DZZ vs MP: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and MP Materials Corp. (MP) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and MP?
On 3 years of weekly data the DZZ/MP correlation comes out at -0.19, 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 (-0.19). The 5-year figure is -0.18, and annualized covariance runs at -1196.7 %².
Within DZZ's tracked universe of 73 assets, MP comes in at #18 by 3-year correlation. The trailing year gives DZZ the advantage: -8.6% versus -17.3%, a 8.7-point spread.
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 MP: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | MP (MP Materials Corp.) | |
|---|---|---|
| 1-year return | -8.6% | -17.3% |
| 5-year return | -40.0% | +76.6% |
| Volatility (ann.) | 89.0% | 69.3% |
| Beta vs S&P 500 | 0.36 | 0.90 |
| Max drawdown (3Y) | -83.1% | -61.4% |
| Market cap | – | $10.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | MP |
|---|---|---|
| 2022 | +3.0% | -46.5% |
| 2023 | -8.3% | -18.2% |
| 2024 | -35.0% | -21.4% |
| 2025 | +132.7% | +223.8% |
| 2026 | -57.2% | +16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and MP good diversifiers for each other?
Yes. With a correlation of -0.19, DZZ and MP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and MP?
As of 2026-08-27, the correlation of weekly returns between DZZ and MP is -0.19 over 3 years, -0.36 over 1 year and -0.18 over 5 years.
Is MP a good diversifier for DZZ?
Yes. With a correlation of -0.19, DZZ and MP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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-mp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dzz-vs-mp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · MP correlations
