DZZ vs GDX: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and VanEck Gold Miners ETF (GDX) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and GDX?
On 3 years of weekly data the DZZ/GDX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.32 over 3. The 5-year figure is -0.36, and annualized covariance runs at -1160.2 %².
Among the 73 assets we track against DZZ, GDX ranks #65 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 78.5 percentage points (-8.6% for DZZ against +69.9% for GDX). One caveat on sizing: DZZ is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GDX: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | -8.6% | +69.9% |
| 5-year return | -40.0% | +245.5% |
| Volatility (ann.) | 89.0% | 40.9% |
| Beta vs S&P 500 | 0.36 | 0.88 |
| Max drawdown (3Y) | -83.1% | -38.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DZZ | GDX |
|---|---|---|
| 2022 | +3.0% | -9.0% |
| 2023 | -8.3% | +10.0% |
| 2024 | -35.0% | +10.6% |
| 2025 | +132.7% | +154.8% |
| 2026 | -57.2% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and GDX good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and GDX?
As of 2026-08-27, the correlation of weekly returns between DZZ and GDX is -0.32 over 3 years, -0.31 over 1 year and -0.36 over 5 years.
Is GDX a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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
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Related comparisons
Hubs: DZZ correlations · GDX correlations
