DZZ vs NEM: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and Newmont (NEM) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and NEM?
Over the past 3 years, DZZ and NEM moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -1142.4 %².
By 3-year correlation, NEM places #59 of the 73 assets tracked against DZZ. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 93.3 percentage points (-8.6% for DZZ against +84.7% for NEM). Note the risk asymmetry: DZZ runs 2.1 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 NEM: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | NEM (Newmont) | |
|---|---|---|
| 1-year return | -8.6% | +84.7% |
| 5-year return | -40.0% | +165.9% |
| Volatility (ann.) | 89.0% | 43.0% |
| Beta vs S&P 500 | 0.36 | 0.87 |
| Max drawdown (3Y) | -83.1% | -36.6% |
| Market cap | – | $139.4B |
| P/E (trailing) | – | 16.6 |
| Dividend yield | 0.00% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DZZ | NEM |
|---|---|---|
| 2022 | +3.0% | -20.8% |
| 2023 | -8.3% | -8.8% |
| 2024 | -35.0% | -7.8% |
| 2025 | +132.7% | +172.8% |
| 2026 | -57.2% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and NEM good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and NEM?
As of 2026-08-27, the correlation of weekly returns between DZZ and NEM is -0.30 over 3 years, -0.35 over 1 year and -0.32 over 5 years.
Is NEM a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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.
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Related comparisons
Hubs: DZZ correlations · NEM correlations
