DZZ vs EXR: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and Extra Space Storage (EXR) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and EXR?
Across a 3-year window, the weekly returns of DZZ and EXR correlate at -0.16, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. Stretching to 5 years gives -0.15, with an annualized covariance of -373.1 %².
Within DZZ's tracked universe of 73 assets, EXR comes in at #12 by 3-year correlation. The trailing year gives EXR the advantage: -8.6% versus +5.6%, a 14.2-point spread. Note the risk asymmetry: DZZ runs 3.4 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.
DZZ vs EXR: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | EXR (Extra Space Storage) | |
|---|---|---|
| 1-year return | -8.6% | +5.6% |
| 5-year return | -40.0% | -6.1% |
| Volatility (ann.) | 89.0% | 26.0% |
| Beta vs S&P 500 | 0.36 | 0.68 |
| Max drawdown (3Y) | -83.1% | -29.4% |
| Market cap | – | $31.5B |
| P/E (trailing) | – | 31.6 |
| Dividend yield | 0.00% | 4.50% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | DZZ | EXR |
|---|---|---|
| 2022 | +3.0% | -32.8% |
| 2023 | -8.3% | +13.9% |
| 2024 | -35.0% | -2.8% |
| 2025 | +132.7% | -8.9% |
| 2026 | -57.2% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and EXR good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DZZ and EXR?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.25 over the last year and -0.15 over 5 years.
Is EXR a good diversifier for DZZ?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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
$ curl https://www.pairbook.io/api/v1/pairs/dzz-vs-exr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-exr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DZZ correlations · EXR correlations
