DZZ vs FUSE: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and Fusemachines Inc. (FUSE) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and FUSE?
Over the past 3 years, DZZ and FUSE moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.31). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -3027.4 %².
Within DZZ's tracked universe of 73 assets, FUSE comes in at #63 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DZZ outperformed by 86.0 percentage points (-8.6% for DZZ against -94.6% for FUSE).
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 FUSE: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | FUSE (Fusemachines Inc.) | |
|---|---|---|
| 1-year return | -8.6% | -94.6% |
| 5-year return | -40.0% | -92.2% |
| Volatility (ann.) | 89.0% | 111.4% |
| Beta vs S&P 500 | 0.36 | 0.31 |
| Max drawdown (3Y) | -83.1% | -96.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | FUSE |
|---|---|---|
| 2022 | +3.0% | – |
| 2023 | -8.3% | +7.6% |
| 2024 | -35.0% | +5.6% |
| 2025 | +132.7% | -85.7% |
| 2026 | -57.2% | -53.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and FUSE good diversifiers for each other?
Yes. With a correlation of -0.31, DZZ and FUSE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and FUSE?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.42 over the last year and -0.30 over 5 years.
Is FUSE a good diversifier for DZZ?
Yes. With a correlation of -0.31, DZZ and FUSE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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-fuse.json
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Related comparisons
Hubs: DZZ correlations · FUSE correlations
