DZZ vs OR: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and OR Royalties Inc. (OR) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and OR?
Over the past 3 years, DZZ and OR moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -1252.6 %².
Out of 73 assets tracked against DZZ, OR lands near the bottom at #71. Their recent paths diverged sharply: over the last 12 months OR outperformed by 33.3 percentage points (-8.6% for DZZ against +24.7% for OR). One caveat on sizing: DZZ is 2.3 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 OR: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | OR (OR Royalties Inc.) | |
|---|---|---|
| 1-year return | -8.6% | +24.7% |
| 5-year return | -40.0% | +236.7% |
| Volatility (ann.) | 89.0% | 37.9% |
| Beta vs S&P 500 | 0.36 | 0.77 |
| Max drawdown (3Y) | -83.1% | -41.0% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 28.6 |
| Dividend yield | 0.00% | 0.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | OR |
|---|---|---|
| 2022 | +3.0% | +0.0% |
| 2023 | -8.3% | +19.8% |
| 2024 | -35.0% | +28.1% |
| 2025 | +132.7% | +96.4% |
| 2026 | -57.2% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and OR good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and OR?
As of 2026-08-27, the correlation of weekly returns between DZZ and OR is -0.37 over 3 years, -0.39 over 1 year and -0.39 over 5 years.
Is OR a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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
$ curl https://www.pairbook.io/api/v1/pairs/dzz-vs-or.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-or/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DZZ correlations · OR correlations
