DZZ vs FNV: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and Franco-Nevada Corporation (FNV) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and FNV?
Across a 3-year window, the weekly returns of DZZ and FNV correlate at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives -0.32, with an annualized covariance of -772.5 %².
Among the 73 assets we track against DZZ, FNV ranks #45 by 3-year correlation. The last year tells two different stories: FNV led by 55.2 percentage points, -8.6% for DZZ against +46.6% for FNV. Risk is not evenly split, since DZZ carries 2.8 times the volatility of the other side.
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 FNV: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | FNV (Franco-Nevada Corporation) | |
|---|---|---|
| 1-year return | -8.6% | +46.6% |
| 5-year return | -40.0% | +97.2% |
| Volatility (ann.) | 89.0% | 32.2% |
| Beta vs S&P 500 | 0.36 | 0.36 |
| Max drawdown (3Y) | -83.1% | -29.2% |
| Market cap | – | $52.3B |
| P/E (trailing) | – | 35.0 |
| Dividend yield | 0.00% | 0.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | FNV |
|---|---|---|
| 2022 | +3.0% | -0.4% |
| 2023 | -8.3% | -18.0% |
| 2024 | -35.0% | +7.4% |
| 2025 | +132.7% | +77.1% |
| 2026 | -57.2% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and FNV good diversifiers for each other?
Yes. With a correlation of -0.27, DZZ and FNV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and FNV?
As of 2026-08-27, the correlation of weekly returns between DZZ and FNV is -0.27 over 3 years, -0.29 over 1 year and -0.32 over 5 years.
Is FNV a good diversifier for DZZ?
Yes. With a correlation of -0.27, DZZ and FNV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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-fnv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dzz-vs-fnv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · FNV correlations
