DZZ vs OGC: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and OceanaGold Corporation (OGC) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and OGC?
Over the past 3 years, DZZ and OGC moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1241.9 %².
Within DZZ's tracked universe of 73 assets, OGC comes in at #52 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OGC outperformed by 91.2 percentage points (-8.6% for DZZ against +82.6% for OGC). Note the risk asymmetry: DZZ runs 1.8 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 OGC: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | OGC (OceanaGold Corporation) | |
|---|---|---|
| 1-year return | -8.6% | +82.6% |
| 5-year return | -40.0% | +489.5% |
| Volatility (ann.) | 89.0% | 50.1% |
| Beta vs S&P 500 | 0.36 | 0.86 |
| Max drawdown (3Y) | -83.1% | -47.7% |
| Market cap | – | $7.0B |
| P/E (trailing) | – | 8.1 |
| Dividend yield | 0.00% | 0.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | OGC |
|---|---|---|
| 2022 | +3.0% | +9.8% |
| 2023 | -8.3% | +2.1% |
| 2024 | -35.0% | +45.1% |
| 2025 | +132.7% | +243.9% |
| 2026 | -57.2% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and OGC good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and OGC?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.29 over the last year and -0.30 over 5 years.
Is OGC a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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.
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Related comparisons
Hubs: DZZ correlations · OGC correlations
