DZZ vs HMY: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and Harmony Gold Mining Company Limited (HMY) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and HMY?
Over the past 3 years, DZZ and HMY moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -1713.6 %².
Within DZZ's tracked universe of 73 assets, HMY comes in at #58 by 3-year correlation. The last year tells two different stories: HMY led by 54.7 percentage points, -8.6% for DZZ against +46.1% for HMY.
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 HMY: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | HMY (Harmony Gold Mining Company Limited) | |
|---|---|---|
| 1-year return | -8.6% | +46.1% |
| 5-year return | -40.0% | +492.0% |
| Volatility (ann.) | 89.0% | 63.5% |
| Beta vs S&P 500 | 0.36 | 1.18 |
| Max drawdown (3Y) | -83.1% | -48.8% |
| Market cap | – | – |
| P/E (trailing) | – | 13.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | HMY |
|---|---|---|
| 2022 | +3.0% | -16.4% |
| 2023 | -8.3% | +82.5% |
| 2024 | -35.0% | +35.4% |
| 2025 | +132.7% | +144.2% |
| 2026 | -57.2% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and HMY good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DZZ and HMY?
The DZZ/HMY correlation stands at -0.30 on a 3-year window (1 year: -0.31, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is HMY a good diversifier for DZZ?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-hmy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dzz-vs-hmy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · HMY correlations
