DJP vs TAP: Correlation
How closely do iPath Bloomberg Commodity Index Total Return ETN (DJP) and Molson Coors Beverage Company (TAP) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and TAP?
Over the past 3 years, DJP and TAP moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.22). Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -84.3 %².
Within DJP's tracked universe of 42 assets, TAP comes in at #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DJP outperformed by 64.2 percentage points (+49.2% for DJP against -15.0% for TAP).
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 TAP: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | TAP (Molson Coors Beverage Company) | |
|---|---|---|
| 1-year return | +49.2% | -15.0% |
| 5-year return | +82.1% | +3.9% |
| Volatility (ann.) | 16.3% | 23.9% |
| Beta vs S&P 500 | 0.11 | 0.15 |
| Max drawdown (3Y) | -16.4% | -38.8% |
| Market cap | – | $7.8B |
| P/E (trailing) | – | – |
| Dividend yield | – | 4.51% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | DJP | TAP |
|---|---|---|
| 2022 | +17.5% | +14.4% |
| 2023 | -9.8% | +22.2% |
| 2024 | +5.6% | -3.4% |
| 2025 | +17.2% | -15.5% |
| 2026 | +34.7% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and TAP good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between DJP and TAP?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.33 over the last year and -0.05 over 5 years.
Is TAP a good diversifier for DJP?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/djp-vs-tap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/djp-vs-tap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DJP correlations · TAP correlations
