DZZ vs GGN: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and GAMCO Global Gold, Natural Resources & Income Trust (GGN) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and GGN?
Across a 3-year window, the weekly returns of DZZ and GGN correlate at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.38 over 3. Stretching to 5 years gives -0.37, with an annualized covariance of -627.1 %².
Among the 73 assets we track against DZZ, GGN sits near the bottom by co-movement, at rank #72. Their recent paths diverged sharply: over the last 12 months GGN outperformed by 37.2 percentage points (-8.6% for DZZ against +28.6% for GGN). One caveat on sizing: DZZ is 4.8 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 GGN: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | GGN (GAMCO Global Gold, Natural Resources & Income Trust) | |
|---|---|---|
| 1-year return | -8.6% | +28.6% |
| 5-year return | -40.0% | +128.2% |
| Volatility (ann.) | 89.0% | 18.5% |
| Beta vs S&P 500 | 0.36 | 0.36 |
| Max drawdown (3Y) | -83.1% | -16.9% |
| Market cap | – | – |
| P/E (trailing) | – | 2.8 |
| Dividend yield | 0.00% | 6.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | GGN |
|---|---|---|
| 2022 | +3.0% | +6.8% |
| 2023 | -8.3% | +14.1% |
| 2024 | -35.0% | +9.6% |
| 2025 | +132.7% | +48.2% |
| 2026 | -57.2% | +15.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and GGN good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DZZ and GGN?
The DZZ/GGN correlation stands at -0.38 on a 3-year window (1 year: -0.41, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is GGN a good diversifier for DZZ?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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-ggn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dzz-vs-ggn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · GGN correlations
