DZZ vs REED: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and Reed's, Inc. (REED) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and REED?
Across a 3-year window, the weekly returns of DZZ and REED correlate at 0.27, weak. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 2544.9 %².
Within DZZ's tracked universe of 73 assets, REED comes in at #7 by 3-year correlation. The last year tells two different stories: DZZ led by 75.5 percentage points, -8.6% for DZZ against -84.1% for REED.
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 REED: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | REED (Reed's, Inc.) | |
|---|---|---|
| 1-year return | -8.6% | -84.1% |
| 5-year return | -40.0% | -99.5% |
| Volatility (ann.) | 89.0% | 104.6% |
| Beta vs S&P 500 | 0.36 | -0.39 |
| Max drawdown (3Y) | -83.1% | -96.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | REED |
|---|---|---|
| 2022 | +3.0% | -80.6% |
| 2023 | -8.3% | -54.3% |
| 2024 | -35.0% | -60.6% |
| 2025 | +132.7% | -44.4% |
| 2026 | -57.2% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and REED good diversifiers for each other?
Reasonably. At 0.27, DZZ and REED keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DZZ and REED?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.32 over the last year and 0.23 over 5 years.
Is REED a good diversifier for DZZ?
Reasonably. At 0.27, DZZ and REED keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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-reed.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-reed/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · REED correlations
