DZZ vs FSM: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and Fortuna Mining Corp. (FSM) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and FSM?
Across a 3-year window, the weekly returns of DZZ and FSM correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -1291.3 %².
Among the 73 assets we track against DZZ, FSM ranks #32 by 3-year correlation. The last year tells two different stories: FSM led by 77.6 percentage points, -8.6% for DZZ against +69.0% for FSM.
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 FSM: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | FSM (Fortuna Mining Corp.) | |
|---|---|---|
| 1-year return | -8.6% | +69.0% |
| 5-year return | -40.0% | +196.5% |
| Volatility (ann.) | 89.0% | 59.4% |
| Beta vs S&P 500 | 0.36 | 1.22 |
| Max drawdown (3Y) | -83.1% | -41.2% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | FSM |
|---|---|---|
| 2022 | +3.0% | -3.8% |
| 2023 | -8.3% | +2.9% |
| 2024 | -35.0% | +11.1% |
| 2025 | +132.7% | +128.7% |
| 2026 | -57.2% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and FSM good diversifiers for each other?
Yes. With a correlation of -0.24, DZZ and FSM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and FSM?
As of 2026-08-27, the correlation of weekly returns between DZZ and FSM is -0.24 over 3 years, -0.29 over 1 year and -0.26 over 5 years.
Is FSM a good diversifier for DZZ?
Yes. With a correlation of -0.24, DZZ and FSM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DZZ correlations · FSM correlations
