DZZ vs ELBM: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and Electra Battery Materials Corporation (ELBM) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and ELBM?
Over the past 3 years, DZZ and ELBM moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.22). Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -1814.5 %².
Among the 73 assets we track against DZZ, ELBM ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DZZ outperformed by 22.4 percentage points (-8.6% for DZZ against -31.0% for ELBM).
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 ELBM: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | ELBM (Electra Battery Materials Corporation) | |
|---|---|---|
| 1-year return | -8.6% | -31.0% |
| 5-year return | -40.0% | -96.3% |
| Volatility (ann.) | 89.0% | 90.9% |
| Beta vs S&P 500 | 0.36 | 1.38 |
| Max drawdown (3Y) | -83.1% | -93.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | ELBM |
|---|---|---|
| 2022 | +3.0% | -62.5% |
| 2023 | -8.3% | -78.0% |
| 2024 | -35.0% | +27.1% |
| 2025 | +132.7% | -56.9% |
| 2026 | -57.2% | -22.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and ELBM 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 DZZ and ELBM?
The DZZ/ELBM correlation stands at -0.22 on a 3-year window (1 year: -0.38, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is ELBM a good diversifier for DZZ?
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?
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/dzz-vs-elbm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-elbm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DZZ correlations · ELBM correlations
