DZZ vs GLD: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and SPDR Gold Shares (GLD) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and GLD?
On 3 years of weekly data the DZZ/GLD correlation comes out at -0.34, 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. The 5-year figure is -0.39, and annualized covariance runs at -570.5 %².
Out of 73 assets tracked against DZZ, GLD lands near the bottom at #70. Correlation aside, the last 12 months split them widely, with GLD ahead by 43.7 points (-8.6% versus +35.1%). Risk is not evenly split, since DZZ carries 4.8 times the volatility of the other side.
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 GLD: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | -8.6% | +35.1% |
| 5-year return | -40.0% | +149.5% |
| Volatility (ann.) | 89.0% | 18.7% |
| Beta vs S&P 500 | 0.36 | 0.18 |
| Max drawdown (3Y) | -83.1% | -26.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DZZ | GLD |
|---|---|---|
| 2022 | +3.0% | -0.8% |
| 2023 | -8.3% | +12.7% |
| 2024 | -35.0% | +26.7% |
| 2025 | +132.7% | +63.7% |
| 2026 | -57.2% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and GLD good diversifiers for each other?
Yes. With a correlation of -0.34, DZZ and GLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and GLD?
The DZZ/GLD correlation stands at -0.34 on a 3-year window (1 year: -0.29, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is GLD a good diversifier for DZZ?
Yes. With a correlation of -0.34, DZZ and GLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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
$ curl https://www.pairbook.io/api/v1/pairs/dzz-vs-gld.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-gld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · GLD correlations
