DZZ vs MGRC: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and McGrath RentCorp (MGRC) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and MGRC?
Over the past 3 years, DZZ and MGRC moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.21). Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -479.9 %².
Among the 73 assets we track against DZZ, MGRC ranks #21 by 3-year correlation. Their 12-month results are close: -8.6% for DZZ against -7.5% for MGRC. One caveat on sizing: DZZ is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MGRC: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | MGRC (McGrath RentCorp) | |
|---|---|---|
| 1-year return | -8.6% | -7.5% |
| 5-year return | -40.0% | +79.8% |
| Volatility (ann.) | 89.0% | 26.1% |
| Beta vs S&P 500 | 0.36 | 0.65 |
| Max drawdown (3Y) | -83.1% | -24.9% |
| Market cap | – | $2.8B |
| P/E (trailing) | – | 18.4 |
| Dividend yield | 0.00% | 1.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | MGRC |
|---|---|---|
| 2022 | +3.0% | +25.8% |
| 2023 | -8.3% | +23.5% |
| 2024 | -35.0% | -4.9% |
| 2025 | +132.7% | -4.6% |
| 2026 | -57.2% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and MGRC good diversifiers for each other?
Yes. With a correlation of -0.21, DZZ and MGRC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and MGRC?
As of 2026-08-27, the correlation of weekly returns between DZZ and MGRC is -0.21 over 3 years, -0.36 over 1 year and -0.17 over 5 years.
Is MGRC a good diversifier for DZZ?
Yes. With a correlation of -0.21, DZZ and MGRC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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
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Related comparisons
Hubs: DZZ correlations · MGRC correlations
