DZZ vs KGC: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and Kinross Gold Corporation (KGC) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and KGC?
Over the past 3 years, DZZ and KGC moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -1184.6 %².
Among the 73 assets we track against DZZ, KGC ranks #50 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KGC outperformed by 70.1 percentage points (-8.6% for DZZ against +61.5% for KGC). Note the risk asymmetry: DZZ runs 1.9 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 KGC: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | KGC (Kinross Gold Corporation) | |
|---|---|---|
| 1-year return | -8.6% | +61.5% |
| 5-year return | -40.0% | +495.9% |
| Volatility (ann.) | 89.0% | 47.3% |
| Beta vs S&P 500 | 0.36 | 0.97 |
| Max drawdown (3Y) | -83.1% | -40.7% |
| Market cap | – | $38.6B |
| P/E (trailing) | – | 12.3 |
| Dividend yield | 0.00% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | KGC |
|---|---|---|
| 2022 | +3.0% | -27.6% |
| 2023 | -8.3% | +51.8% |
| 2024 | -35.0% | +55.6% |
| 2025 | +132.7% | +205.7% |
| 2026 | -57.2% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and KGC good diversifiers for each other?
Yes. With a correlation of -0.28, DZZ and KGC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and KGC?
As of 2026-08-27, the correlation of weekly returns between DZZ and KGC is -0.28 over 3 years, -0.28 over 1 year and -0.31 over 5 years.
Is KGC a good diversifier for DZZ?
Yes. With a correlation of -0.28, DZZ and KGC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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
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Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-kgc/)
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Hubs: DZZ correlations · KGC correlations
