DZZ vs MUX: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and McEwen Inc. (MUX) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and MUX?
Across a 3-year window, the weekly returns of DZZ and MUX correlate at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Stretching to 5 years gives -0.24, with an annualized covariance of -1102.6 %².
Within DZZ's tracked universe of 73 assets, MUX comes in at #24 by 3-year correlation. The last year tells two different stories: MUX led by 105.9 percentage points, -8.6% for DZZ against +97.3% for MUX. One caveat on sizing: DZZ is 1.6 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 MUX: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | MUX (McEwen Inc.) | |
|---|---|---|
| 1-year return | -8.6% | +97.3% |
| 5-year return | -40.0% | +90.0% |
| Volatility (ann.) | 89.0% | 56.7% |
| Beta vs S&P 500 | 0.36 | 1.41 |
| Max drawdown (3Y) | -83.1% | -46.5% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | MUX |
|---|---|---|
| 2022 | +3.0% | -33.9% |
| 2023 | -8.3% | +23.0% |
| 2024 | -35.0% | +7.9% |
| 2025 | +132.7% | +137.9% |
| 2026 | -57.2% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and MUX good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and MUX?
As of 2026-08-27, the correlation of weekly returns between DZZ and MUX is -0.22 over 3 years, -0.27 over 1 year and -0.24 over 5 years.
Is MUX a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DZZ correlations · MUX correlations
