20.7 |
| Dividend yield | – | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DJP | RPM |
|---|---|---|
| 2022 | +17.5% | -1.7% |
| 2023 | -9.8% | +16.8% |
| 2024 | +5.6% | +12.1% |
| 2025 | +17.2% | -13.9% |
| 2026 | +34.7% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and RPM good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between DJP and RPM?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.51 over the last year and -0.08 over 5 years.
Is RPM a good diversifier for DJP?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DJP correlations · RPM correlations
