DZZ vs GAU: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and Galiano Gold Inc. (GAU) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and GAU?
Across a 3-year window, the weekly returns of DZZ and GAU correlate at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -1459.9 %².
By 3-year correlation, GAU places #27 of the 73 assets tracked against DZZ. Correlation aside, the last 12 months split them widely, with GAU ahead by 21.7 points (-8.6% versus +13.1%).
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 GAU: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | GAU (Galiano Gold Inc.) | |
|---|---|---|
| 1-year return | -8.6% | +13.1% |
| 5-year return | -40.0% | +183.5% |
| Volatility (ann.) | 89.0% | 70.6% |
| Beta vs S&P 500 | 0.36 | 0.93 |
| Max drawdown (3Y) | -83.1% | -51.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 8.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | GAU |
|---|---|---|
| 2022 | +3.0% | -25.7% |
| 2023 | -8.3% | +80.8% |
| 2024 | -35.0% | +30.9% |
| 2025 | +132.7% | +105.7% |
| 2026 | -57.2% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and GAU good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DZZ and GAU?
As of 2026-08-27, the correlation of weekly returns between DZZ and GAU is -0.23 over 3 years, -0.27 over 1 year and -0.26 over 5 years.
Is GAU a good diversifier for DZZ?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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-gau.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dzz-vs-gau/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DZZ correlations · GAU correlations
