DZZ vs EQX: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and Equinox Gold Corp. (EQX) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and EQX?
On 3 years of weekly data the DZZ/EQX correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.25 over 3. The 5-year figure is -0.29, and annualized covariance runs at -1270.9 %².
Among the 73 assets we track against DZZ, EQX ranks #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EQX outperformed by 73.3 percentage points (-8.6% for DZZ against +64.7% for EQX). One caveat on sizing: DZZ is 1.6 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 EQX: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | EQX (Equinox Gold Corp.) | |
|---|---|---|
| 1-year return | -8.6% | +64.7% |
| 5-year return | -40.0% | +98.0% |
| Volatility (ann.) | 89.0% | 56.6% |
| Beta vs S&P 500 | 0.36 | 1.19 |
| Max drawdown (3Y) | -83.1% | -54.0% |
| Market cap | – | $15.7B |
| P/E (trailing) | – | 21.0 |
| Dividend yield | 0.00% | 0.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | EQX |
|---|---|---|
| 2022 | +3.0% | -51.5% |
| 2023 | -8.3% | +49.1% |
| 2024 | -35.0% | +2.7% |
| 2025 | +132.7% | +179.7% |
| 2026 | -57.2% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and EQX good diversifiers for each other?
Yes. With a correlation of -0.25, DZZ and EQX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and EQX?
The DZZ/EQX correlation stands at -0.25 on a 3-year window (1 year: -0.26, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is EQX a good diversifier for DZZ?
Yes. With a correlation of -0.25, DZZ and EQX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
Use this data
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Related comparisons
Hubs: DZZ correlations · EQX correlations
