DZZ vs HSY: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and Hershey Company (The) (HSY) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and HSY?
Over the past 3 years, DZZ and HSY moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -589.6 %².
Within DZZ's tracked universe of 73 assets, HSY comes in at #43 by 3-year correlation. On 12-month performance HSY holds a 11.4-point edge, -8.6% against +2.8%. Note the risk asymmetry: DZZ runs 3.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 HSY: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | HSY (Hershey Company (The)) | |
|---|---|---|
| 1-year return | -8.6% | +2.8% |
| 5-year return | -40.0% | +16.5% |
| Volatility (ann.) | 89.0% | 25.6% |
| Beta vs S&P 500 | 0.36 | 0.03 |
| Max drawdown (3Y) | -83.1% | -31.2% |
| Market cap | – | $36.4B |
| P/E (trailing) | – | 25.3 |
| Dividend yield | 0.00% | 3.05% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | DZZ | HSY |
|---|---|---|
| 2022 | +3.0% | +21.9% |
| 2023 | -8.3% | -17.9% |
| 2024 | -35.0% | -6.5% |
| 2025 | +132.7% | +11.0% |
| 2026 | -57.2% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and HSY good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DZZ and HSY?
The DZZ/HSY correlation stands at -0.26 on a 3-year window (1 year: -0.36, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is HSY a good diversifier for DZZ?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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-hsy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-hsy/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: DZZ correlations · HSY correlations
