DZZ vs IP: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and International Paper (IP) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and IP?
Over the past 3 years, DZZ and IP moved with a correlation of -0.19, which is 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. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -631.0 %².
Within DZZ's tracked universe of 73 assets, IP comes in at #17 by 3-year correlation. Neither side won the trailing year by much: -8.6% against -13.5%. Risk is not evenly split, since DZZ carries 2.4 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 IP: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | IP (International Paper) | |
|---|---|---|
| 1-year return | -8.6% | -13.5% |
| 5-year return | -40.0% | -11.2% |
| Volatility (ann.) | 89.0% | 37.8% |
| Beta vs S&P 500 | 0.36 | 0.77 |
| Max drawdown (3Y) | -83.1% | -48.6% |
| Market cap | – | $21.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 4.47% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DZZ | IP |
|---|---|---|
| 2022 | +3.0% | -23.0% |
| 2023 | -8.3% | +10.2% |
| 2024 | -35.0% | +55.3% |
| 2025 | +132.7% | -23.8% |
| 2026 | -57.2% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and IP good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and IP?
As of 2026-08-27, the correlation of weekly returns between DZZ and IP is -0.19 over 3 years, -0.29 over 1 year and -0.17 over 5 years.
Is IP a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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-ip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dzz-vs-ip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DZZ correlations · IP correlations
