DZZ vs EGO: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and Eldorado Gold Corporation (EGO) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and EGO?
On 3 years of weekly data the DZZ/EGO correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -1177.1 %².
Within DZZ's tracked universe of 73 assets, EGO comes in at #42 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EGO ahead by 107.2 points (-8.6% versus +98.6%). One caveat on sizing: DZZ is 1.8 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.
DZZ vs EGO: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | EGO (Eldorado Gold Corporation) | |
|---|---|---|
| 1-year return | -8.6% | +98.6% |
| 5-year return | -40.0% | +463.3% |
| Volatility (ann.) | 89.0% | 50.3% |
| Beta vs S&P 500 | 0.36 | 0.73 |
| Max drawdown (3Y) | -83.1% | -44.0% |
| Market cap | – | $12.5B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | 0.00% | 0.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | EGO |
|---|---|---|
| 2022 | +3.0% | -10.6% |
| 2023 | -8.3% | +55.1% |
| 2024 | -35.0% | +14.6% |
| 2025 | +132.7% | +141.6% |
| 2026 | -57.2% | +34.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and EGO good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and EGO?
As of 2026-08-27, the correlation of weekly returns between DZZ and EGO is -0.26 over 3 years, -0.26 over 1 year and -0.29 over 5 years.
Is EGO a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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: DZZ correlations · EGO correlations
